The Truth about No Credit Check Payday Loans
No credit check payday loans are loans that you can receive to help with a financial situation. They are short term loans that you apply for and get the cash you need within hours, but it must be repaid within 15-30 days, depending on the terms.
Guaranteed fast cash loan
The advantage of no credit check payday loans is that they are guaranteed, just as long as you meet the minimum requirements. Unlike traditional loans from banks, you do not need to prepare as many documents. Also, while bank approvals of loans take days – sometimes even months – the approval of your payday loan usually takes just one day. You may even be able to receive your loan within minutes or hours. That is why no credit check payday loans are quick and timely responses to financial emergencies.
Although different lenders will look for different things when considering approval for a loan, here are some of the requirements:
When applying for no credit check payday loans, you will not have to undergo a credit check. This will help you get the guaranteed loan, although you may experience higher interest rates because of your liability.
Flexibility in loan amount
Depending on the lending company, you can apply for a loan as low as 80 pounds and as high as 1,500 pounds. The amount that you are eligible for will depend on a variety of factors, but it is flexible.
Take the time to shop around
Take note that there is another side to payday loans. These loans may be fast and hassle-free, but the interest rate can be quite high too. The interest is even usually higher than the interest for credit cards, and can cause you more financial distress. Protect yourself by exercising due diligence and research, research, research.
You can also ask your friends or people you know who have already used these kinds of loans. Find out if they were satisfied with the lending company they dealt with. Ask them why or why not, then decide for yourself whether it will be a good company for you.
Since the amount you can borrow in the case of no credit check payday loans is flexible, you might be tempted to borrow more than you need. However, avoid this practice.
Remember that the loan you are getting is payable in 15 to 30 days only. Some lenders may give you the option to let your loan roll over to the next month, but the interest rate for payday loans is higher. You might not notice it, but you may find yourself paying at an interest of one thousand percent or more.
Also, using cash borrowed from payday loans to pay off bigger, long-term loans is not recommended. Again, the interest rate is the issue here. Take a look and compare the interest rates of your long-term loan and your payday loan.
Do you really need it?
This is a very important question to consider before getting your payday loan. If you can, you should make sure that you have exhausted all other options before resorting to a payday loan. You can even try such things as organizing a yard sale to make extra cash, borrowing the amount from friends, or just learning how to budget more wisely.
Also, credit card cash advances and bank overdrafts are good sources that usually offer lower interest rates. If you have a credit card, you can call your credit card company for a possible low-interest cash advance. You can also inquire with your bank if you are due for an overdraft. Instant payday loans, if possible, should be the last resort when you need fast cash.
So, while no credit check payday loans are attractive for their speed and convenience, do not get carried away with excitement. Always ensure that you take the time to do the appropriate research first before making any decisions. In doing so, you will be able to respond to your financial emergency in the best way possible.