Do you know what cash loans are and how to use them? Simply put, these small and affordable bad credit loans help you to get money when you need it most. These loans are repayable over a short period of time, usually at the time of your next payday. The short repayment period means that you can get money quickly, especially if you have an emergency happened between pay periods.
The best thing about payday loans is that they can be used as you want. You may need money for medical expenses or car repair, and there are generally no questions about the purpose of the loan. The most important thing about this type of loans is that “no credit check” loans don’t exist! All lenders will check your credit history!
Who can apply for this loan?
The eligibility criteria for payday loans are very easy to meet because no detailed credit check is required. Anyone over the age of eighteen years with a full-time job can qualify for this type of loans. You must also have a bank account to deposit the money or a debit card linked to the account.
The processing time depends on the loan company but usually it can take as little as a few hours for the money to be transferred. The common standard is about two hours, with some companies taking more or less time to process the loan.
What is the amount I can get?
The amount you can borrow with payday loans is very variable – $100, $300, $500 or $1000. It is usually dependent on both your chosen lender and your pay scale. Generally, you can borrow up to $1000, but some candidates may be able to borrow as much as $1500 and even more!
Are there any checks?
Everyone may qualify for bad credit payday loans. Most companies run credit checks, and your credit score is taken into consideration when determining whether or not you can get a loan. Professional status and whether or not you actually have a bank account is much more important to these companies that past or present credit mistakes.
If you are approved, the money will be transferred electronically to your bank account very quickly.