A quick cash loan, also called a payday loan, is a way to get money quickly in case of a financial emergency. However, when quick cash loan companies promise no credit check, they may mean two different things. Make sure you understand which they're promising.
"No credit check" may mean that the loan company won't check with the three main credit bureaus, Experian, Equifax and TransUnion. If you're behind in credit card payments or car payments, that may be all you need. However, the loan company may still check with Teletrack, which keeps track of outstanding and unpaid payday loans or quick cash loans. If you also don't want a loan company to perform a credit check through Teletrack, you'll need to make sure they advertise "no Teletrack" specifically.
Gather the information you need. Most quick cash loan companies that deposit money directly into your bank account will require proof of your employment such as a paycheck stub, and your bank account number and bank routing number. The routing number is the number usually found in the lower lefthand corner of your printed checks, or you can find out by calling your bank. For a quick cash loan with no credit check, you may be asked for the names and phone numbers of one or two people to call as references. If you apply for a loan in person, you'll need ID such as a driver's license. You'll need to be over 18, and some companies may require a minimum paycheck amount such as $1,000 a month.
Compare different loan companies, both locally and online, that promise no credit check. Many online loan companies offer quick cash, sometimes in 24 hours or less. If you want a no credit check loan, make sure that's specified by the company, and if you also want no Teletrack check, you'll have to make sure that's stated too. Look for the lowest fees and the terms you want, but also be cautious of giving personal information if a company seems to be offering fees that are too good to be true.
Apply for the loan. Typical amounts can range up to $1,500 but more often will be in the range of $500 or under. Since quick cash loans are expensive, don't borrow more than you need, and don't borrow for longer than you need. A typical length of time is just a few days or a couple of weeks until your next paycheck.
Mark your calendar for the date the loan is due and make sure to leave enough money in your bank account. Most quick cash loan companies will withdraw the money to pay the loan directly from your bank account, and you'll be expected to have enough money in it. Otherwise, you'll be hit with extra fees.
If you have no other current payday loans and have paid past payday loans on time, a Teletrack check shouldn't be a problem. It's easier to find a loan company that does only a Teletrack check but no other credit check.
Quick cash loans with no credit check are a high risk for loan companies, so they're expensive. Only use them when you can't borrow money more cheaply. When dealing with companies that promise no Teletrack check, there's even more potential for running into a dishonest company or a scam, so be careful.