About No Credit Check Personal Loans

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Credit reporting agencies, such as TransUnion, will buy data about people with a minimum credit score so that they can offer them pre-approved loans. Get a loan from a bank that's secured by an investment to avoid a credit check with help from a financial specialist in this free video on personal loans and money management.

Part of the Video Series: Personal Loans
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Video Transcript

Hi, this is Matt with Innovative Financial Group. The question posed to me today is: Are there loans out there -- personal -- that don't require a credit check? There are some companies out there that buy data from the credit reporting agencies like Equifax and TransUnion, and they're looking for a certain requirement. Basically, they're looking for generally a homeowner with someone with a minimum score of, let's say, 700 or higher. They buy this data, and then they turn around and they will send out or mail out a mailer offering a personal loan that's been, basically, pre-approved. It doesn't require a credit check. So if you meet that criteria and the credit reporting agencies sell your data to these companies, you can truly get a loan from these agencies without any type of credit check. So that might be an avenue you may want to explore, especially if it's on a short-term basis, but there are programs available out there without a credit check. One other example would be, also, if you took a loan from your bank or from your financial planning company that's secured by an investment. There's really no reason for them to check your credit because they know they have collateral on the...on the loan also. Again, my name is Matt McKillen, and I am with Innovative Financial Group.


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