Sunday, July 22, 2007

No Credit Check Payday Loans – Loans Even For Those With Bad Credit Scores

The best thing about the no credit check payday loans is that all those with a bad credit score who cannot borrow from elsewhere are not inhibited to borrow from lenders in this market. So if you have been pushed into a corner and don’t want to borrow from a friend this is where you should look for money.

The main requirements for availing a no credit check payday loan are:

You have to be a US citizen
You ought to have a permanent savings account with a bank
You should have a permanent job
You should be at least 18 years of age.

Since there is no mention of a credit check customers are not discouraged from borrowing. Customers tend to look at the entire process as a cash advance, which they return as soon as they receive their next salary.

Where To Look And How?

The best way to get cheap payday loans is to read the fine print. You should be aware of what you are getting yourself into. Do a quick market survey online and compare the annual percentage rates of at least 3-6 lenders. Then make your decision. After having made your choice, you should make sure that the rates they offer are inclusive of their processing charges and that there are no hidden costs. You should also make sure that you pay back the entire payday cash loan on time as the interest can add up and you will have to pay the fees all over again for extending your loan period. The other thing is to borrow the bare minimum. In this way you can guarantee that your no credit check payday loan gets cheaper.

Few lenders also boast of no telecheck payday loans. Though all their incentives sound very tempting it should be clear to you that the kind of credit you are going in for generally asks for an APR of anything between 400% -500% per year. This is very taxing even for reasonably well to do people as even your best investments in the stock market do not yield a growth of that level in a year. No credit check payday loans are a form of loan sharking without the vulgarities of the business.

Payday loans should be treated as lenders of the last resort. Though things like the no credit check payday loans sound like incentives to customers, they are nothing but wolves in sheep clothing and should be avoided till emergencies.

When you are in a mid month financial emergency, no credit check payday loans come in handy even if you have a bad credit score. You should search online and look for cheap payday loans because certain cash advance loans such as no telecheck payday loans could be quite expensive. Best Payday Loan provides more information about payday loans and how you can avail a low interest payday loan.

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