A loan until payday can help a consumer to meet a financial commitment when they aren’t due to be paid for up to a full calendar month. This could involve paying the mortgage, a utility bill, buying a second-hand car to get to work or even meeting the cost of a foreign holiday. No reason needs to be provided for a fast cash advance. They are most suitable for those who wish to borrow money with bad credit as no credit check will ever need to take place. A low credit score typically means that most forms of borrowing are not available due to the risk of default, but this isn’t the case with a same day payday loan.
Qualifying for a No Credit Check Loan Until Payday or Fast Cash Advance
- Must be a citizen of the country where the money is being borrowed.
- At least 18 years of age.
- Access to a personal bank or checking account.
- He/she must be in full-time employment and be able to provide a wage slip as proof.
- Suitable photo identification must be provided before approval will be granted.
Borrow Money with Bad Credit
Taking out a loan until payday is suitable for those who have a poor credit history as it is a fast no credit check loan. Provided the above criteria are met, it is possible to get an advance in less than 30 minutes. Conventional loans, even for those with a high credit score, can take days or weeks to arrange. This means that borrowing money via this method is ideal for an emergency situation.
The Cost of Fast No Credit Check Loans
A fast unsecured loan until payday is not cheap because providers typically deal with the highest risk customers. It normally costs $20 to $25 pcm for each $100 that is borrowed. This means that someone who takes out a same day payday loan for $500 will need to repay $600 to $625 in less than 30 days. Failing to keep-up with repayments will result in interest and further charges accruing quickly.
Pros and Cons of a Fast Unsecured Loans Until Payday
A same day payday loan is suitable for those who wish to lend some money with bad credit as there are no credit checks. They are ideal for those who are dealing with an emergency situation, such as paying the rent. The major negative of a fast cash advance is the cost of borrowing money. It is important to recognise that interest will build-up quickly leaving less money to pay bills the month after. An alternative to a loan until payday is a pawn shop loan with no credit checks.