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Short term lenders generally offer two types of loans: payday loans and installment loans. Payday loans, also known as cash advances, are repaid when the borrower receives his or her next paycheck. Installment loans allow the borrower to make several payments over a few weeks or months. For both cash advances and installment loans, the lender charges a fee that is paid along with the loan repayment. No cash or collateral is needed up front, even for short term loans for bad credit. Pay these ‘Last Demand’ charges In order for the lenders to advance you with a no credit check personal loan, the applicant must be of age or in other words be over 18 years of age and have a valid checking account on which the loan amounts will be deposited. The checking account must have been in operation for the last six months prior to application of the loan. The applicant must also be gainfully employed or be self-employed and must be earning a monthly salary of not less than $1000. The applicant must also proof that they have a permanent physical address on which they must have been residing for the past 1 year. If these requirements are met, the lender is left with no other choice other than to provide the borrower with the required amounts. October 07, 2013 09:58 AM Eastern Time

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