With more and more people having a blemished payment record, finding out a loan becomes increasingly difficult for them. However, if such people are salaried ones, then they can apply for , without worrying much on the front of their past faults of payments. However, these loans should be availed in such a way that you can avoid a debt-trap.
These are especial loans for people having host of problems like late payments, arrears, defaults and CCJs. approval of the loan is given without any credit checks on the borrower. Often, the approval comes within hours, and the loaned amount is wired to the borrower's bank account within 24 hours for any use like paying a medical bill. But the borrower must be in a job for past six months, drawing a monthly salary, and he or she must be 18 years of age or above. There should also be a bank account by the name of the borrower.
Depending on the borrower's monthly salary, these loans can offer 100 to 1500, for 14 days. You can, then, return the loan at the time of next payday, or you can rollover the loan for couple of weeks on paying the interest charges.
A huge disadvantage for the borrowers is that they have to fork out very high amount on interest payments. Typical rate of interest may be 25-30 percent for just two weeks, and the rate is hiked once you have rolled over the loan. Hence, it is advisable to borrow small amount only, keeping your next salary in mind. There are numbers of lenders, who are providing no credit check cash loans through internet. Compare their rates before making the application. Some of these offers may come at comparatively lower rates. Repay the loan on time.
