Many people in the United States suffer from bad credit. Bad credit is a report of late or missed payments from a credit lender. When new potential creditors look at this information, some of them automatically assume the debtor is not going to repay the loan. Bad credit makes it difficult for US residents to receive quick cash loans in emergency situations.
Fortunately, there are lending institutions that specialize in helping people with less than perfect credit. They provide Payday Loans No Credit Check so that people can have assistance in between paychecks. Lenders of this type believe that everyone deserves a second chance.
No Credit Check Payday Loans
A payday loan is a special type of loan for people in the US with bad credit. The reason they are called payday loans is because in most cases they must be repaid on payday. They are special because the lender does not check the credit history of the applicant. They operate with the idea that everyone can be trusted until they prove themselves untrustworthy. A payday lender will give an applicant a chance as long as he or she has a stable job and an income that looks like it can cover the loan.
Rules of No Credit Check Payday Loans
Typically, an applicant can apply for amounts between $80 and $1250. The amount the lender grants depends on the applicant’s financial situation. The more income that person makes, the more of a loan he or she will be willing to take out.
Annual percentage rates on payday loans vary according to the lender. The average APR for a payday loan is 1,700%. Payday loans are usually extended to the borrower for approximately fifteen days or until payday. If the borrower is going to have a problem returning the proceeds, he or she will need to notify the lender as quickly as possible.