There is a rising number of people falling into debt pitfalls. The reason for this is taking out unplanned for loans which they didn’t necessarily require. For this reason, the number of loan defaulters has increased significantly. Getting a loan approval for this people can prove to be a very tall order, what about with lenders refusing to give out financial assistance when required. This does not mean that they don’t installment loans for bad credit require urgent money once in a while and when this happens, they approach the same lenders who in the first place refused them. This made the lenders to sit down and come up with a solution for this problem. This is in the form of no credit check guaranteed loan. But in order for the lender to assist the borrower must provide some proof that they can be able to repay. This is done by providing their current employment status records and what they earn on a monthly bases. Once this is done, your loan request is guaranteed.
No credit check guaranteed loans are open to everyone irrespective of their credit status. They provide a quick cash solution to borrowers and there is no credit check involved. The money availed can be used for a variety of purposes; for instance, the availed funds can be used to take care of an sudden care repairs, settle a urgent medical expense, pay school fees for your kids, pay utility bills and other such uses. The loans are meant for short-term urgent financial needs. This means that the amounts that can be availed are in small quantities. The loan is normally unsecured, thus it attracts a higher rate of interest as compared to secured loans. In fact, the only security is your salary. Most lenders encourage the borrower to write them a post dated check which must be cashed on the next payday. The amount of money that can be lent out to borrower ranges from $100 to $1,500 while the repayment duration is only expendable to 31 days after the loan has been approved and deposited into your account.
To qualify and be eligible for these loans, the borrower must be of age, they must also provide some proof that they can be able to repay, by giving out information about their employment history. Only people who have a regular job are eligible for these loans. The borrower must also provide some permanent residential proof to the lender. They must also have a regular, active and valid checking account on which the loan amounts will be deposited in. The minimum monthly allowable salary should not be less than $ 1,000.
Having met the basic no credit check guaranteed loan qualification conditions, the requested money will be deposited into your checking account within a few hours after application. These loan products are specially designed for salaried folks who find themselves in financial fixes before the end of the month. The major advantage of applying for these loans is that no matter what, you are assured of getting your loan request approved as fast as the lender can be able to.