What should consumers who are interested in no-credit-check loans watch out for?

A no-credit-check loan is a tricky proposition and best avoided in most situations. Lenders that are willing to offer this type of loan are, as the name suggests, forfeiting a credit check of the potential borrower, assuming a worst-case scenario (bad or no credit at all), and pricing their product accordingly. As such, they will be costly loans with high APRs and other fees. Payday lending, auto title loans, and some vehicle loans offered by auto dealerships fall into the no-credit-check category of loans.

What alternatives should people who want a no-credit-check loan consider instead?

There are some alternatives for consumers, depending on their individual needs and goals. If the goal is to develop/start credit, a low-cost secured credit card is a great option. If there is an urgent need for cash, sit down with your local bank or credit union first to review options. While they might not be able to help, I would exhaust all options before heading to a payday or auto title loan. Having a co-signer with decent credit and willing to help can make the process easier and cheaper. If everything fails, do your best to understand your options and choose a no-credit-check loan that you can repay as agreed while keeping an eye on the interest and fees charged; people often mistake a seemingly affordable payment plan for a good deal.