No- creditcheck loans are luxurious and might lure you in a cycle of debt. recall opportunity alternatives , irrespective of how urgent your situation . no matter how dire your need for immediate cash , assume twice earlier than getting a no- credit score - take a look at mortgage . Why? due to the fact they’re doubtlessly as predatory as payday loans or automobile - name loans and may trap you in a cycle of debt for years. the ones loans — additionally known as no- credit score - test installment loans — encompass annual percent fees attaining upwards of four hundred % in a few cases , a ways above fees you’ll find at credit score unions or with online creditors , possibility alternatives while you want fast coins . What’s wrong with no-credit-check loans ? bear in mind an example : If a lender costs a 400 % APR on a two - 12 months , $2,000 loan , you’ll pay $667 monthly to pay it off. That’s extra than 5 instances —