Know More about Payday Loans, Where No Credit Check is required
Most of you must have heard about payday loan, which can always be availed when you need emergency cash for a short period. Payday loans are usually unsecured, which means your belongings will not be attached into the agreement. This kind of loan is designed only for emergency purpose.
As far as representative percentage of APR is concerned, it can be quite high for payday loans. Often you may end up paying double the amount that you have taken as loan. Hence, select your payday loan with great care.
You can also apply for suchpayday loansfrom Loan Pig by visiting their website atloanpig.co.uk.By applying for such short term loans from Loan Pig, you can be much more benefitted as compared to availing this loan from anywhere else.
What is payday loan?
Most of you must have come across many different kinds of loans like:
- Personal loan
- Housing loan
- Education loan
This kind of payday loans are however new types of loans appeared in the market, which has also become quite popular. Often this type of loan is also known as "Cash Advance", "Check loans", "Pay check loan", and also as "Payday advance loans".
Now, let us try to understand about payday loan and when and how it has to be used so that you can get maximum advantage. You must understand that this is unsecured loan, which you can use for meeting any of your emergency need of money, which you must pay back when you receive your next pay check during your payday.
Therefore, payday loans are considered to be the loans of shortest tenure among all other loans that are available.
Can I be eligible for such payday loan?
One of the special things about payday loan is, they can be availed even if you have poor credit rating. Also, another best thing about this loan is taking cash advance will not make any difference to your credit rating.
In order to be eligible for getting payday loans you must be:
- 18 years or above age
- You must be citizen of UK
- You must have regular job
- You must have checking account I bank
How to apply for payday loan?
To apply for such payday loans, simply apply through online website. All that you need to do is supply few basic information like your Name, Address along with details about your employer. Few companies may offer payday loans after seeing your Bank Statement too.
Nevertheless the documentations needed by these companies to get payday loans will be less as compared to any other kinds of loans.
How long usually will it take for getting payday loan?
As compared to any other kinds of loans, payday loans are usually much easier to obtain within less time than any other loans. Normally after you apply for payday loan online, the lender will make telephone call and ask few questions.
After completing all these small formalities, your cash advance will get immediately credited to your bank account within the next 24 hours.