Payday Loans – No Credit Check Loans!

Payday loans are one of the most convenient and fastest options of getting a cash advance at the time of urgent requirement. Although I have seen that there are many doubts about payday loan in common mass. Though I have written a few financial blogs as well, but as far as I News India is concerned, I myself have not yet written any blog on any of the topics related to finance.

This is the reason why I thought to write something on Payday loans, and their repayments. I am quite hopeful that this post will clear all your doubts about the payday loans.

Payday Loans

Many readers might ask this question, that what is a payday loan? We have heard about many types of loans like home loan, car loan, personal loan, education loan, etc. but what exactly is a payday loan?

Also known as Cash Advance loan, a payday loan is a type of unsecured loans. Normally anyone can seek for a payday loan, in case of any urgent requirement, and the only condition is that the person will have to pay back the loan on his or her next payday.

Simple, is not it?

It is like you have an urgent requirement today and your financial conditions are not like that you can fulfill the requirement, and you can opt for the payday loans and from your next payday you will have to pay it back. Thus it is in fact a short term loan, and it has already created a buzz in the market during recent time.

Well, you will be surprised to hear that the payday loans are also known as paycheck loans, or payday advance loans and a few more names as well other than cash advance loans.

Limitations with Payday Loans

Many people might ask if there are any sorts of limitations associated with it.

Well, frankly speaking there are no sorts of limitations or restrictions associated with these types of loan. In fact in our daily life, we can fall in conditions where we need urgent money. As for an example, you issued some checks and out of sudden you realized that there are no sufficient funds in your account, what will you do in this condition?

Similarly, there can be some medical emergencies and you need to pay the bills immediately, while you don’t have much funds in your account. Although, in these cases health insurance comes handy, but still not all the health insurance plans comes with the cashless facility, and to claim the amount also, you first need to pay the bills by your own only. So, what will you do?

You can have one option of either taking cash from your credit card, but as we all are already aware that using credit card for cash is not always considered as a good option, as you need to pay a heavy interest for the same.

With the above conditions payday loan comes handy with anyone, and as you are already aware that you can pay off the loans with your next paycheck, so there is no need to worry about the repayment as well.

Eligibility Criteria for Payday Loans

Well guys, you will be surprised to hear this that payday loans are having the simplest eligibility criteria from all the other types of loans. Only thing which you need is you must be in a regular job, and your bank account is credited by your salary every month.

Well you all will be surprised to hear this that as with other loans, payday loans does not depends on your credit rating as well, and it also does not affect it too. Surprised? Well, it’s a truth that you can also opt for a payday loans if your credit rating is not that much good, and this is the reason why it is also known as no credit check payday loans.

The best part associated with it is that on the next payday, your account will be automatically debited by the lender electronically, and your repayment will be done with no hesitation.

Process of Applying for Payday Loans

Well, it is as simple as filling up a form at some websites. There are plenty of websites available there through which you can apply for the same. Although you must need to read the repayment terms carefully.

You simply need to fill an online form with all your basic details and your loan will be approved. The most convenient thing is that you need not to provide many documents for this loan.

Length of Repayment

Well as we discussed already that you need to repay the loan by your next payday, and hence the tenure associated with this types of loan is quite limited. Normally it can be from 7 days to the maximum of 30 days.

What if I Fail to Repay the Loan?

Well, a big question which comes in our mind before applying for the loan is that what if I would not be able to repay the loans by my next payday?

What I can suggest you is that you should not worry much about it, honestly, tell your lender about the problem, which you were facing before the due date, and ask them to extend the repayment period. Well, in most of the cases lenders allows the prolonged timeframe for repayment, but it totally depends on the lenders only.

This is the reason why I focused emphasis on reading the repayment terms carefully, because many lenders will be rigid about the repayment tenure, and you will not be able to ask them for extending the repayment period.

So, that’s the write up on Payday, and hopefully you all will like it. Kindly share your views in the form of comments about the same.