Payday Loans with No Credit Check
Payday loans generally don’t require credit checks before they finally lend a borrower money. If you’ve been used to bank loans with bad credit, the first thing that might run in your in mind is how lenders who offer this product can afford to let people borrow money without checking their credit and essentially their capacity of paying first. You might wonder if these lenders are even slightly concerned of never getting their money back again.
However, if you’ll take a closer look at the requirements that these lenders ask of their applicants, you can say that they might have indeed figured out a way to check if the person who is applying for the loan is capable of making payments.
The first thing that they check is whether your income has a direct deposit set up with your bank. It’s possible that they might let you sign something that indicates that they can take your income in case you won’t make payments.
Second, they’re interest in the fact if you’ve held your job for at least three months. In this way, they would be able to gauge the stability of your life and probably of your finances.
Third, they would want to know if you have a bank account which is open for at least three months. They would be able to conclude about your financial maturity and stability using this information.
Lastly, they need you to have a minimum salary of $1000 after taxes have been deducted per month. A lot of payday loan companies does not lend money that is more than $1000. This means that they want to make sure that the amount that you are going to borrow is a lot less than the amount of your salary. If it is, this means that you will most probably be able to pay your high interest loans.