What are the benefits of a no credit check payday... - Limited/Bad/Fair Credit Questions


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Credit Card Applications » Questions » User Questions » Limited/Bad/Fair Credit » What are the benefits of a no credit check payday advance?

What are the benefits of a no credit check payday advance?

Answered on | Updated on November 18th, 2010
The content is accurate at the time of publication and is subject to change.

Almost all of us go through some financial crunch at some point in time. Sometimes there is an urgent need for funds at a short notice. At such times no credit check payday advance can come in handy. These loans are fast, simple and are mostly short term. These are processed within 24 hours of applying. At times when there is a sudden requirement to pay immediate bills such as utility bills, tuition fees, auto repair etc, these advances can be of great help.

This is another financial solution which has minimum requirements and the borrower needs to furnish the following details in order to avail the loan advance.

• The borrower should be 18 years of age or above.
• The borrower should be a salaried person and must earn a fixed salary every month.
• The borrower must possess a salary account in the bank.

Once the borrower fills in the application, the lender would require some details with regard to address proof, age proof, salary slip, bank account details, etc. Once these minimum requirements are fulfilled the loan amount would be directly transferred to the bank account of the individual. The whole process is complete within one working day. These forms could be filled online also, where in the loan amount is specified. Every individual, irrespective of his/her credit status is eligible for this loan. In fact, even the ones with CCJ’s arrears are considered eligible for these types of loans. The facilitators of these loans generally share a good rapport with the lenders and this helps in speeding up the process. One could avail of decent sums at manageable rates of interests.

These are short-term loans and the repayment tenure is roughly until the next pay day. Hence these loans are secured against the next salary and there is no other collateral that is required in order to avail these loans. However, the duration of the term could vary between a week and a fortnight. But in case the borrower cannot fulfill the payment commitments within the stipulated time period due to some genuine reason then the individual may extend the tenure to another fortnight by paying a minimal fee.

The no credit check payday advance is easily accessible due to these features such as no requirement of a collateral, short-term tenure which could be extended, and since there is no credit verification required the whole process is speeded up.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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