To apply for a No credit check loan or simply a payday loan is based on three basic requirements. If you do not meet any one of these criteria, you can forget about applying for this cash convenience. Furthermore, these three requirements are the cornerstones of the advance money industry. Without these three demands, the present cash loan industry simply cannot function.
Age Limit To Apply For a No Credit Check Loan Online
One of these three imperative eligibility necessities that all borrowers must qualify is the age limit. To qualify for a personal cash advance, you must be 18 years old or above. If you are below this age limit, you can forget about applying for a payday loan. You are not going this money. When you apply for a no credit check payday loan, your age is verified using your driver’s license, passport, or an ID.
Minimum Monthly Income
To qualify for no credit check loan online, you must have a minimum monthly income of $1,000. As the name suggests, a no credit check payday loan does not verify your credit rating to provide you with a cash advance. So, if your credit is not being checked and you are not providing collateral, how would an online payday loan lender determine that you can pay the loan back?
The answer lies in your pay. If your monthly income is at least $1,000, you can easily avail a no credit check payday loan. Some financiers can even offer as much as $2000, provided that you have the monthly salary to pay it back on time. In other words, your monthly salary is a proof of your credit worthiness, and no personal advance company can offer you money without your meeting the minimum requirement criteria.
Checking Account Requirement
Another important need that you must meet to qualify for a no credit check loan online is that you must have an active checking account. A bank account is necessary because finance companies deposit the money directly into your account and also debit it automatically on the due date. If you do not have a checking account, it will become impossible for a cash institution to get all the borrowers to pay back their borrowed sums.
You can imagine how hard it would be for these money companies to collect the due amount from their borrowers, who do not have a bank account. Many tough finance forwarding companies might even resort to physically threatening their customers. This would be illegal and unethical. So, you must have a valid bank account for the payday loan companies to function smoothly.