No Credit Check Loans

No credit check loans help a large segment of the American population borrow money. These no credit check loans help low income families and individuals who have a low FICO score borrow money. No credit check loans often spark heated debate. Many groups say that these companies prey on the down trodden and take advantage of them by charging high interest rates.

The no credit check loan companies argue that they do not gouge consumers like subprime mortgage lenders do. The practice of charging high interest rates to consumers with low FICO scores continues to be debated. Many people argue that it is only greed that has companies charging such high interest rates. They argue it is not necessary to charge high interest rates in order to make a decent profit.

Individuals and families who receive these no credit check loans are very thankful for them. They concede they have no other alternative, and would rather pay less in interest rates. Proponents of the no credit check loans argue that these consumers created their own financial problems. This is only partially true. The minimum wage is so low in America that many families have to make many hard financial choices. Add the lack of health insurance and you have a recipe for low FICO scores. People have to choose food, medicine, fuel etc. over a loan payment. This is quite often how low income families acquire bad credit.

No credit check personal loans can provide significant relief for these families and individuals. Most Americans believe that legislation protecting consumers is needed to lower the interest rates charged low FICO score individuals. Hopefully, the financial sector will police itself and legislation will not be necessary. There should be a happy medium for interest rates on no credit check loans.

Companies lending money to low income families are entitled to a fair profit. Low income families are entitled to no credit check loans with fair interest rates.