Have you had problems with credit checks in the past? Have you had financial difficulties before? If so, you may be frustrated by lenders turning you down for credit. However, with payday loans, no credit checks may be required. Or if there is a credit check, you may find that it may not be as in depth as the ones that traditional lenders may use.
No one can be guaranteed to be accepted automatically. But if you have had difficulty getting credit elsewhere, why not try a payday lender to help you manage your finances during a tough month?
Why are payday loans attractive?
Payday loans with no credit checks may be attractive because they are often quick and easy to arrange. This may be because payday loan lenders may be more ‘relaxed’ about lending smaller sums of money (say when compared to lending someone thousands of pounds):
the amounts of money involved may be typically be very small – typically a couple of hundred pounds or so, depending on the provider. This means that the lender is not taking on a very big risk by lending you the money; and
the sums involved may typically be outstanding for only a few weeks at a time. You are hardly likely to move house or forget that the amount is outstanding.
How long do payday loans take to come through?
The answer to this question may depend on how fast you can type! Payday loans may typically be applied for, arranged, paid and repaid electronically, so the process is already geared up to be as swift as possible. So how quickly can you fill in the online application form?
Paying them back
With some loans, the repayment process is long and drawn out. Working out how much is due and getting the amount to the lender by cheque or in person is almost as painful as having to part with the money.
But with payday loans where no credit checks are required, you may typically know from the very beginning how much needs to be repaid. And by deducting that amount automatically and directly from your bank account on or after payday, lenders really could not make it easier.