The loan market of today is far different from what it was even a few years ago. With the Great Recession of the 21st century, the definition of good credit and bad credit has been redefined as more and more borrowers fall on hard times. Though the process of getting traditional unsecured loans remains much the same, the environment surrounding faster options has changed dramatically. For those with bad credit, no credit check loans or payday loans offer a solution that they may not have had before. This is enhanced by the internet which allows for easy comparison shopping and instant access to funds.
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Why No Credit Check Loans?
If you have bad credit, unsecured loans from traditional banks are basically impossible to come by and, if approved, take forever to process. Therefore, when you need a fast way to receive cash up to $1,500 the best option is to get a no credit check loan, also known as a payday loan. These small, short-term loans can give you an instant cash infusion at a time of need and then be promptly repaid with little hassle. Because they do not require a credit check, bad credit will not stop you from getting the money you need through payday loans.
You Must Meet Minimum Qualifications
Of course, this is not free money, so you much meet minimum standards in order to receive a payday loan. These are basic criteria, however, so they should be easy to fulfill. The qualifications include:
· Being at least 18 years old.
· Having a job for six months with a reliable paycheck.
· Having access to a bank account.
· Proving U.S. citizenship or permanent residence.
As long as you meet these basic qualifications, a payday lender will extend you a loan with no credit check required.
Understanding Your Options
Payday loans are not the same as traditional unsecured loans for two reasons: they are for small amounts of money and they are for short periods of time. You will generally be able to borrow between $100 and $1,500, depending on your income. Also, you will be expected to repay this money in 14-30 days, though some payday loans can carry terms of up to 60 days.
When you contact payday lenders about getting a loan with no credit check, it is important that you understand these options and determine which will work best for you. Because of the nature of payday loans, you will need to be prepared to pay them back fast. This is because they carry hefty fees in the case of late and delinquent payments. The convenience of receiving a loan with no credit check is offset by large penalties for failure to repay them on time.
Researching Lenders
The internet has been the best thing to ever happen to no credit check loans. Because you no longer have to rely on the only payday lender on the block, there is a choice of who you borrow from and the terms that are offered. When looking for a payday loan it is necessary to research several lenders and get quotes from all of them before making a decision.
Never pay an upfront fee for a payday loan and explain to any lender you deal with that the offer he gives you will be compared against other lenders. Remember, there is no credit check associated with this loan, meaning that your bad credit will not be an issue. So often, knowing that they have competition for your business will cause a lender to give you a lower interest rate and other perks in order to win your favor.
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