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Bad Credit Payday Loans – The Good, the
Bad and the Ugly
No credit check cash advance loan, or bad credit pay payday
loans as they are commonly referred to, are a very attractive
solution to an emergency situation that requires money urgently.
Most people apply for no credit check payday loans not because
they don’t have an alternative but because it is fast, simple, and
yes, there usually are no credit checks prior to loan approval.
Be advised that even though no credit check payday loans are
arguably the easiest solution for nearly all financial emergencies,
they have very many risks involved that you ought to be aware
of.
For one, no check payday loans normally attract a very high
interest rate (referred to as loan fees), which can range between
10% and 25% of the total amount borrowed. In the event that you
fail to pay the whole amount of cash borrowed on the agreed
date, the high rate of interest is always applicable to the remaining balance.
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The fee will continue
recurring until you pay off
the entire amount, something
that can sink you deeper in
debt than you currently
are. Further, no credit check
payday loans have
significantly short maturity
periods based on your salary
payment schedules.
Thus, your payday cash
advance could be due in as
many as 21 days or as little
as 5 days, depending on the date you applied prior to your payday and also the lender’s requirements,
terms and conditions applicable. Because of the potentially short maturity period, it is no wonder many
borrowers fail to catch up on their payments.
If you find yourself in a financial situation that requires instant money, you can consider a no credit
check payday loan. However, it is highly recommended you do all you can to avoid it say by budgeting
your income to ensure all your debts are taken care of until the next payday.
You could also be better off borrowing money from family or friend instead of applying for a payday
loan. But if you resort to payday loans, always weigh the risks involved and plan accordingly.
Benefits of Online Payday Loans
The internet has revolutionized the way things are done nowadays and is one of the greatest places you
could locate a reliable online payday lender. There are very many trustworthy websites that you can
visit. Fill out a simple quote form and sit and relax as you wait for offers to start coming in, offers from
payday loan lenders competing to get your business.
Perhaps the best thing about payday loans is that they are
processed real fast, as fast as within an hour of completing
all paperwork and getting approved.
The other benefit that attracts many to online payday loans
is that there usually is no credit checks needed meaning
whether you have this ugly credit, good credit or no credit at
all; you are a prime candidate for an online payday loan.
After you fill out the form, get your quote, compare the
rates and find a perfect lender, funds are transferred to your
checking account like immediately. Details required include
your phone and physical address, your SSN and of course bank information.
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How Expensive Are Guaranteed Payday Loans
Well as expected, the rate of interest could lean on the higher side as it always ranges between 25% and
30%. However, if you are a new or a returning client, you could get a discount.
Granted, people can apply for payday loans for the sake of applying, because they are readily available,
however you should only go for them when you desperately need them as being a frequent borrower you
might end up losing a lot of money.
Requirement for Same Day No Fax Payday Loans
A same day payday loan, otherwise referred to as a 24hour payday loan, is as the name would suggest –
approved and disbursed within 24 hours. Loan requirements for approval include having a stable income
and being permanently employed with the same employer for a period of between 3 and 6 months.
One should also have a net income of $1000 i.e. after taxation and all deductions for one to able to
qualify for a same day payday loan of $250 and above. Note however that if you want $1000 and more,
you must have a monthly income that exceeds that amount. Also important to note is that different
lenders will have different requirements so you should confirm with your lender for further
information.
Further requirements for one to be approved for the same day payday loans include permanent
employment which acts more or less as a security for
the lender. The applicant should also be 18 years and
above of age. You should clearly indicate the amount
you expect to receive in your next payday and prove
your potential to pay off the cash advance in your next
payday.
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