No Credit Check Payday Loans
During those times when your cash runs out before your next paycheck arrives, a payday loan can be very helpful. Emergency expenses or bills falling due can take place at the most difficult times when you simply have no funds available. A no credit check payday loan can get you off the hook by providing cash quickly without any hassle. As the name suggests, no credit check is necessary. Your loan can be approved online immediately and you get the money the next morning.
Most lenders of no credit check payday loans require that the borrower must be at least 18 years old, be employed with a minimum monthly income of $1,000, and have a valid checking account. Many lending companies take up to five days to process a loan, but a no credit check loan can give you the cash much more quickly. It will only take a few minutes for you to apply online. You can do this during your lunch break or at home.
The major disadvantage with a no credit check payday loan is that you have to pay it back in a very short period of time. Lending companies usually allow only 14 days. Most lenders do not charge any interest, but they do charge a fixed fee based on the loan amount. The fee varies from one lending company to another. Loan fees are usually at $10-$30 for every $100 amount of the loan. If you take out a $200 loan and the lender charges $10 for every $100, the fee will be $20. You will have to pay back $220 at the end of 14 days.
If you have trouble paying back the loan after two weeks, the lender may extend the term of your loan for another two weeks. However, you will be asked to pay the fee for every two-week period. If you borrowed $200 and the fee is $20, you will have to pay $220 after two weeks. In case you cannot pay off the loan and need an extension, the lender may allow you another two weeks but you will now have to pay $240.
Generally, a lending company will not allow you to take out another loan until you pay off the existing one.
No credit check payday loans can provide cash quickly and easily without potentially embarrassing credit history checks. This type of loan can help get you through difficult, cash-strapped times. However, if you find yourself extending the repayment period several times, you may have to take a hard, close look at your financial situation. Loan fees can quickly pile up and before you know it, you will owe more than you can hope to pay back. Take a look around the site. paydayloantree.com