"No Credit Check" Payday Loans

The Truth

You have probably seen a lot of advertising dedicated to so called no credit check payday loans. Probably you were also wondering how it can be true, right? Well, marketing tricks are becoming better and better.

On practice most of payday loan website you check (including ElcLoans) are just matching services.

Therefore you do not borrow money from them and they do not lend anything to you - they simply match your request with a lender who can satisfy your application.

Usually direct lenders make their own credit research and conduct soft or hard inquiries. Anyway, you cannot know about that before such inquiries appear on your credit report.

Well, we all know that difficult situations like a financial crisis, for instance, simply does not give you any choice, but you can at least make sure who your loan provider is.

Some Useful Tips

So our goal is to reduce the number of inquiries to the minimum.

According to credit specialists the normal result is to have just 1 hard inquiry in one’s report for all time - the only better option is not to have such requests at all.

A lot of borrowers have from 1 to 5 hard inquiries in their reports, but the smaller the number is the better credit score one has.

If you suddenly notice an unknown hard credit inquiry - just call the credit bureau and clarify this.

A good thing is that you can actually dispute an inquiry and make it removed from your record.

Finally, we highly recommend you to clarify with a possible lender if they are going to make a soft or a hard inquiry.

If you see an unclear answer it probably means that the inquiry will be hard, therefore it is better to avoid dealing with such companies.

Hopefully after this review you now see clear difference between hard and soft inquiries.

Bottom Line

I do hope you found this review useful and learn something new from it.

As hard inquiries have such a powerful negative impact we wanted you to be fully aware of the best practices allowing to avoid problems.

We encourage you to share this information with anyone you want.