We’ve all been there; stressful trials and tribulations presented by personal finances, prompting much ceiling staring at night and nail biting by day. An unexpected circumstance, an emergency medical bill, a car that needs fixing or a boiler on the blink…life can blindside you in myriad ways.

Obviously, it can be hard to budget for something so unforeseen. The very nature of such an issue is in its surprise. 

What’s a person to do? If you have a decent credit score, the chances are high that you’ll be approved for a credit card, personal loan, or cash advance through a local lender or your bank. That’s great news for people who have great credit scores, but what about the millions of people in the country who don’t?

While options may be more limited, there are some online loans which don’t take into account credit scores. With more lenders online than ever before, you can apply for pay day loans with ease, receiving a loan decision by the time it would take you to get to the front door of a local Delhi, Dundee or Dallas lender. Still curious? Here are your IDEAL questions answered on applying for a loan without a credit check.

HOW DO PAYDAY LOANS WORK? 

Payday loans might seem like a bit of an alien concept to someone who’s never taken out a loan before, but their popularity lies in their simplicity. For most people, payday loans are a way to get enough cash to be able to make it through a week or two until their next payday (hence the name). Be warned that APR rates do tend to be higher, sometimes considerably so, to counterbalance the ease of application and lack of checks; always read the terms and conditions scrupulously before signing on the dotted line.

To apply for a loan online, you follow a few simple steps. 

  • Find trusted lending sites. You can read up on reviews and finance blogs to find the most trustworthy lending sites with more manageable interest rates for bad credit payday loans. We tend to use trustpilot, since their review system is generally free from outside influence and nefarious interests which operate on some review based aggregators.
  • Utilise lending networks. There are several websites online that serve as hubs for the best lenders on the internet. A lending network showing their sponsorship of a certain lender is a way of vouching for them and saying this is a trusted source. 
  • When you’ve found a lender, read the terms and conditions carefully before applying. Once you’ve found a lending site which looks like a good option to you, then it’s time to apply for your loan. You’ll be asked to fill out some personal details, such as your name, address, phone number, your employment information, banking details, and possibly your Social Security number in the States and your National Insurance number in the UK (this is to make sure you are who you say you are, and not an identity thief). 
  • Verify your information and send your application. If all the details on your loan application look right, click Submit. 
  • Sit back and wait. Once your application is sent off, all you can do is sit back and wait. You’ll be happy to know, however, that most online lending platforms provide you with your loan decision within a few minutes. 

If you are approved for a payday loan, the lender will usually send your funds to the bank account you provided via direct deposit. This process can take anywhere from a few minutes to a few hours, but if you’re approved, you can rest assured your loan is on its way. 

THAT SOUNDS GREAT, BUT AM I QUALIFIED? 

It doesn’t take a whole lot for you to be able to qualify for a payday loan online. Usually, in the United States and the UK, requirements include being a legal adult, proof of receiving a verifiable, consistent income, and having access to a checking account where your funds will be sent. 

Do be aware that if you fall behind on your repayment plan, you may incur charges and potential further damage to your credit reputation in doing so.

IS THERE ANYTHING ELSE I SHOULD KNOW ABOUT? 

You should always read up on every lender you consider applying to. This is because, while there are some great lending sites out there that genuinely help people, you will also find some lenders with high fees and charges hidden deep in the fine print, or some who lure folks in with promises of no credit check loans which end up carrying extortionate fees and tough-to-navigate terms. 

This is why it is so important to use resources like lending networks when you are looking for the best online lenders. Not only will you be confident in knowing that the lender you are working with is trusted by many satisfied customers, but also that many people have ensured the lenders on the platform are not riddled with hidden fees. 

As always, make sure you carry out thorough research into loan companies, and do your due diligence when scrutinising your loan’s terms and conditions.