Who Offers No Credit Check Payday Loans?

With the boom in the payday lenders industry these days, the harsh competition has made loan stores offer more and more advantages to the end user. Such as verification with traditional credit bureaus that has been waived by a lot of these financial institutions.

A considerable amount of companies no longer run credit checks through TransUnion, Experian or Equifax before approving a loan. Since the amounts borrowed are quite low (in the range of $1,500 or less) and the fees and interests are quite considerable, the risks and overheads related to non paying clients are insignificant compared to the customer base attracted by a “no credit check” offer. However, you should keep in mind that these companies can perform checks with alternate consumer reporting agencies, like TeleCheck or DataX.

Below you will find some of the companies that openly state they will not consult with credit bureaus when approving a payday loan and that eligibility is not influenced by your credit score.

Speedy Cash

Speedy Cash is a well established company with brick and mortar stores in many states. It features a simple and straightforward application process, with little paperwork involved. Upon approval, funds are wired to your bank account on the next business day. The costs vary from one state to another and the APR ranges from 182% to around 650%. They openly allow refinancing your loans, provided the state regulations are met and you have little to no payment incidents with them. A nice feature Speedy Cash provides customers with is the ability to contract a loan over the phone, without filling in any application forms, either on the Internet or in an offline store.

PayDay One

PayDay One offers loans between $100 and $1,000. Depending on your state of residence, certain regulations may impose lower maximum amounts – in California, for example, payday loans are capped at $255. The fees seem to be the lowest in the industry (between $13 and $24 for every hundred dollars borrowed), and they offer a so-called Great Rate Guarantee: if you run across a better offer from a similarly licensed loan store, they will match it. If customers cannot pay the amount in full on the maturity date, the loan can be carried over to the next period in exchange of a low refinancing fee. Loans can be contracted over the phone, over your PDA or cell phone, online over the Internet and in offline stores.

Paycheck Today

Featuring huge approval rates, Paycheck Today is one of the top payday loan companies in the market. Although their rates are slightly higher than the average (a flat $30 per hundred dollars borrowed – APR of around 782% for a regular 14 day loan), the company offers very flexible repayment terms. You don’t have to pay the whole amount in full at the maturity date, loans can be paid down in installments of as little as $50 per pay period. The customer support department offers lightning fast responses on all queries.