Are you in need of urgent cash to solve your current emergency problem? You might want to consider small payday loans online with no credit check. If you need to do an emergency repair on your car, pay an unexpected bill or any other emergency that only costs a few hundred dollars, small payday loans online are one option to consider.
Most lenders won’t lend you money without conducting a credit check. These lenders pull your credit report to know how much they can offer you. But there is still a hand full of lenders who will lend you money without checking your credit.
Below are four payday loan options that you could get today without the lender conducting any credit check. You can quickly get payday loan offers within minutes after submitting the simple online loan application form with these lending services. The approval process is also instant once you accept an offer.
What are small payday loans no credit check?
Small payday loans with no credit check are short-term cash advance loans ranging from $100 to $1000 without any credit checks. So no matter your credit score, you can quickly borrow the small amount you need to take care of your emergency cash needs. Such emergencies are car repairs and medical expenses.
Since these loans have a limited maximum amount of no more than $1000, most lenders do not conduct any credit check from the credit bureau. As long as you have a job or a steady income, you can quickly get a small payday loan online.
But not every lender won’t conduct a credit check. Since there is no collateral involved, some lenders will still check your credit score to determine how much they can offer you.
Consideration: You might also want to work on your credit score to get it to a good standing in order to enjoy lower rates. See how you could improve your credit score in 10 simple ways ➔.
What are the eligibility criteria for small payday loans online?
The eligibility criteria for getting small payday loans online are pretty few. All you need is a monthly income of at least $1200 to get any loan approval. Your monthly income could be from your employment, social benefits, or alimonies.
Besides your monthly income, you will need to fulfill the following criteria;
- You are 18 years or older
- You are a US citizen or legal resident.
- Have a current checking account where the lender will deposit the cash you need.
- You have your proof of ID (National Identity Card or Drivers License) and address (Utility Bill or Bank Statement).
- A working email address and a phone number (home, mobile, or work).
To get these small payday loans online quickly, ensure you have the available documents ready to fax or email to the lender. You should always provide accurate information when filling out the online application form. The lender will transfer the amount you requested to your bank account within hours of verifying your information.
One thing you must understand about any payday loan is the fact that their interest rates are high. For every $100 you borrow, you might have to pay $30 for interest rate within 2 to 3 weeks.
Be careful not to default on the repayment because the interest will add up. You might end up owing more than what you borrowed. Most borrowers with bad credit have ended up in a debt cycle.
Benefits of small payday loans online no credit check.
In general, payday loans are frowned upon and considered bad loans because of their high-interest rates. Most US states have even banned payday loans altogether. But it doesn’t mean there are no benefits of small payday loans online without any credit check.
There are times you only need a couple of hundred bucks, but your credit history is not great. Payday loans could help you solve your emergencies. But you can only enjoy the benefits of small payday loans online if you repay the loan on time.
So what are these benefits? Let’s look at five benefits of small payday loans online that do not involve any credit check.
1. With small payday loans online, there is no credit check. So you don’t have to worry about your credit score or fear of being rejected.
2. These loans are easy to get since the amount is just a couple of hundred bucks. Lenders will use a few minutes to approve your application.
3. There is no hard pull on your credit history which might affect your credit score and cause future loan rejection.
4. The application process is done entirely online at the comfort of your home. So you don’t need to travel to a physical location and spend on fuel only to get a couple of hundred bucks.
5. You get the amount you need pretty fast after accepting an offer. Usually, the lender transfers the amount you requested to your bank account within a few hours maximum.
Do Small Payday Loans Online No Credit Check have guaranteed approval?
Some borrowers still get rejected after applying for small payday loans online, so it is not 100% guaranteed to get these loans. But you can increase your approval rate to 99.99% if you follow these simple steps below;
1. You should complete the prequalification form online by providing accurate information. This prequalification process is crucial in matching you with the right offers.
2. You will receive an email with custom loan offers within minutes of submitting the prequalification loan form online. Review these offers carefully and select the one you are most comfortable with.
3. Have your Identification document, proof of income statement, and proof of address ready in scanned format. Also, make sure you provide your current checking account where the lender will deposit your funds. If you have an additional income source, don’t hesitate to include it when sending the documents.
You will have to send these documents to the lender immediately after they request these documents. Within few minutes, the lender will send you the loan agreement for you to sign and send.
4. Finally, you will get the amount you just requested in your bank account within a few hours or even minutes.
If you follow the above steps carefully, you will likely get your small payday loan online hassle-free within a few hours.
Alternatives to instant approval small payday loans online without credit checks.
As I earlier mentioned, payday loans are costly, and they can quickly damage your credit if you default in repayment. Please don’t neglect the small amount you borrowed, as it could soon turn into $1000s in debt if you are not careful.
But you have other options that are better than payday loans. You can get small personal loans that have lower interest rates and a flexible repayment schedule. So, you could negotiate with the lender and reschedule a payment plan if you can’t meet up with the current one.
Bottom-Line
Although small payday loans online no credit check have instant approval and are easy to get, they are costly. If you don’t repay the loan on time, you might end up owing interest that is more than the principal amount you borrowed.
Small personal loans are a better alternative to consider if you need urgent cash. Small personal loans have a lower interest rate and a flexible repayment possibility.
