Financial emergencies are hard to predict. You may have an unforeseen family expense, a broken car or even an unplanned vacation. When the money need is immediate and you don’t have the time to wait, traditional lending options don’t fit the bill. Instead, you can apply for no credit check loans, also called cash loans or instant loans. These are similar to payday loans, because there is no security involved, and the loan is secured against your income.
Here’s a look at the requirements and other details.
Requirements at a glance
Depending on where you live in, cash loan requirements can vary. In Canada, you must be of 18 years or more to apply for such loans. Canadian citizens with a stable job and a decent income deposited in form of check or direct deposit into their active bank account can only apply. You also need to have a minimum income, which in case of lenders is around $1200 or more. You also need an active bank account, where the money can be sent. Lenders are also interested in short-term debt ratio of the applicant. In terms of interest rate, cash loans tend to be more expensive than traditional loans, but that’s what you pay for getting instant money without any security. Technically, cash loans are secured against the income of the applicant, because the lenders know that the money can be repaid from the next pay check.
Situations in which application is rejected
Typically, cash loans are approved on the same day, and you may also get your money within one or two business days. However, in certain situations, your loan application can be rejected. For example, if you have an un-discharged bankruptcy in your file, or you may not have a stable income that’s reliable enough for the lender. In case the information is not provided in the documents as required, or there are mistakes in filling the form, your application can be rejected. Lack of sufficient funds in the bank can be another reason to reject the loan request.
With all that said, it is more than necessary that you use cash loans carefully. The interest rate is pretty high, and if you don’t pay the loan in time, there are additional charges, which can increase the cost of your loan significantly. Check online now to find more on cash loans, and don’t shy away from discussing the requirements with the lender. Some lenders also accept phone requests and applications.