There are lot of online or offline loan companies where no credit check payday loan is provided. So if you are not aware of payday term then today in this blog we tell you about this.
If you are also want to take payday loan then just read about the disadvantage of this loan. Because by hearing this loan is very popular but cons are very high. Because this loan is a No credit check payday loan. It is mean that your credit history of past loan is not checked by lenders. They will give you loan on the basis of your salary slip. But they will charge double interst on that amount. Mostly payday loan length is max 30 days.
So before proceeding towards this loan, you just read this blog till the end. After that you make your decision of this loan.
What is No Credit Check Payday Loan
There are lot of loan lenders in USA provide same day loan without checking the credit history. They may be find on internet online or physical offices in your area. But they charge high interst rates on this loan. Almost you have to pay double of your loan money.
In United States of America, Some of states are ban this type of loan in his area. Because in this loan the credit history of customers are not checked by lenders. Mean if you have lot of loans in past and want to take another one then payday loan not companies not checked the past loans history.
So before taking such type loans think twice then proceed. Because that will affect your life. Now in next paragraph we will understand more deeply about No credit check payday loan.
Areas of No Credit Check PayDay Loan in USA
in USA Payday loan is not available in the all states. There are some areas where restriction is imposed on this loans. Here are list of states where govt outlaw payday loan in his area.
- Arizona
- Arkansas
- Colorado
- Connecticut
- Georgia
- Maryland
- Massachusetts
- Montana
- New Hampshire
- New Jersey
- New York
- North Carolina
- Pennsylvania
- South Dakota
- Vermont
- West Virginia
- District of Columbia
How PayDay Loans Works
So Now we discuss about that how payday loans works?
These type of loans are very short term basis loans. Also they will charge high interst rates on that amount.
If you are salaried person then payday loan will check your monthly earnings and will not check any other things. Generally they will provides you 30 days loans only. It is very risky because they do not check that customer has ability or not to pay that particular amount back.
Now if you miss the EMI then they may charge extra high fees that will put extra burden on payees. So it is very dangerous to take that such type of amount.
How to Get No Credit Check PayDay Loan
There are lot of online lenders that will provides you these types of loan. If you are not finding such online websites then you can check some offline physical loans stores.
Documents Required
For taking this type of loan, you dont need much documents. Here is some lists of documents that will required by payday loans companies.
- Income proof
- Bank Account
- Government Id
- Address Proof
These above documents are needed only during applying for this loan. No credit history is required in this type loan.
Interest Rate of PayDay Loan
Basically these types of loan providers take too much interst on loan amount. First of all these type loans period is only for max 30 days or some places have 14 days only.
They almost charge double of interst rates compare to other regular loan companies. In USA some states made restriction on these type on interst rates. Some states also fixed the max loan amount on these types loans.
If you are taking a loan of 300$ for 14 days then you must pay 45$ extra in thia period. You can calculate that how much high interst rates.
Benefits of No credit check Payday Loan
This type of loan is having so much disadvantage but it has also some benefits. So here I will tell you some benefits of payday loan.
- In this loan credit history is not required.
- Instant approval of loan or same day loan disbursed in your bank account.
- In case of emergency, they will help you immediately.
- 30 days instant loan
- Hasley free fast approval
Disadvantage of Payday Loan
- High interst rates
- Credit history is not checked
- Ability of paying loan within time is not checked
- High fees if you missed EMI
- Almost Double of recovery amount
In Conclusion, No credit check payday loan is very risky and dangerous. It will charges very high fees that will affect a person very seriously.
We are giving you strong advise that do not take such types of loan that will put extra load on your family.
