No income verification loan is a very popular loan where the borrower is provided the loan without any verification of the income. In such cases only the credit score of the person is checked. This kind of loan program is very useful for self employed people who do not have a specified format for documenting their income. There are many lenders who are willing to provide such kind of loans. The rate of interest for such kind of loans is very high.
A payday loan is a loan for short period of time. This kind of loan requires no checking of the previous credit history. It is normally given in situation where one requires a good amount of money in a very short period of time. A small payday loan is the quickest way of getting the required amount of money. The lenders have set certain criteria and if the borrower fulfils the criteria same day loans are guaranteed. The online lenders offer immediate cash loans on the same day just after the approval of the loan.
A no income verification loan is much faster than any other loans as in this case the income and the salary of the person are not verified. Most of the time is normally wasted in verifying the salary of a borrower in other convectional loan options.
The basic requirements for getting a no income verification loan are:-
- Should have a good credit score.
- The monthly loan repayment terms are flexible and can be chosen accordingly. But the repayment should be done on time because a longer period of loan repayment or failing of repayment can cause in paying of higher rates of interest.
- The amount of loan a person is eligible to get depends on the lender lending the money after checking the online secured form that the borrower is supposed to fill up.