Delve Deeper Into No-Credit-Check Payday Loans To Land The Ideal Lender
If you have a bad credit score, you would find it extremely difficult or impossible to get a loan from banks or credit unions. In such a scenario it would be difficult to meet an instant need for cash. However, in such a situation, payday loans can come of great help if you have no other option to get credit.
Understanding payday loans no credit check
With payday loans you can get instant cash advances without any need of credit checks as your post-dated check is placed as collateral. Some lenders will even agree to lend you a cash advance without even having to show your proof of income. However, you should know that the interest on these cash advances is much higher than the average cash advance provided by banks. And, this high rate can be attributed to the reason that by lending you the money, without any credit checks, the lender gets exposed to the risk of default. And, the risk increases further when you, as a borrower, are not required to provide any proof of income. Thus, you should have a clear understanding that these cash advances come with high interest rates and they need to be repaid within 7 to 15 days, or at your next pay check that should not go beyond one month.
Applying for payday loans no credit check
Certainly these cash advances feature no credit check; however, you would be required to prove that your monthly income after deduction of tax comes to about $ 1,000. And, generally, you can avail a cash advance of as much as 25% of your paycheck. Some lenders may also require that none of your checks have bounced in the past. The lender may give you the option to avail either a fax-less cash advance or the one in which you have to fax the required documents, with the choice being yours. However, it is always ideal to choose the one in which you will be faxing your documents to the lender because this type of cash advance would attract lesser interest rate.
Documents
Based upon the lender, you would be required to fax the following documents:
? Your proof of age mentioning you to be above 18 years of age
? Your Social Security Number
? Your Valid Identification
? Your Individual Taxpayer Identification Number (optional)
? Proof of Income
? Address proof
? Bank account number that has been running for a minimum of 180 days
Since, most of the salaried individuals don’t have any difficulty in furnishing these documents it is quite easy for you to get instant payday loans no credit check without any hassles.
Click here for more information about payday loans no credit check and payday advance loans .
Processing your request, Please wait....
