An Easy Payday Loan with No Credit Checks: How to Get Approval for a Bad Credit Emergency Cash Advance

Banks use credit scoring to determine eligibility for financial products which means the consumers with poor credit won’t qualify. Whilst this isn’t normally a problem, it becomes an issue when an emergency bill arises. An easy payday loan offers an alternative to mainstream financial products. They are an unsecured short term loan that is available for any purpose.

Eligibility Criteria for an Easy Payday Loan with No Credit Checks

Lenders realise that bad credit customers are not in a position to comply with traditional lending criteria. In order to get approval for an emergency cash loan, the customer will be expected to meet the following requirements:

  • Must be a U.S. citizen.
  • Over the age of 18.
  • In full time employment – minimum income $1,000.
  • Have a valid bank account with check book.
  • Provide two forms of identification – one form of photo I.D.

How Does Borrowing Money from a Payday Loan Lender Work?

Once a payday loan lender is satisfied that the applicant has met the eligibility criteria, they will offer a quick cash loan for up to $1,000. The customer provides a postdated check that is set to clear on payday for the principal and any interest that will accrue. The proceeds of an easy payday loan will reach the customer’s account the next working day at the latest. If the application is submitted prior to 2.30 PM, payment arrives on the same day.

The Cost of an Emergency Cash Advance from a Payday Loan Lender

Credit scoring allows the lender to accurately assess the likelihood of the borrower defaulting on the agreement. A loan with no credit checks doesn’t afford a creditor that luxury which means that the cost of borrowing money will be a lot higher. It costs $20-25 to borrower $100 for a month. This means that, if the customer took out a $500 easy payday loan, they would be expected to provide a postdated check for about $625. It is important to appreciate that repaying the debt will leave less money to pay the bills in future months.

Alternatives to a Quick Cash Advance from a Payday Lender

Should a customer not be in full time employment, it may be possible to get a small cash loan from a pawnbroker or credit union. Subject to affordability, a credit union may be prepared to lend money to someone who is on benefits. A pawn shop loan is available to customers who are able to provide collateral, such as gold, jewellery and electrical goods. Only borrow money when it is affordable to do so as having too much debt will reduce disposable income in future months.