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Short term lending without the credit check

Mar 27, 2014 Philip Burgess

Those that live hand-to-mouth, using every cent left on their weekly paychecks to pay for bills, groceries and other perfunctory expenses, are not exempt from experiencing car trouble or having a water pipe burst in their kitchen. Caught in a catch-22 situation - the vehicle owner has to drive in order to get to work - he or she can turn to short term lending to provide a quick fix to the situation.

Providing quick financial stability
The service provides needy workers with immediate solutions, letting them pay back the amount borrowed over a certain period of time.
Most short term lenders have made a genuine commitment to help those in a financial pickle while assisting the local economy.

It's not uncommon for these institutions to abstain from asking customers for consumer credit data, finding that doing so often drives them away. They recognize that some of these people have made financial mistakes in the past, but that doesn't mean they should be punished for it. Take for example Stacia Barton, manager of Missouri Loan Center, who doesn't require applicants to provide such information. The Branson Tri-Lakes News reported that Barton and her subordinates want to help those in need without interrogating them about their previous monetary actions.

"I try to treat my customers the way I would want to be treated," said Barton, as quoted by the news source.

All that's required of short term lending applicants at Missouri Loan Center is to provide proof of employment and residency, their driver's license, Social Security card and two recent bank statements. A financial profile of the customer is built, citing alternative credit data and work history. Barton claimed that the organization will not give a loan that exceeds a customer's ability to repay.

Bad credit? No problem
Poor consumer credit data can follow hardworking citizens for many years. It could potentially take them decades to mitigate the financial mishaps they have made. Although many have grown to be dependable, indefatigable employees, that doesn't change the fact that almost everyone is susceptible to falling on hard times.

A blog post on The Epoch Times claimed that the majority of short term lenders are using the immediate data at their disposal, such as paychecks and drivers' licenses to check for any recent hiccups a potential customer may have made. One such organization, Allied Cash Advance, acts as a third-party between borrowers and short term lenders, asking loan recipients to fill out an application online. If the statement is approved, the customer is immediately notified.

Some United States citizens are still pulling themselves out of the residual pitfalls caused by 2008 recession. Providing them with quick fixes to costly problems will push them in the right direction.