Loans no credit checks are basically a finance scheme, which are aimed at fulfilling your urgent needs of money. The no credit checks Loan is also called payday loan and is the best option to help you when you need fast cash to pay your bills.
At time, people face a condition wherein the deadline of depositing various bills or for any purpose for which only a day is left to deposit fee and due to lack of time they cannot arrange money from any other source. In such urgent requirement of money a no credit check loan comes to the rescue of borrowers. A natural question is how-since in case of a no credit check loan, lenders do not verify the credit history of borrower and that they provide loan merely on the basis of information provided by the borrower in the loan application, the whole process takes hardly takes any time.
Another significant advantage is that the loan application process can be completed by the borrower online from anywhere even in the comfort of his bedroom. Therefore, borrower does not need to visit lenders’ offices spread across the cities.
Now see how the whole process works-Suppose your have fulltime employment and so you get your salary on the 2nd of every month. Usually people spend most of their salary in next 20 days. On 21st day, suddenly you came to know that your child’s school has planned to go for picnic on 24th and that you are required to pay a certain amount to the school by 23rd towards the planned picnic. Now you know you wil get your salary on the 2nd day of the coming month but you can’t wait till 2nd as the picnic is planned for 24th. Here the no credit check loan comes to your rescue.
You apply for the no credit check loan on 21st itself and you get the money credited in your account on 22nd and subsequently you can pay the fee to school on 22nd or 23rd itself. On the other hand you either give the lender a post dated check of the requisite amount to be encashed on 2nd of the next month or you commit to pay the lender in cash on 2nd. This way, you are benefited by the no credit check loan.
On his part, the lender charges a certain percentage of the principal loan amount as interest which is his profit, also called service charge towards the services provided to you. Since no credit check loans are meant for a very short duration, the rate of interest to be charged usually remains higher than that of any other category of loan. For borrowers, therefore, it is advisable that they not extend the loan repayment date because it involves a certain percentage of the sum of the principal loan amount and interest charge over it as penalty.
The eligibility for no credit check loan varies from lender to lender but in general, an applicant must be at least 18 years old, have a checking account, and have a job, which provides a steady income. Some lenders require a minimum monthly salary and require that the checking account has been open for at least three months.
The loan amount in case of a no credit check loan depends on your monthly income, your monthly expenses, any monthly payment, which you make towards any running loan etc. Similarly, rate of interest charged depends on various factors and usually remains higher than any normal loan. Usually, a no credit check loan ranges from ₤100-₤500, depending on the borrowers monthly income. The duration of the loan is until the next payday, at which time the loan amount and the finance charge will be automatically deducted from the borrowers checking account. Once approved, the cash advance is directly deposited into the borrowers checking account overnight.
Therefore, finally, with loans no credit checks, verification of ones credit history is not part of the approval process; making it the best option among various categories of loans. Borrowers can apply for loan no credit checks lending online and typically find out in just a few hours if they have been approved and for how much.