6 Common Misconceptions About No-Credit Needed Financing

by Guest on December 12, 2015

no credit financingHow knowledgeable are you when it comes to no-credit needed financing? There are many misconceptions when it comes to this type of financing. Some people make the assumption that just because a company states no-credit needed that there are higher interest rates or high monthly payments. These are just two of the common misconceptions associated with this financing type.

Interest rates aren’t always higher

Are there some companies out there that charge a high interest rate? Yes! But, there are many more that don’t, and many even offer 90 days same as cash. Imagine receiving financing with a low down payment (or, no down payment) and never paying interest.

What this means, in simple terms, is that basically no credit financing is a program that gives you the product while you make payments. Some even offer cash loans. If during the first 90 days you’re able to pay the loan off, it will remove part or all of the interest.

A great example of a company that offers fair interest and a high level of customer satisfaction is Crest Financial. CrestFinancial partners with retailers to ensure customer satisfaction. With a long history of solid business practices (their Twitter pages reports they’re an “industry leader in No Credit Needed financing), they are among the best places to secure financing.

Monthly payments are more affordable than you think

Since this method of lending is not based on your credit score and rather based upon your income, your monthly payments may be very reasonable. This type of financing looks at not only your income, but also the length of your employment and your bank account. Like any company they want to see that you have long term employment and can carry out your end of the bargain. If you have had your bank account for a long period of time, companies will see that as a positive, leading to a successful approval.

The best way to determine what kind of financing you’ll receive is to research the financier. For example, on their Google Plus page, Crest Financial has a video showcasing their Better Business Bureau video, where they were featured in the “Start with Trust” campaign.

No-credit needed financing could improve your credit score

Whether you’re a student and have no credit or if you have run into some bad luck, no-credit financing can ensure you get what you need and rebuild your credit.

No-credit financing can be used for more than a new car (cell phones, furniture, cash loans, etc.)

Regardless if you need a new refrigerator or a new computer for school or even if you need some extra cash for the holidays, there’s available financing.

You can borrow large amounts

Let’s face it; prices are going up on nearly everything, but paychecks… not so much. Emergencies arise and either your credit cards are maxed or you don’t have any available credit. Again, a no credit financing is the perfect solution. It doesn’t matter if you need $50 or $5000, there is financing available.

You don’t have to wait forever to receive your funds.

Many companies will provide funds in as little as a few business days. No more waiting weeks for an approval. Funds are deposited rather quickly after approval, and when purchasing goods you’re often able to walk away with goods and services the same day that you apply.

If you believe that you previously had all the information you needed on no-credit needed financing, do you now? Go ahead, check for yourself. Make sure that you understand the benefits of this before making judgements or hypotheses, know the facts.

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