How to avoid credit check to get payday loans in Kentucky?


Payday loans are loans aimed at the short term with significantly high interest rates. They come with the unique feature of providing quick cash. Generally, a borrower drops off a post-dated check for the amount taken along with a finance charge. If the borrower does not pay back the loan in cash or take out a new loan before the loan is due, the lender will cash the check.

Doing away with credit check

Payday loans are a means of short-term borrowing that typically does not require a credit check. Loans are due within 14 days or when you receive your next paycheck. However, defaulting on the payday loan can hurt the borrower’s credit score. Unlike traditional loans where you need good credit to be approved, payday loans don’t require the details of the credit history. If handled well, payday loans help build the credit you need to move onto higher quality financial products in the future.

Payday loans are short-term loans aimed to meet small, unplanned expenses ranging from £50 to £1,000. Though Payday loans are easy to get, their interest rates tend to be much higher than other forms of credit to the tune of an APR of 1,500%. You’ll usually pay off a payday loan the next time you get your salary, although some lenders allow more flexibility. Your credit score won’t be damaged by a payday loan, as long as you repay it in full and on time.

Preventing debt trap

Some lenders advertise ‘payday loans no credit check’, which may be attractive to you if you have a poor credit history. However, all regulated lenders must carry out checks to ensure that you can afford to pay back the amount you borrow plus interest.Responsible firms do not let customers into unmanageable debt. They ensure that the customer is able to pay back the borrowed money before approving the application.

However, people may search for ‘no credit-check payday loans’ if they have a bad credit history that may prevent them from being approved for a loan. They may also be in need of immediate money.

Credit rating

A credit rating is an assessment of the credit risk of a prospective debtor. Based on your previous borrowing record, payday lenders will use it to predict your ability to repay a debt. For a nominal fee one can get the credit score checked.

Whether you have no history of borrowing or you’ve made serious financial mistakes in the past, you can always improve your credit score. One should make sure you pay any outstanding debts on time to show lenders that you can manage your money responsibly and repay debts without any issues.

Conditions to be met:

  • Have an active checking account
  • Show proof of income
  • Provide valid identification
  • Be at least 18 years of age

Because the interest rate on a payday loan can be astronomical, it’s important to be sure you can pay back the debt in a timely manner.

With a quick application process, one can have the cash required as soon as the next business day.


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