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In times of desperate financial need plenty of lending options are available to all sorts of borrowers Despite popular belief bad credit is not a barrier to getting a fast unsecured loan as long as you know where to look In such situations opting for a loan with no credit check also called a payday loan can be the answer to your prayers

Understanding Your Options

Payday loans are designed to provide borrowers with fast access to cash generally up to $1500 without the hassle of a credit check These loans are guaranteed because they are based on simple criteria that most borrowers can meet Those criteria are

- The borrower cannot be under 18 years old

- The borrower must show proof of residence and US citizenship

- The borrower must have proof of an established job with steady income

- The borrower must provide the lender with bank account information

As long as you can meet these eligibility requirements the opportunity to receive a fast unsecured payday loan is yours However there are other options to consider as well

Can You Qualify for a Secured Loan

Payday loans are called unsecured loans because they lack any sort of collateral security to ensure their repayment Therefore issuing an unsecured loan of any type is a huge risk to the lender To compensate for that risk the lender will often charge higher rates of interest on these loans which can make taking an unsecured loan for any length of time a rather expensive proposition

However if you own a home or land or even a late model truck or car utilizing the services of a secured loan can off-set a lot of those charges even with bad credit In the case of a secured loan all you do is provide a lender with information about your property this will generally include an assessment and the amount of equity that you have in that property He will then issue you the loan using that property as a guarantee of your repayment As long as you make your payments without a problem there is no issue However if you fail to repay your loan the lender will have grounds to seize that property from you

The use of property as collateral insures the loan from the lenders perspective This will then allow you to enjoy a lower rate of interest However it is important to note that because of the assessment process it takes significantly longer to receive a secured loan

Getting a Loan with Little Time

When you are in no position to wait on your loan money it is best to return to the no credit check option Because of the lack of credit check lenders are able to issue payday loans quickly Once you provide the required information see above the lender can issue your loan within 24 hours As a bonus the lender will wire the money directly into the bank account that you provide giving you access to your money quickly no matter where you are located

Using online lenders will obviously speed up this process and will also give you the ability to compare the different rates and packages offered by several different lenders Make sure that you research each company before providing them with any of your information however and never pay an upfront fee on a unsecured payday loan the application process should be free and easy If its not there are many other options available online for borrowers with bad credit