No fax no credit check short term loans are there to provide instant financial relief to those with a short term urgent need for funds.
Most ordinary citizens who work for a living must have experienced not just a few times an urgent, short term need for money.
Here’s where no fax no credit check short term loans come in handy.
This type of loan is designed to meet borrowers’ unexpected short term need for funds for whatever reason.
What makes no fax no credit check short term loans attractive are the following features:
- Speedy approval. The loan is approved usually in just a matter of hours after the loan application is received. This is because lenders don’t bother about having borrowers fax any supporting documents nor about checking their credit history. The only verification that the loan officer does is to check that the application is genuine and that the borrower is eligible for the loan. The approved loan amount is deposited directly into the borrower’s bank account right after the approval.
- No credit checks. Aside from speeding up the loan approval process, this also allows even those without any credit history, as well as those with a poor credit history, to avail of such a loan.
- No fax. There is no need for borrowers to fax any supporting documents for verification of facts, saving them this trouble.
- No collateral. Because of its short term nature, this type of loan does not require any collateral from the borrower.
Loan Terms, Processing
No fax no credit check short term loans usually involve loan amounts ranging from £100 to £1500 for a period of 7-31 days. Borrowers can extend the repayment period by paying some renewal fee.
Lenders have made it easier for borrowers by doing the whole process online, from loan application to release of the approved loan amount. Usually, the loan repayment is also automatically done online.
In the case of no credit check payday loans (a typical no fax no credit check short term loan), the borrower submits an online form and the lender transfers the approved loan amount to the borrower’s account within one working day.
On the borrower’s next paycheck due date, the loan amount plus the loan fee is automatically withdrawn from his/her account.
Lenders usually require the following of every borrower:
- A citizen of the U.K.
- At least 18 years of age
- An active checking account
Other lenders may specify additional requirements, depending on the particular loan product, like having a regular source of income of at least £1200 a month.
Tips for Borrowers:
- These short term loans are there to help you get over your short term financial crisis.
This type of loan is a good choice if you see that you can repay the loan amount in a few weeks after you take out the loan.
- Compared to regular loans, these short term loans carry a higher interest rate. Due to the stiff competition in the market, however, some lenders offer this type of loan at relatively lower rates. Do some online research among the lenders and ask for their no-obligation loan quotes. Check and compare interest rate, repayment period, loan fees, late additional charges, renewal fee (for extension of repayment period), mode of loan repayment, etc. Choose the lender offering the best loan deal for you.
- Read the fine print carefully before agreeing to any loan deal with the lender.
- Also available in the market are the online services of payday loan arrangers.
Acting as loan brokers, they offer to help borrowers make the best choice from among various types of payday loans offered by lenders that would suit the borrowers’ specific requirements. You may wish to include this in your online research.
At the end of the day, it all boils down to the fact that no fax no credit check short term loans, while offering instant financial relief, are meant to be used only for urgent, short term financial needs.