Urgent expenses often come up when you least expect it. Moreover, they demand immediate redressal too. Things may turn sorrier if you are running out of cash and your next paycheck is yet to arrive. In such circumstances, the best and the most affordable way in which you can pay off those urgent expenses is by availing a payday loan. These loans are easy to apply and offer quick cash (within a day). These loans are also called as ‘payday loans no credit check’ because they are granted solely based upon your employment records instead of your past credit history.
No credit check:-
While processing the payday loans, lenders only emphasize on your current employment details and income sources. They don’t assess your past credit history. Being currently employed is the only thing that you need to avail payday loans. Having a regular source of income and providing proofs of valid employment records will make you eligible for the loan. Since the lenders don’t run a credit check while scrutinizing your loan application, your credit ratings are absolutely irrelevant in this regard. Lenders have nothing to do with your bad credit history. Hence, the payday loans are also called as the ‘no-credit-check’ loans. This type of loans is a boon for those needy people who need urgent cash but are often denied because of their past economical misfortunes and mistakes.
The payday loans come with very easy eligibility criteria which are rather very simple to fulfill. Unlike most of the other types of lending schemes whose eligibility criteria are often tough to accomplish, the payday loans are the easiest one that you can ever have. There are basically four main eligibility terms for the payday loans which are mentioned as follows:-
· The borrower should be an adult person with an age of 18 years or more.
· The borrower should be a legal citizen of UK and should also have a permanent residence in UK.
· The borrower should be employed for minimum six months and should have a regular source of income. He should be drawing monthly paychecks.
· The borrower should also have a valid bank account in any of the reputed and nationalized banks of UK. Moreover, the bank account should have the facility of accepting direct cash transfers and should remain valid for a minimum duration of six months.
The payday loans are meant for short durations and should be availed only as a short-term solution for urgent expenses. They are the best that you can have to pay off petty expenses like utility bills, medical bills, school/college fees, etc. The loans are easy to apply and offer quick cash (generally within 24 hours maximum).
The payday loans are basically granted as unsecured loans without requiring the need for any collateral or security deposit. However, opting for a secured loan by submitting collateral can further ease your pocket because secured loans come with comparatively lower interest rates than the unsecured ones. The entire application process for the loan is very easy and gets completed within few minutes. You can also make an online application at the websites of the lenders. You will need to suffice various personal details (with proof) like name, address, phone number, Email-id, etc. Your employment records and bank account details will also be asked. The principle loan amount is solely based on your monthly wage. So, proof of your paychecks is also required. Lenders these days do not hesitate to lend out handsome amounts either.
The repayment terms of the ‘payday loans no credit check’ are very flexible and comfortable too. Generally, the payback duration is until your next payday i.e. 30 days. The payback terms are always easy on your pocket. Borrowers can either pay back the entire loan amount all at once or can request the lender to approve repayments through monthly installments.