No Fee Payday Loan
No fee payday loans help people take care of any urgent expenses until their next payday. They are considered short-term where cash is provided against a prearranged line of credit. No fee means you shouldn't have to pay an origination fee, only the interest and principal amount of the loan. If you wind up with a lender who charges upfront fees, the costs could be much higher.
For a payday loan with no fee, the process has been simplified for borrowers as well.An applicant has to fill in an online application form. It is important that all the questions on the form are answered to ensure that the loan request is not declined. The prerequisites for securing a no fee payday loan are that applicants must have been on their current job for at least 3 consecutive months, have a salary of a minimum of $750.00 per month after taxes and a valid checking account that has been for at least 3 months.
Unlike traditional lenders, a no fee payday loan lender may not run a hard credit check but could use other reporting services like Teletrack. An important factor is the number of NSFs (non sufficient fund) charges, an applicant has incurred in the 30 days prior to the application date. If you have an more than one outstanding payday loan, this is also taken into consideration. Certain lenders require the applicant's current bank statements and paycheck stubs.
After the review process is completed and the applicant meets the loan approval requirements, a notification is sent through email. Further, the payday lender determines the amount of the payday loan. Most lenders for an online payday loan electronically deposit the loan amount in the applicant's checking account overnight, depending on the time of day the loan application was received and approved. On weekends, approved applicants will be funded the next business day.