When it comes to loan then there are a number of things that one needs to take care of in order to get it approved. It is not that you apply for the loan and it will definitely get sanctioned. A thorough scrutiny will be done on your credit history. Then, if it is found to be cleaned you can get the loan amount. But, it is not the same when it comes to payday loan. Most of the creditors do not check the credit history of the debtors before approving the loan. In fact, due to this you can assure that payday loan can be approved within 24 hours from the time of application.
It is always better to have a clean credit report as it increases the chances of loan approval. If you have a bad credit history and applied for a payday loan, then it is possible that you get it easily. But, if you are unfortunate, then the approval may take time. This happens when the creditor smells something fishy in your credit report.
Small amount – no credit check
Through the no credit check payday loans you can hardly get small loan amount like £40 - £1000 and it needs to be returned within a month or week. Generally, credit check is avoided in order to avoid delay. Checking the credit history of a person needs time. Payday loans are applied for instant cash. And checking the history of the applicant and then issuing the cash will lead unduly delay.
Those who have a bad credit loan, this kind of payday loan will serve as a boon for them. For those who have a poor credit history, they always have to face step-motherly treatment while getting loans on a regular basis. No credit check payday loans enable bad credit borrowers to get instant money whenever required. The past history does not matter in this case, which is definitely a sigh of relief.
Requirements need to be fulfilled for getting the loan
Although there is no such paperwork and hassle involved in getting no credits check payday loan, but there are few factors that need to be met to get the loan amount. The requirements are common and almost the same for every payday loan provider, but still some of the rules and regulations may vary from lender to lender. The major factor that every borrower needs to fulfill is that he is more than 18 years old and has an account where the monthly salary is debited every month.
Secured and unsecured payday loan
There are some lenders who ask for collateral for giving the loan, while others give unsecured loans. In the former case a post-dated cheque need to be submitted to the lender as a security. If the borrower does not give back the money within the stipulated time period, then the lender can use the cheque to get back his amount.
Author bio
Martha J. Woody is a loan blogger and she has written many articles on the topics for those who are interested to know about it or planning to approach for the same. She has recently taken a small payday loan for some personal reasons. In this post, she has outlined how no credit check payday loans are beneficial for those having poor credit history.