PERSONAL FINANCE BLOG

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Payday Loans No Credit Check
6 Oct 2018

Payday Loans No Credit Check

To tackle the unanticipated financial problems, many salaried people with bad credit usually find payday loans no credit check to be the best option to solve their money problems. If you’re stressed because of your poor credit background, Bonsai Finance can help you obtain these types of loans from reputable lenders. With these loans, you can conveniently and quickly get a good amount to deal with any unexpected expense with absolute ease.

What are Payday Loans No Credit Check?

First of all, payday loans are short-term loans that are usually borrowed on a post-dated check that’s cashed on the borrower’s forthcoming payday. So, payday loans no credit check are types of payday loans that are made available without looking into the borrower’s credit score or history. The lenders we work with will overlook your past payment faults and give you the amount you need without question.

Characteristics of No Credit Check Payday Loans

  • Limited qualifying requirements

The traditional loan application process has the reputation of being complex and tedious. There are usually many conditions to meet in order to qualify for these types of loans. One of the requirements is that you must have a good credit score. The good thing about the no credit check payday loans we help you obtain is that they have very limited qualification requirements. To qualify for such loans, you’re only required to be a Canadian citizen who’s at least 18 years, have an active checking account, and proof of income.

  • Quick and easy to obtain

Payday loans for people with bad credit are designed to be quick and easy to obtain. Online medium allows borrowers to obtain the cash they need just by making a simple online application with relevant details. If you can swiftly demonstrate that you meet all the qualifying requirements, the application process for these types of loans can be as swift as 15 minutes. The lenders we work with can respond to your loan request fast and send the amount you need within hours.

  • Used for whatever purpose

Another desirable feature with these types of loans is that lenders have no control (or say) over how you use the loan. Once approved cash is deposited in your bank account, you can freely use it for any purpose without restriction.

Key Features to Keep in Mind

  • They’re short-term

Payday loans are intended to help borrowers meet unexpected financial needs. So, they are usually given easily and swiftly. This is because these are short-term loans that are meant to be repaid within a few weeks. The easy repayment plan enables you to make payment immediately you receive your next paycheck. We work with many different lenders with different repayment plans, so you’re sure of finding the one that works best for you.

  • Interest rates apply

Like all types of loans, there are some requirements tied to payday loans. In terms of interest, it’s common for these types of loans to exceed 500%. Even so, it doesn’t necessarily mean that the payday loan you’ll get has to come at a high interest rate. We work with lenders who have very competitive rates.

  • Affects credit score

The status of your credit score may be a non-issue during payday loan application, but your credit score will be affected either positively or negatively depending on how you repay the loan. Late or missed repayments will affect your credit score negatively. By repaying your loan on time, you can improve your credit score, which is a huge plus if you have bad credit.

Payday loans no credit check are an excellent option for you whenever other sources of quick cash run dry.