Q:

How do you apply for a three-month loan with no credit check?

A:

Quick Answer

There are several companies that offer to match consumers with a lender based on specified terms. Popular websites for these companies include 3ClickLoan.com, OneClickLoan.com and LendYou.com.

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Full Answer

These websites are rarely the lenders. Instead, they take a consumer's information and try to match him with a lender willing to take on the risk. Requirements vary by site. Lendyou.com, for instance, requires that the borrower have a valid checking or savings account with direct deposit and that he has an income of at least $1,000 a month, as of 2015.

Most websites ask for the borrower's ZIP code, and require him to rate his own credit score, as noted on OneClickLoan.com. The companies also ask the potential borrower to provide information about his place of employment. Some request a Social Security number, while others ask for the last four digits only. In order to apply for the loan, a user must type in the relevant information, and then click the Apply Now button. He is typically asked for additional information, which can include a driver's license number, a full Social Security number, any current and previous addresses, banking information, and employment history for up to the past five years.

Once all the information is entered, the borrower clicks the Apply Now button, explains 3ClickLoan.com. After the information is processed, a list of potential lenders appears. Loans vary in terms of interests charged, penalty fees and other fees. After deciding on a particular loan, the borrower selects it from the website for approval. The money is typically direct deposited into the bank account provided.

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