What is a no Credit Check Loan

• No Credit Check Loans are sometimes referred to as Payday Loans. They can be received very quickly, usually overnight, and are advantageous for a short term problem. By short term, these loans are normally made for a two week period. If you cannot repay the loan with your next paycheck, many of the companies will give you an extension. They are given to help you with an emergency until your next pay day. You can get from $100 to up to $2500. The interest charge is extremely high and it is calculated in days not years like a normal loan. Sometimes, there is also an upfront fee to the loan. Most companies deposit the loan directly into your bank account and then automatically withdraw their payment from your bank account when it becomes due. Some of these companies will pay you a fee for referring others to use their loans.
  
  

Applying for a No Credit Check Loan

• The application process is very simple. You can usually do it online or on the phone; however, sometimes you must fax them a verification of address or a pay stub. You need to be 18 years old or older, have a verifiable job and have an active bank account. Many of these companies don't verify anything with a lower amount loan. You will need to set up an account with them to apply and include your social security number, so make sure you are dealing with a reputable company. You will also have to supply them with your banking and employment information.
  
  

Pros and Cons of a No Credit Check Loan

• If you have an emergency that you don't have the money for until your next paycheck, then paying the fee may well be worth it for you. An example might be, your car broke down and you can't get to work until it's fixed. You will have the money with your next paycheck, but there won't be a next paycheck if you don't get to work. In this case, paying a few dollars for a week or two for the use of the money is worth keeping your job. However, if you don't absolutely need this money or you are not sure you can pay it back in a couple of weeks, you could get yourself into a financial disaster. The fees or APR on these loans add up quickly and you could soon get to the point that there is no way you can ever pay it back. All the companies that supply these type of loans are slightly different. Read or ask questions and know exactly what you are agreeing to. It is always better to try to work out a payment plan with the company or person you can't pay right now. Then if you still have to come up with the money, use one of these companies.