How Do No Credit Check Payday Loans Work


Did you know that an estimated 12 million people annually get a payday loan in the United States? Whether you need fast cash to pay your rent or cover an emergency expense, payday loans can provide a fast and easy source of funds.

If you have a bad credit score or owe a lot of debt, though, you might worry about qualifying for the money you need. The good news is you can opt for no credit check payday loans that don’t deny you simply due to a poor credit history.

Read on to learn about how these fast loans work and what you can expect during the application process.

How Do These Fast Loans Work?

How Do No Credit Check Payday Loans Work

A payday loan allows you to borrow an amount of money that you promise to repay in a short period of time such as one or two weeks. Depending on your state’s laws, you can often get $300 to $1,000 in quick cash and repay it with your next paycheck.

Even better, you usually get the money the same day. You can find out more about how long you can expect to wait for your payday loan funds here.

In return for this convenience, the payday lender charges you a fee that is often based on every $100 you borrow. For example, you might pay a specific amount for every $100 you borrow. You’ll pay these fees plus the borrowed amount in a lump sum.

Keep in mind that if you fail to pay the loan back in time, you can face further fees and damage to your credit.

What’s the Application Process Like?

You can apply for one of these fast loans through a local payday lender or through an online lender. You can expect to fill out an application with your personal information.

When you’re applying for no credit check payday loans, your lender won’t do a formal credit check that can impact your credit score and shows up on your report. Instead, your lender just does a soft credit check to verify some information about you.

However, keep in mind that you’ll still need to meet the other payday loan requirements. And if you have defaulted on an existing loan, you may not qualify regardless of no hard credit pull.

Expect to show some proof of a stable income, often your most recent paystub or a bank statement showing a deposit. You’ll need to show a photo ID and prove that you’re at least 18 years old. Also, you’ll need a bank account or debit card for the funds to be deposited.

Consider No Credit Check Payday Loans

As long as you expect to repay the amount with your next paycheck, no credit check payday loans can be a good option if you’re in a pinch.

But if you need to borrow funds for a long-term need, you may have other options as long as you’ve got at least fair credit.

You could look into personal loans that allow you to pay back the money over a few years. You could also put the charge on a credit card if you have one.

Be sure to go take a look at our other helpful personal finance posts.

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Author: Cathy Carter