Why is There Still No Credit Check Financing?

Why is There Still No Credit Check Financing? July 20, 2011

Something bothered me the other day as I sat at a stop sign.  I looked to my left and saw a sign for a furniture store with the words glaring “No Credit Check Financing.”

Seriously?!  Isn’t that how we got into this mess in the first place?  Here we are two years into one of the worst recessions ever, and we’re still handing out goods on credit without even checking someone’s credit history.no credit check

I’m all about the free market and letting consumers choose how they want to spend their money.  But there’s a financial culture out there that is under the impression that goods can and should be purchased even if you don’t have the means to pay for them.  I don’t like that mentality and these store tactics don’t help to fix the debt problems.

What do you think?  Do these ‘No Credit Check” deals make you think twice?  Are you against them? 

-or-

Do you think that everyone should have access to things like furniture, cars, or other big-ticket items without adequate credit checks?

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What Are Your Thoughts?leave a comment
  • No credit check translates into high interest rates. I suspect they think they have you over the barrel and can charge any rate they can.

  • No credit check translates into high interest rates. I suspect they think they have you over the barrel and can charge any rate they can.

  • Karl

    I once was desperately trying to get a payday loan because I had no money, on the promise of a job. In hindsight, I guess not getting it was better. I think that sometimes the money is cashflow, as many businesses fail not due to wether they can earn a profit but just based on the availablity and spending of cash. This is America.

  • Karl

    I once was desperately trying to get a payday loan because I had no money, on the promise of a job. In hindsight, I guess not getting it was better. I think that sometimes the money is cashflow, as many businesses fail not due to wether they can earn a profit but just based on the availablity and spending of cash. This is America.

  • One friend of mine told sometime that he have got payday advances from time to time with the company in his neighborhood. But the only company he did borrow money with moved their office and they are now almost one hour away from his place. He liked that payday loan office because the staff knew him. And they never asked to check his credit report. I told him that I don’t think the reason that mentioned payday loan office didn’t asked to check his credit before giving him the wage day advances was because they just knew my friend. Most of all direct payday lenders do not require credit checks from their applicants. All you need is to prove your identity and your ability to repay it. For this purpose your short personal and financial information, that you will be asked in the form, is enough.

  • One friend of mine told sometime that he have got payday advances from time to time with the company in his neighborhood. But the only company he did borrow money with moved their office and they are now almost one hour away from his place. He liked that payday loan office because the staff knew him. And they never asked to check his credit report. I told him that I don’t think the reason that mentioned payday loan office didn’t asked to check his credit before giving him the wage day advances was because they just knew my friend. Most of all direct payday lenders do not require credit checks from their applicants. All you need is to prove your identity and your ability to repay it. For this purpose your short personal and financial information, that you will be asked in the form, is enough.