Are you wondering if no check payday loans are the same as the one offered by bank? If you are, then know that a payday loan is made the same way as that of the traditional bank loan, except for the fact that most payday lenders do not use the person’s credit history as basis for loan approval. This article will talk about payday loans with no credit check.
If you are confused about the difference of payday loans to personal loans from bank, because the former carry high interest rates and the latter is very low then know that the difference lies in the risk factor of the loan. You see, the no check payday loans are much easier to obtain than banks payday loan or personal loan, especially by people with low credit score.
It is a fact that bank greatly values the paying history of the borrower, and they conduct extensive credit check to thoroughly check if the loan applicant can really pay off the loan no matter how insignificant the amount. However, with payday loans with no credit check, they conduct credit check but not with the big 3’s of the financial institution but rather a quick review with the assistance of a specialist.
Moreover, no check payday loans based their loan approval on a person’s income level and the relationship with payday lenders. So, when you need cash today very badly or the next day, it is more advisable to apply for a payday loan with no credit check online than with banks.
By the way, repayment of payday loans varies, depending on the amount involved. For one, single installment of payday loan or series of installments always based on the projected payday of borrowers. Additionally, most payday lenders would ask borrowers to sign a waiver that allows them to deduct automatically the installment amount rather than ask for post-dated checks, especially with online payday lenders.
The amount of payday loans for no credit check borrowers is set to a maximum $1000 and minimum of $100. The amount may seem small, but if you need money to tide you over till the next payday then it is more than enough and just easy to pay on your next payday, as this type of loan is short term, payable in one week to 30 days.Share