Sunday, May 6, 2012

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Payday Loans

Payday Loans


Payday Loans

In many situations having fast access to extra funds is something of a necessity but it is not always possible The great advantage with loans that promise no credit checks in their application assessment process is that they can be approved much more quickly So unsecured loans with no credit checks offer arguably the fastest route to much-needed cash

These loans are better known as payday loans or cash advance loans But the convenience of having no credit check to go through comes at a price with compromises like higher interest rates and low loan limits typical in these agreements However these are essentially practical loans so the extra cost is justified by the fast loan approval procedure

It is important to be fully aware of all the compromises and costs involved before having unsecured loans approved so quickly But what are the key factors that applicants need to consider before submitting that application

The Basic Criteria

There are no surprises in what the basic criteria are for these loans The significance of these criteria is that approval will not even be considered of they are not met The fact is that unsecured loans with no credit checks is supposed to be approved faster not just change the conditions under which approval can be achieved

The basic regulations relate to simple things For a start applicants must be aged 18 or over and be a US citizen or at least a legal long-term resident They must also currently be in full-time gainful employment and have held their job for at least 6 months Having a dependable source of income and an active bank is also important before accessing a fast loan approval process

The bank account is a practical addition by lenders Transferring funds electronically is faster and easier with loan funds deposited in the account within hours Lenders can also withdraw repayments too so everything to do with the unsecured loan can be dealt with swiftly

Beating Low Ratings

The idea that poor credit ratings ruin the chances of approval is not true and in fact it is possible to easily sidestep the ratings This is possible because the scores themselves are not a huge influence in a loan agreement So when seeking approval on unsecured loans with no credit checks they are not a major concern

Of much bigger importance are the income and the debt-to-income ratio of the applicant Income is especially important where fast loan approval is offered because the lender is taking the monthly income as the indication that loan repayments will be made In the case of a payday loan for example often the income is required to repay the loan in one go

Of course small unsecured loans like payday loans come with extremely high interest rates 30 and the repayment schedule can be extremely short sometimes just 14 days Repayment is taken directly from one paycheck and this can directly affect the ability to meet the normal monthly obligations

Dealing With Specific Financial Situations

Payday loans are hugely popular examples of unsecured loans with no credit checks but they are also loans that are repaid under high pressure conditions But when specific financial emergencies crop up they are ideal

Because of the fast loan approval process that exists funds can be approved and deposited in just 2 or 3 hours rather than the 24 hours offered by traditional lenders

Whether the emergency is created by an unexpected bill arriving or an unexpected event created an immediate debt time is of the essence These unsecured loans provide the means to deal with these situations though it is important to calculate what is affordable before making a more for one

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