No Credit Check Payday Loans
Bad credit score is one reason why many borrowers hesitate to apply for a loan, they are afraid that they will be rejected so they just forget about the idea. Moreover, when your loan application gets refused again and again, it will surely dissuade you from trying one more time in the future, right?
But how will you ever make your bad credit score better when you’re not given the opportunity to do so?
Luckily, there are types of loans offered today that even those with bad credit can get approved. One example of this kind of loan is called no credit check payday loans. These loans are not secured, meaning to say that the borrower is not required to provide any collateral when securing a loan.
Everybody is qualified for the no credit check payday loans
This type of loan is for everybody since a bad credit record is not even considered as important. This is also ideal for individuals who have nothing to give as collateral or they may simply don’t want to give one so as to get the loan. Basically, you can have the cash that you need through not doing so much.
Though, there are several prerequisites to get approved for this no credit check payday loans. First, the minimum age requirement is 18. Secondly, the borrower must have a job or have a steady source of income. In addition, you must have a bank account, preferably, a checking account that has been active for no less than 6 months. There are also lenders who may agree to just send you a paper check via mail in case you do not have a bank account.
How much can you borrow in no credit check payday loans?
To ascertain how much money that you can get from the lender, they will evaluate the monthly income that you’re receiving first then they will verify your capacity to repay the loan amount that you have requested. Keep in mind that the more money that you can make per month, the more cash that you can loan.
Generally, the loan amount can be anywhere between $1,000 up to $2,500. The settlement period for this kind of loan is typically on your next pay check but it can also range from 2 to 6 months. Moreover, as this is a short-term loan and quite risky on the part of the lender, the repayment should not go beyond 6 months.
And since the lender will largely base his assessment of how much you can borrow from the amount of the monthly income that you are getting, make sure to write down all your sources of income including any part-time business or part-time work which you may have.
Could the no credit check payday loans be for you?
Sadly, because these types of loans do not ask for any collateral, as the lenders’ security, the loan usually entails a much higher interest rate. On the other hand, if you need cash immediately but don’t have the collateral, then this is the ideal type of loan for you. If you are sure that this unsecured loan is what you need, you can apply online for faster processing.