No credit check payday loan – Some quick tips

April 18, 2013 Facebook Twitter LinkedIn Google+ Business Advertising,Business News

No credit check payday loan – Some quick tips

There is no doubt that payday loans are amongst the most expensive personal loans available these days. The annual percentage rate No credit check payday loan – Some quick tips(APR) of such loans can go up to about 400% depending on the lender, geographic location and other factors. Lenders of such loans usually don’t require any credit check of the borrower and so to lower the risk of lending they often levy high interest rate on the amount they lend.

Since people with less than perfect credit don’t qualify for standard loans from traditional lending institutions such as credit unions and banks, they often apply for such loans. This type of personal loans online, though controversial, is widely popular and useful to a great extent especially to the people with low credit scores.

Here are the tips that would help you find a lender of salary day loan that won’t require any credit check for issuing a loan.

  • Visit local check cashing stores – First of all, visit check cashing stores in your locality. You will find such stores in strip malls. Enter the store and ask about no credit check payday loans.
  • Check with traditional lenders – Now you should check with traditional lenders like credit unions and banks. Some of these institutions offer ‘checking account advances’ to particular clients having active checking account and regular direct deposits as well. ‘Checking account advances’ are to some extent similar to an overdraft. The repayment of the loan is to be made through regular deposits or the next direct paycheck deposit.
  • Look for online facilities – You can also find lenders of personal loans online. However, you must check whether or not the website is accredited by Better Business Bureau (BBB). Also check if any customer has lodged any complaints online against that particular service. Check with your respective state’s consumer affairs for any such complaints.
  • Contact a reputed credit counselor – Finally, you need to contact a local and reputed credit counselor who has got certification from the U.S. Housing and Urban Development department. Such an individual can help you with your credit issues. He may suggest you something other than payday loans. However, if the need is dire and credit health is poor, then these loans are perhaps the only and last resort.

Payday loans or personal loans online are good as long as you can pay them off without skipping payment or rolling over. Also, don’t borrow any amount that you can’t afford to pay back.