NO Credit Check Payday Loan

A No Credit Check payday loan can help in those embarrassing times when you run out of money before your next paycheck but have bills falling due. The major advantages are that, as the name says, there's no credit check, you can get online approval instantly, and you get the cash quickly.

The downside is that a No Credit Check payday loan usually has a short pay-back period - usually only 14 days. To qualify for a No Credit Check payday loan, you must be a US citizen, be 18 or over, be employed, have a monthly income of at least $1,000, and hold a valid checking account. If you meet these criteria and have access to a computer and the Internet, you can apply for a No Credit Check payday loan.

The amount of money you can borrow on a No Credit Check payday loan depends on your own circumstances but the usual amount is $1000. Once you have filled in the application form online and are approved for a payday loan - you get a decision right away - then the money will be in your bank account the next morning. With other lending institutions it can take up to five days before you get the cash, which is tough in an emergency!

Most No Credit Check payday loans don't charge interest. Instead, the lender charges you a fixed fee based on the amount you borrow. This varies from lender to lender but is usually between $10 - $30 for each $100 of the loan. If you take out a No Credit Check payday loan of $500 and the lender is charging you a fee of $10 per $100 borrowed, the fee will be $50, so you will pay back a total of $550.

No Credit Check payday loans are normally for 14 days, but lenders may extend the term if you are having difficulty paying the loan back on time. Be aware that you may have to pay the fee for every two week period. If you borrow $100 and the fee is $30, you will pay back $130 at the end of two weeks. If you need to extend the loan for another two weeks, the lender may charge the $30 fee and allow you another two weeks to pay back the $100 loan. At that time you will also pay another $30 fee, which means the total amount you will pay back will be $160. Often lenders will not let you take out another loan until the existing one is paid off; some will allow you to increase an existing loan at a higher fee.

As with all loans, it is important to understand the fees and repayment times. If you need to extend the repayment period several times, many lenders will ask to have a repayment schedule or payment plan set up. It might be wise to rethink your financial situation if you find yourself frequently relying on payday loans or not able to pay off one loan before you need another.

« back