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People holding bad credits hesitate to apply for the loans most of the times as they fear to get a negative response from the lenders, but payday loans no credit check are tailor made for these kinds of customers who need to improve their bad credit score. These loans are unsecured in nature. This means that they are not required to pledge any collateral security to the lender for the borrowed amount. People with bad credit history could also apply for these monetary help. There are certain requirements for the eligibility criteria, the applicant must be at least 18 years of age, he/she must be employed with steady source of income like social security, SSI, retirement, etc. and the borrower must have a valid checking or saving account that has been open for at least six months in order to receive their no credit check loans proceeds by direct deposit. It does not mean that people having no active bank account can not apply for these loans. They can choose to receive a paper check delivered through postal service. The amount of loan the lenders can lend ranges from up to £1500. But the amount the borrower gets is determined by the lender by checking their monthly income and the borrowers ability to repay. If the borrower earns more, then he/she can avail higher amount for the loan. The period to repay the loan is from one to six months. As the amount borrowed depends on the borrowers income, the borrower must list all the sources of income. Although these loans are free from pledging collateral but these loans have a higher rate of interest. The borrower can search for the lenders online for payday loans no credit check and ask for the quotes and can compare the rate of interest of various lenders. After choosing the reasonable deal the borrower can apply for these loans, which is a convenient and simple way. Stephen Pilgrim is financial adviser with Instant Loans No Credit Check. Stephen publishes informative articles about instant loans, no credit check loans, same day loans no credit checks, instant cash loans and more.
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