No Credit Check Loans – Info You Need Before You Proceed
If you are looking for no credit check loans because your family is facing a financial emergency, but you feel hopeless because you have bad credit, you may feel better knowing that there are loans for people with bad credit. At the same time, these bad credit loans can have some terribly difficult consequences for your family if you don’t handle them with extreme care and ability. Before you get any kind of emergency funding from these lending sources, read this article so you can at least be prepared to tackle the sometimes daunting aftermath of such a sensitive consumer product.
No credit check loans usually come packaged in another name you may more likely see on websites or on the front of a store in your town. More usually called pay day loans or cash advances, these loans are generally for people who do have a regular source of income (a job with a pay stub) but who do not have the ability to get a regular unsecured loan, or sometimes even a secured loan, because of a low credit rating or another financial issue in their lives at that moment. These companies are willing, and even glad, to provide some funds to these higher credit risks so long as they know there will be money forthcoming in the form of a paycheck. At the same time, these companies also expect an extremely high rate of return in exchange for providing this higher risk benefit.
To obtain funding in this manner, you’ll probably spend some time either looking online for some online no credit check loans or looking through your local yellow pages for what pay day lenders or cash advance storefronts that may be in your area. Realize that while they all might market themselves somewhat differently and may even sound somewhat different in some way or the other, when it all boils down, they are all very similar in their method of getting money to you and their expectations of getting their money back.
Most of these businesses will expect to see one to two pay vouchers from your job and evidence of a bank account. When applying, you’ll probably want to go with copies of your last month’s pay stubs in hand. You’ll also need to provide a copy of your last bank statement, a copy of one of your utility bills with your name and address listed on it, and up to five or six references including names, addresses, and telephone numbers. You’ll also be required to provide the phone number to your job. Some companies may actually call your place of work while others just want the number in case there is some kind of problem down the road, but either way, you’ll need to provide that number. You will also need to bring your check book with you if you are going to a store front lender because you’ll never walk out their door with money if you haven’t already written them some predated checks that more than cover the money you’ll be walking out with that very first day.
When you have provided the information each company wants, the pay day or cash advance lender will check your bank’s account balance to make sure you are not currently indebted to your bank, and most will also do another check that will show if you have any other serious banking issues with any previous checking accounts. Even though a lender may say they do not perform credit checks, they will usually do some other check to make sure you are at least trustworthy in the most foundational of ways. You should also realize that there are several kinds of financial lending checks a pay day lender could do, so just because they say they don’t do this kind of check or that kind of check, they will probably have another kind of check they could, and probably will, do. You don’t need to be afraid of this so long as you have not done anything illegal in the past or not pending investigation by your bank now, but do realize these businesses do care at least that you are not going to take them for some kind of ride. It’s also good to realize all companies probably have something they will check on, regardless of what checks they say they will not do, so you shouldn’t feel you need to pay even more back for one pay day lender or cash advance store because they say they do not perform something or the other. Unless they have a long litany of all sorts of things they don’t care about, you’ll get checked. Stick with the fast cash no credit check loans that work best for your pocket and not one that you think will be blind to your banking activities.
When you provide all you need and have been approved for what the company will offer you, usually then only based on a calculation from your income, you’ll be provided a top amount you can receive that day, if you are in a store front, or to be deposited into your bank account within the next day or so if you are working online. You can chose to take the top amount offered or tell them you want less. The lower the amount, the lesser charges you will be paying each month to get this emergency loan paid back. These products are quick no credit check loans, and there is no, or not much, waiting to get them. However, it can seem like a really long time getting them paid off at their exceptionally high interest rate, and even especially so if you get more than you truly needed to get through an absolute family emergency.
Paying financial charges and interest on such a loan as this will be required either every two weeks or every month, depending on the business or on the frequency of your job’s pay to you. Sometimes even if you get paid only once per month, the company can require you to pay finance charges and interest every two weeks. Others will let you pay these charges once a month if you get paid only once a month. Others will require you to pay hefty charges every single week if you get paid every week.
However, the thing you need to understand first and foremost about these loans is that your charges to pay back what you received will far exceed what any traditional lender you may have used in the past would have required. Getting no credit check loans guaranteed means paying a price for their risk taking. The cost of paying $200.00 to $250.00 or so every two to four weeks on a $1,000.00 loan, none of that going towards any principle payment at all, is usually a very difficult task. You’re dealing with financial worry and stress already, and going through another financial emergency doesn’t help. To make payments like that over and above your difficulties may be more than you can handle, and if that’s the case, you’re stuck with doing that until you get EXTRA funds to start paying down your actual loan amount! While getting funds now for some special need, you may very well be creating an even more dreadful situation in your nearby future. In other word, what is termed “short term no credit check loans” can quickly become long term nightmares. The best thing, if you ARE going to get one of these loans, is to be prepared to pay the hefty finance fees along with the principle or pay the hefty finance fees each due date along with extra principle which will make the finance fees a little lower each time you do. It will be really hard to do, but it is what you have to do to get what you owe paid off.
While it’s good to know no credit check loans are available to those who are truly facing an emergency situation, it’s also good to know it is best not to use these products if there is any way at all possible to not use them. It may be hard to call your electric company to ask for help, but most electric companies would rather postpone your bill’s due date than cut your electric off. Sometimes a family member or friend can help you during this time. Don’t hide your needs from them just because of pride. If you can hang on for any short time at all, maybe a part time or temp job may get you through, especially if you can be creative and find ways to get through any immediate turmoil. Doing whatever you can to avoid these loans would be the best thing to do.
While it may be best to not rely on bad credit loans, it’s good to know they are there if you absolutely need them. It’s also good to know you can survive if you remain determined to buckle up and pull yourself out of the high repayment costs, no matter how hard it may be. If your family is absolutely facing a dangerous situation or you are going through an emergency you can do nothing else about, you can check these products out, but if you decide to get a loan in this way, at least seek out the best no credit check loan available. Then go forward with the knowledge, commitment, and determination to do what you need to do to get through the even harder financial steps afterward.