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.
Tim Kelly is an expert in finance
having completed his LLM in Finance (Master of Laws in Finance) from Institute
for Law and Finance at
Frankfurt University.He is currently
working with Best Payday Loans as a financial advisor.
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