Your plans to get loan proceeds
released in haste can be marred because of credit checks. A credit check would
involve studying the credit report of the borrower. With a clean credit report
you can hope to qualify for approval within a few days. But, if loan providers
smell some or other deformities in your credit report, you are bound to get a
delayed approval; sometimes as late as weeks.
A no credit check payday loan may
have been born of the intention to save borrowers of the unduly delay in credit
checks. Through no credit check payday loans, borrowers can draw small amount
loans (in the range of £40 to £1000) to be returned within a week or a month.
Borrowers with bad credit will heave
a sigh of relief on finally discovering a loan where past credit defaults are
not given sufficient weightage. For drawing regular loans, borrowers with bad
credit history always have to face a step-motherly treatment. No credit check payday
loans allow bad credit borrowers to draw loans at par with the borrowers with
bad credit.
The needs to be covered through a no
credit check payday loan are characterised with urgency. Borrowers cannot delay
satisfying these needs for long. Had it not been for an unexpected expenditure,
the borrower would have easily met the routine needs through his monthly salary.
A no credit check payday loans can easily supplement the vacuum created by the
shortage of ones personal income.
Though no credits check payday loan
takes off a larger chunk of the paperwork and the hassles associated with
borrowing, there are certain requirements that borrowers still have to fulfill.
While a few requirements are common with every loan provider, lenders may have different
points of view on certain others. The essentials where almost every lender has
a common view is that the borrower must be employed and be over 18 years of
age. The borrower must have his salary directly transferred to his bank
account.However, on the issue of collateral, the lenders have different stands.
While the first group maintains that payday loans must be secured, the other
group does not. The first group of lenders would demand of the borrower to
present a post-dated cheque in support of their pledge for repayment. The
cheque would be dated as the day when the payday loan is to be repaid. The loan
provider would, unless the borrower requests for term extension, present the
post-dated cheque on the due date in the borrowers bank account and get the amount
back.
The proponents of the unsecured no
credit check payday loans demand no such collateral. Borrowers who are looking
for an unsecured payday loan will be especially benefited through this.
Assuming that the borrower has
fulfilled every criteria stated by the loan provider, the no check payday loan would
be approved in no time.
The borrower will find the loan
proceeds credited directly to his bank account by the next working day or
within 24hours of application.
At times, this rule does not hold good.
The payday loan will not be approved within the stated time period. Before
criticizing the lender for his failure to do so, it will be advisable to look
at ones own faults, if any, during the application stage. Many a times,
borrowers misspell certain important details in the application form or write
numbers incorrectly. The loan provider instantly rejects such applications.
Consequently, borrowers must be
careful while filling the no credit check payday loan application. He must be
especially vigilant while submitting his name, amount of payday loan required,
and his bank details.
No credit check payday loans carry a
very high rate of interest. An important reason behind this is that payday
loans is a short-term loan.
All short-term loans are expensive.
Consequently, borrowers need to be cautious while using them to finance monthly
expenses. And, if these are taken, then borrowers must try repay them within
the due time period to prevent them from adding too much interest.