Unlike a traditional loan, a payday loan with no credit check doesn’t require any investigation into your credit history. It’s similar to a loan where the amount and the repayment terms are decided between a private lender and a person with a job but also a fairly urgent need for money. If you need a payday loan, here are the possible solutions:
The payday loan with no credit check from a private lender
Fast, secure, and effective, a payday loan without a credit check can be taken out from a private lending company without them asking about your personal credit history. With an online procedure and a few documents, you can borrow a small or medium sum of money, generally ranging from $300 to $1500. This solution has the advantage of being accessible even if you’re already in debt, and you don’t need to have a guarantor. Another big advantage of taking out a payday loan from a private lender is how fast you receive the loan: within the same day as the application if it’s filed in the morning. However, you should keep in mind that this solution is still a cash advance and that you’ll need to repay the borrowed amount in the time determined by the lender. As a contracting party, you should also know above all that this loan shouldn’t put you too much in debt.
How does this solution work?
If you’re in urgent need of money, you need speed and proximity. Private payday loan companies do everything in their power to make this task easier for individuals. Through their websites, these companies offer simple access to online applications, accessible 24 hours a day, 7 days a week. The only thing you need to do is fill out their online form on a computer and collect your documents. In particular, these applications require the following documents:
- Your personal information, identity, contact information and proof of residence
- Information about your employment situation and your company’s contact information if you’re an employee
- Your documents, pay stubs, bank statements, proof of residence, void cheque, proof of identity, and application form (contract).
All these documents are necessary for the company to give an opinion on your real need, but also so that they can make sure that you’ll repay the requested loan.
A private lender who is one of your loved ones
If you don’t meet a private lender’s eligibility criteria, you can always request a payday loan from one of your loved ones, a friend, or a family member who is eligible to take out this same loan. If you find the person who wants to help you get a loan, then the private lender will also evaluate all your loved one’s criteria. Your loved one must be aware and willing to make a financial commitment to you.
Relying on a private lender to get a payday loan with no credit check in case of an urgent money need is—as we’ve seen—a fast and simple solution. However, it’s preferable to have direct access to the loan with a private company specializing in personal loans. Why? A loan that binds individuals can cause problems that go beyond the basic money concern. Indeed, many people ask their loved ones to lend them a sum of money and then find themselves unable to pay them back quickly, which often leads to many conflicts that can be avoided.