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Same Day Payday Loans: No Credit Check Payday Loans

By David Kamau

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Published: 07Sep2009
Word count: 587
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You need cash right away and you have no one to turn to. You don't want to bother friends and family. You may have bad credit. Or you have good credit but don't want to borrow from your bank knowing that this will create a credit enquiry, which is not good for your credit score. Where to go?

Same day payday loans, though costly, are ideal for emergencies and unexpected situations. Critics have often referred to them as "predatory" due to the high interest they charge. This article is not about that. Enough payday loan bashing has been done already.

As long as they serve a need and no better alternatives exist, same day payday loans are here to stay. Granted, the rates are rather high, which is what draws the wrath of critics.

Now, would you rather have your home electricity supply turned off on a weekend and then have to pay the bill plus a reconnection fee, or get a same day payday loan albeit with a high finance charge and solve the problem right away?

A same day payday loan could help save the day (and your face).

The biggest attraction of same day payday loans is that there are no credit checks. Even people with good credit have been know to take out these types of loans for that very reason, as each and every credit check dings your credit score.

And with more and more companies now competing for your business, payday loan rules and requirements are getting less stringent. Finance charges, while still high, are not at the level they once were. Before you could get a loan there were all manner of charges, overt and covert.

What do you need to get a same day payday loan with no credit check? Requirements differ by lender but the main ones are a job, social security number and, in most cases, an active checking account.

Work history requirements differ with lender also. Some lenders require only one month at your present employment, others three to six months or more.

Some payday loan companies don not want to see too many overdraft fees in your bank account, or an overdraft exceeding a certain amount. But there are lenders who will still work with you through your most difficult financial challenges.

Perhaps the only apparent "universal" disqualifying aspect is current bankruptcy. However some of payday lending companies will still loan you money if the bankruptcy is not too recent. The only way to find out is by applying to several lenders.

If you are a current member of the US military you may find getting a payday loan more than a little difficult. This is because of a law passed in October 2007 that places a 36 per cent annual interest rate cap on loans for military personnel.

What does it mean by "same day payday loans"? Are you guaranteed to get cash on the very day you apply for the loan? Well, if you walk into a payday loan store and meet all requirements chances are you will walk out with cash or a check.

However, the payday loan process works a little differently online. While approval is fast, often within minutes, funds have to be directly deposited into your checking account overnight and you get them the next business day.

The advantage of applying online for a payday loan is convenience. Since you do not know which company will offer the loan amount you need, you let your computer do the walking for you.

Need a payday loan today? Don't get scammed! Check out reputable direct lender payday loans lending companies and find one that best fits your situation as well as nice first time discounts. David Kamau offers tips for self credit repair at his site and blog.

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