In the business of getting quick personal loan, borrowers are presented with many confusing options. The right choice for you depends on the status of your credit and other financial circumstances. In cases when bad credit history or no credit history hinders your ability to receive a loan, the option of an unsecured payday loan with no credit check is usually your best bet.
Option Details: The Payday Loan
The option of a payday loan, which many people may also know as a cash advance loan, is really great for those times when you need cash quickly. Payday loans do not require the lender to perform a credit check and the documentation that you must have is limited. Therefore, in many cases, you can present the required paperwork and have your loan within 24 hours of your application.
Payday loans are unsecured personal loans which means they are offered to individuals without the requirement of collateral. However, because of this lack of collateral and no credit check, loans of this sort are generally only given for small amounts (the equivalent of one "pay day"). You can expect to receive anywhere from $500-$1,500 through a payday loan.
Do You Meet the Qualifications?
Many people may also have heard that payday loans are guaranteed. This means, that it is virtually impossible to be denied a payday loan. This is definitely true, however there are still a few requirements that you will need to meet. These include:
· Being at least 18 years old.
· Being a citizen or permanent resident of the U.S.
· Having a steady job for at least 6 months.
· Having access to a verifiable bank account - this can include a checking account or a savings account.
Finding the Best Loan and Deal
Once you decide that a payday personal loan is the right choice for your cash flow problems, you will also quickly find that many, many online lenders offer this option every day. Finding the best loan, this means finding the best deal in terms of interest and fees, means doing a little leg work.
Start your loan search by consulting online financial websites and independent ranking agencies for reliable businesses. From that information, you will want to generate a list of three or four possible lenders. Then, look at the deals that each lender offers. You may decide to call each lender yourself or simply fill out their online form. Once you get a quote from each lender, compare the following items:
· Principle amount of the loan - how much money will you get?
· Interest rate- because of their short terms, this will be larger than you are used to seeing advertised, but still reasonable.
· Payback term - payday loans are generally offered for anywhere from 14-60 days.
· Fees associated with late or missed payments - this is important as they can add up quickly with only one simple mistake.
The lender who offers the best combination of deals in all these four categories is the one you should choose. The best news is that the quick and easy application process associated with unsecured payday loans means that even taking time to compare offers will not delay the receipt of your loan money. Once you make a decision, there is no credit check to go through and you can have the money from your unsecured personal loan the next day.
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