Payday loans are perhaps the quickest and effective way of borrowing instant cash. Irrespective of credit status or FICO score, anyone can apply for such loans as the lenders of these loans don't run a credit check for approving an application. These are actually short term cash advances, especially designed for individuals with less than perfect credit to meet their urgent financial requirements.
Therefore, if you're facing a sudden financial issue like a car breakdown or a massive medical bill, you may opt for such a loan. Have no worry; your credit won't come across the way of loan approval. Remember, to pay back the loan just on time, i.e. on your next pay day or on the due date agreed upon by both you and the payday lender to avoid paying an arm and a leg in interests.
Here are the basic requirements for getting your payday loan application approved.
• Proof of income - To qualify for such a loan, you must have a monthly income of at least $1000. Your paystub can be used as the proof of your income. Your bank checking account should also be verified as active.
• Proof of employment - You need to be employed for the same employer for at least last three consecutive months.
US citizenship - You must be a legal citizen of the United States to be qualified for getting a payday loan.
• Proof of age - You must be of 18 years or more in order to qualify for this loan. You can use your driver's license to prove your age.
These are the basic requirements that you must meet in order to get a no credit check payday loan. However, before you apply for such a cash advance, you should know some important factors related to it and here they are.
• Credit Qualification - Payday lenders don't run any credit check; they don't need the borrowers to have normal credit qualification. Whether you have made payment towards your credit cards debts, utility bills or unsecured loans on time is not considered as a qualifying criterion for getting a fast cash payday loan.
• History of Check Writing - History of check writing to the merchants is also not considered as an eligibility criterion to get your loan application sanctioned. Nevertheless, if you have a history of payday loan non-payment, then it will appear when your identity will be checked.
• Tracking System - Payday lenders don't use any tracking system to check whether or not the borrower has a number of outstanding debts.
• Social Security Number - You must have your Social Security Number in order to get a payday loan as it is required by the law. Most states want the lenders to ensure that no borrower is borrowing more loans than what they can manage to pay back.
Remember, that no credit check payday loans always come with a high annual percentage rate, commonly known as APR. Therefore, you must pay back the payday loans no credit check on time and avoid rolling over it as it may require you to pay a fortune in interests.
