Payday loans no credit check is also known as umbrella loans and cash advances. As it can be understood by its name these types of loans can be applied and get approved the same day. They are very quick and the best part is that the money you receive can be used anywhere you want to. No explanation is required from the borrower to the lender where he will use this amount of money. These loans are usually not of very huge amount and are also short termed. There are only a few cases seen where the bank history is required but generally it dent puts any effect on getting these loans. The borrower is giving a check to the lender of a later date as a promise of paying back the amount taken. If by any chance he fails there is a penalty charged to him which will end up costing him more.