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Loans Payday Loan-Cash Loans with No Credit Check

Written By renie kolo on Thursday, July 19, 2012 | 1:48 AM

Loans Payday Loan-Cash Loans with No Credit Check

People who have poor credit scores may be forced to opt for payday loans or car title loans that are provided by private lenders, since banks and credit unions expect the borrower to have a fairly decent credit score. Payday loans are preferred to car title loans since the former is collateralized by a post-dated check that is issued to the creditor, while the latter is secured by the car title. Most people prefer obtaining a cash advance against their salary rather than handing over the car title since the latter exposes them to the risk of losing their car in the event of default.
Understanding No Credit Check Cash Loans
Payday loans are cash loans with no credit check requirements, since these loans are collateralized by a post-dated check. Payday loans are appropriate for people desiring fast cash. Loans can be provided instantly without the borrower having to present proof of income. Typically, instant cash advances are best avoided since the lender tends to charge a very high rate of interest on payday loans that already cost more than the average bank loan. This is because the 'cash advance loans with no credit check' feature exposes the lender to significant risk of default. The risk is further escalated if the borrower is not expected to fax the necessary documents for availing cash loans. No credit check thus becomes synonymous with a high rate of interest on a loan that extends for a period of 7-15 days.
Obtaining Cash Loans with No Credit Check
Although payday loans have a no credit check feature, one is expected to submit documents that prove that one's after tax monthly income is around $1000. The borrower is usually entitled to receive up to 25 percent of his/her paycheck. Moreover, the wage-earner should not have bounced checks in the past. The borrower may be interested in availing a faxless payday loan or one that requires the procurer to fax the necessary documents. The latter is better since the lender, who gleans through the following information before extending the loan, tends to charge an interest that is significantly lower than the one charged on faxless payday advances.
Proof of age, since the borrower has to be over 18 years of age.
Valid Identification.
Social Security Number or Individual Taxpayer Identification Number (ITIN).
Proof of address wherein the borrower has been residing during the past year.
Pay stubs as proof of income.
Proof of having been in the employ of the same company during the past 6 months.
Account number of the checking account that has been active during the last 90 -180 days.
After verifying the above documents the lender deposits the cash directly into the borrower's checking account.
No fax payday loans are much simpler to obtain since the borrower is expected to fill out a simple form, that is processed by the lender in an hour or so, thus guaranteeing the former of receiving hassle free cash advances.
Repaying Cash Advances
Payday loan cash advances are provided for a period of 7-15 days. At the end of this period, the borrower can either 'roll it over' or settle the dues. Rolling over the loan refers to extending the term of the loan and charging additional interest and fees. If the creditor is disinterested in 'rolling over the loan', he/she can submit the post-dated check to the bank and debit the borrower's account by the amount of principal and interest. Most people find it difficult to pay the high rate of interest that is charged by payday lenders and inadvertently get trapped in the cycle of debt.
States have imposed a number of regulations in order to regulate the activities of the payday and car title loan providers. In fact, high interest same day payday loans and car title loans have become illegal in most states. Lenders are typically required to adhere to the state's small loan laws. The cap on interest rates is set so as to ensure that the lender cannot keep increasing the rate of interest on loans. Depending on the state, the cap varies between 15 and 36 percent. Some states allow the lender to adjust the rate of interest beyond the rate that is set on cash loans. No credit check loans may be the best resort for people who are confident about their ability to repay the borrowed sum. Others may consider approaching banks and credit unions that provide payday alternative loans. Of course, these loans are subject to credit checks and the borrower's ability to come with the relevant documentation.

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