Instant Approval Payday Loans Online at Trusted Lenders
Many people are opting for no credit payday loan recently. The payday loan is a short term unsecured personal loan. Generally people opt for a payday loan in order to tackle with the financial crisis. The payday loans possess various attractive features. Hence the payday or cash advance loans are the most convenient way to get quick cash.
Features of no credit payday loan
As mentioned above the no credit payday loan possesses various attractive and convenient features. These features are the added advantages of the payday loans. The no credit payday loan is the loan that requires no credit record for the sanction of the payday loan. Thus if the borrower has no credit or possesses bad credit history can apply for a payday loan.
The no credit payday loan is an unsecured type of loan. This means there is no requirement of the collateral or asset as the security against the loan. These loans are generally offered online. This saves time as the loans are approved immediately.
The no credit payday loan has many more advantages. There are large numbers of lenders who offer online loans. The requirement of credit reports, bank statements, and collateral is therefore eliminated in this process. One can apply for the payday loans despite of having a bad or poor credit report.
Eligibility for the no credit payday loan
The eligibility criteria for the no credit payday loan are less complex. The borrower’s age must be 18 years and above. He must have a fixed income source. This has two types. The borrower must have a minimum income source of $ 1000 per month if he is been employed. If the person is non- employed or self employed, his minimum limit of the income is $ 800 each month.
Besides having a fixed income, the person must possess an active bank account. The bank account must be enabled with the direct deposit facility. This enables the lender to deposit the amount into the borrower’s account automatically.
When to take no credit payday loan
The no credit payday loan can be taken by anyone. However, it is the special personal loan that can be taken by those who have bad credit history or no credit at all. Some times, the person fails to pay the debts or previous loans. In such case, his credit report gets negative remarks. Some people even file for bankruptcy. This is the greatest reason to have a bad credit report.
The credit report plays a vital role in the approval of any loan. Especially the personal loans need a good credit record of the borrower. The good thing is that, this factor is not important in the approval of payday loans. The person with an extremely bad credit score is also eligible for the no credit payday loan.
Similarly, a person with no credits at all can apply for the no credit payday loan. The condition of no credit can appear when the person has not taken loans in the past. The major loans are generally rejected if the person does not possess credit report. The doors of payday loans are open to this people as well.