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Payday Loans With No Credit Checks
Are there really payday loans available without credit check? Let’s discover it!
Forget the banks. If you want to get your hands on a quick, unsecured loan, there’s no better option than payday loans with no credit checks. You could say that they were invented for people who need money and don’t want to take the time to fill out countless paperwork or not want to go through the tedious procedures of credit checks.
In this brief overview, you learn what payday loans with no credit check are, how they work, the pros and cons of no credit check loans, and finally, how you can apply for them.
Credit Score Statistics – Editor’s Choice
Your credit score is something like a three simple digit number, but it represents how responsible you are for borrowing and repaying the money. Generally, the higher your credit score, the more offers you get for new credit.
What ‘fair’, ‘good’ and ‘excellent’ credit scores look like for each CRA:
| CRA | Excellent | Good | Fair |
| Experian | 961 to 999 | 881 to 960 | 721 to 880 |
| Equifax | 466 to 700 | 420 to 465 | 380 to 419 |
| TransUnion | 628 to 710 | 604 to 627 | 566 to 603 |
Bad Credit Statistics- USA (
)
1% of American consumers have FICO scores below 550. Source (Bad Credit)
8% of American consumers have subprime credit scores. Source (Experian)
17% of American consumers have paid their credit cards, loans, and mortgages late in the past 2 years. Source (Bad Credit)
22% of American consumers do not have a FICO credit score. Source (Fool)
25% of low-income individuals do not know how to improve their credit scores. Source (ConsumerFed)
About 20% of American consumers have been delinquent for more than 30 days. Source (Bad Credit)
37% of subprime scores are represented by millennials. Source (Experian)
The average credit score for American consumers is 711. Source (Credit Cards)
659,881 individuals have filed for bankruptcy. Source (US Courts)
Only 20% of American consumers have scores of 800 and above. Source (Fool)
What are payday loans with no credit check?
Payday loans are short-term and unsecured loans that are designed to provide instant financial relief, especially during emergencies. Payday loans are best suited to cover unexpected or last-minute expenses. Unlike traditional bank loans, you can get payday loans online by using a quick and free application.
Due to increasing numbers of Americans having a poor credit score, some direct payday lenders offer payday loans with no credit check. But the interest rate of these loans is a little on the higher side, and you have to meet the eligibility criteria related to income and employment.
These direct lenders specialize in providing no verification payday loans. With loans without a credit check, the risk of lending money is high, that’s why they charge high-interest rates as compared to normal loans.
How do payday loans with no credit check online work?
Unlike bank loans, there is no need to step out of the application for payday loans with no credit check. These loans are accessed online by using a simple and quick application. Payday loans online with instant approval no credit checks are approved based on the loan agreement of repayment.
Usually, these loans are paid when the applicant gets their next paycheck. Typically, online payday loans with no credit check borrowing term are granted for 1 to 6 months. Terms of repayment of the loan depend upon your lender criteria, and if your lender provides flexibility, then you could get more time.
Some lenders offer repayment with small installments, if you get it then you can spread out the repayment costs. Terms depend upon the type of loan and the payday loan lender.
By using payday loans with no credit checks, you can receive the money within a few minutes and use it to cover your emergency expenses or monthly pending bills. The loan amount is directly credited to your bank account, and you can send money to the payee by using a bank transfer or taking out physical cash from ATM.
Why do people look for ‘no credit check payday loans’?
As the name indicates, the most obvious reason is due their bad credit history. If you have a poor credit score then you can’t get loan approval easily. People also choose ‘payday loans with no credit check’ if they have no established credit history.
Some people fear that credit checks leave a negative footprint on their credit files. Whatever the reasons are, the common thing is a bad credit score. Thankfully, some lenders offer online payday loans by performing soft credit searches.
A soft credit check is a boon for people with bad credit. It is a way to get an overview of the applicant’s credit history without negatively impacting it. Most of the payday loan direct lenders who offer ‘no credit check use this technique to approve the loan.
How do I apply for no credit check payday loans?
Applying for small payday loans online with no credit check with Payday APR™ is not a difficult task. You just need to simply fill out our application form with your personal and banking details. This takes your 1-2 minutes and once you submit it, we will redirect you to our list of lenders.
At the next stage, you need to compare all the direct lenders who offer ‘no credit check payday loans. Always carefully compare the lenders in terms of interest rates, terms, and repayment time. At last, find the best lender that matches your current financial requirements.
Even though you are in a rush to get money ASAP, never forget to thoroughly check your loan contract. If everything is good in your loan contract, you will need to formally accept the offer. After this, our lender will conduct a soft credit check before approving the loan.
Once your loan request is approved, the only thing left for you is to receive funds. Usually, our lenders deposit the money within a few minutes, and in most cases, applicants get money within 10 minutes. Reflection of money into account varies from one bank to another and depends upon the bank’s working procedure.
What Do You Need to Apply?
If you want to apply for payday loans online with no credit check with instant approval, you need to meet with eligibility criteria of your lender. They might be different from one to another, but the most common are:
- You must be at least 18 years of age.
- You must be a current U.S. resident.
- You must be employed. Self-employment counts for fulfilling this requirement.
- You must have proof that you receive a regular income. Benefits accepted.
- You must be able to provide your bank account to receive money.
What are the pros and cons of no credit check loans?
It is very important to know the pros and cons of payday loans with no credit check, and you should check them out below:
The Pros:
Good credit? No need!
If you want to apply for traditional loans, you must have an average credit score of 600 or above. Falling below a 500 credit rating means your chances of getting a loan are hard enough. But what if you need money as soon as possible and your credit score is poor? Then you should think about online payday loans and no credit checks.
Lighting fast approval
When you apply for no credit check loans with guaranteed approval from a direct lender, then you don’t need to wait longer to get money. Lenders that offer no credit check loans are not required to spend their time checking your credit history. These loans are 100% complete online which increases the speed of loan application and getting money. Such instant-approved loans are a good option to sort emergency financial woes.
The Cons:
High interest rate
After reading the pros, your curiosity for payday loans without checking your credit score might increase. But keep in mind that they cost more as they are offered at high-interest rates. Interest rates can indeed vary from one lender to another, but in reality, such loans are more expensive than personal loans.
No way to improve credit score
You already have a bad credit score and applying for no credit check payday loans might make your credit history worst. Lenders that offer no credit check loans won’t report or update your payment information with Credit Reference Bureaus (CRAs), even when you fully paid your loan. Therefore, you won’t see any improvement in your credit score.
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Writer/ex-teacher/lover of milkshakes. Lives with one bookseller and three cats.
Writer/ex-teacher/lover of milkshakes. Lives with one bookseller and three cats.
