Payday loans are short term unsecured personal loans that are taken out for as long as 2-4 weeks and are in the range of $100 – $3000. Regular personal loans most often require a FICO credit history check and extensive paperwork. Usually you should complete a paper application for a loan and then fax it over to the lender, so they can start processing your loan application request. There a few reasons why they require you to submit paperwork and go through a credit check:
- Due to a high level of ID theft checking your identity step is of great importance.
- The lender is provided with a good idea of your overall financial situation. If your credit rating is high or poor or can you provide a collateral if you are not able to pay the loan back?
If you’re looking to get some fast cash and you don’t want to complete a paper application as it takes days or even weeks to be processed by a lending company – your best choice is to try a no credit check payday loan lender. Such lenders allow electronic deposit of the borrowed funds to your account within 24 hours of your application approval.
They allow you to submit a loan application on their secure website – the less information they require the better. Most important, for borrowers with bad credit, a company does not perform a credit check.
Summing up, your best option is to go with a faxless, hassle-free, no credit check direct lender.