Payday Loans – No Credit Check Short Term Loans

Payday Loans – No Credit Check Short Term Loans

Payday loans are a much needed financial resource for many of us that have a “sub-prime” credit rating. Those that have either a bad or poor credit profile may find it hard to obtain any type of loan whether it’s a secured or unsecured loan, however with a payday loan you can find certain companies that will allow you to borrow a certain amount of money without undergoing a credit check.

The benefits of a payday loans are:

• No credit checks.
• Borrow between an average of £50 – £750 and repay it within 31 days.
• Get your cash fast by bank transfer (some companies offer a same day payment).

So what is the catch with payday loans?

There really isn’t any, and the payday loan company will simply give you an amount to borrow depending on how much you earn, what your outgoings are a month and also a few personal checks may be involved.

So what are the general requirements?

• You must earn at least £500 a month, so you can apply even if you have a part time job.
• You must be 18 years old or over.
• You must have a bank account setup to transfer the loan to.

You will notice that a lot of payday loan companies have a massive APR but you need to take into account that APR is calculated over a yearly period on a fixed amount whereas a payday loan is over the course of 31 days. Therefore you will see a higher APR but bear in mind this doesn’t affect the amount your repay, so you won’t be paying a fortune back.