Are Payday Loans No Credit Check Good or Bad?
Your family may be in the midst of an emergency. Perhaps there isn’t enough cash on hand to cover a true need, and you’re pretty sure you can’t get a personal loan because of your credit rating or financial situation. You may be looking for an answer. You may be looking for help.
If you’re considering one of the no credit check payday loans but not sure if you want one or not, there are ten points to consider which might help you find your answer.
Payday Loans No Credit Check – Should I get a payday loan?
Consider these ten points, and you’ll have a better idea what’s right for you!
1. No credit check payday loans provide almost instant money for any emergency or even non emergency use.
If you go to a cash advance store in your own neighborhood, you can walk out with money in just minutes. If you get a payday loan online, you can usually have the money in your bank account in a matter of hours or overnight.
If you are truly in trouble, and you need the help now, payday loans are a path to quick cash.
2. Your credit or even overall financial status, good or bad (or even really, REALLY bad), doesn’t matter with a no credit check payday loan since they exist for people with bad credit to begin with.
They don’t call these things no credit check loans for nothing!
These are products made to be there for people who have either no credit or bad credit but who are experiencing a situation that needs resolved very quickly.
So long as you have a source of income (and that could include a paycheck, retirement pension, or even sometimes disability or unemployment benefits, etc), and you have not just declared, or will shortly be declaring, bankruptcy, you will quality for a loan.
(The only real exception is that that government regulations basically do not let active duty military members borrow money from bad credit payday loan lenders.)
Other than that, your incoming money is your acceptance letter.
It may not be great having to resort to a quick cash loan like this, but sometimes the peace that comes with the guaranteed nature of these things are worth a lot too.
3. Payday loans are very expensive, more expensive than you might guess if you have never had one before.
You are looking at some of the most expensive loans out there!
If you are going to get one of these, keep your eyes open and find the best payday loans out there for you.
4. With the extremely high interest rate and finance fees, it is difficult to pay off these cash loans quickly sometimes.
Remember, payday loans generally come due at the time you will be getting your next payday. You can usually “refinance” the loan until your next payday, but the fees alone will be a heavy burden for your budget.
If you can pay your principle and the finance fees and interest the next paycheck, do that! However, keep in mind that what you pay back will be a LOT more than what you borrowed not long ago.
If you can’t pay it all back, you’ll be stuck with some pretty hefty amounts from your family’s working budget needs until you can.
5. If already in financial stress, the additional burden of a high debt and sometimes even higher pressure each month can be overwhelming to a family and especially to the provider(s) of a family.
Unless you just took a cash advance out as a matter of getting money quickly, you will probably feel that additional pressure of paying back a debt that is costly to you while you are already having financial struggles.
It probably won’t be the best feeling in the world taking on debt with bad credit, and that feeling could be compounded by your desire to get out of debt, not further into it.
Let me add a little helpful thought here though – If you get a payday loan during a difficult time, don’t make your personal outlook worse by worrying over it. Just deal with what you have and work towards a better tomorrow at whatever pace you can.
6. Some people have declared bankruptcy after taking out too many payday loans and finding themselves in a situation where they couldn’t repay the debt.
Things can get out of control with payday loans just like they can with regular debt. While you most likely will be able to come through this time with just a little scaring, and things will most likely work out better soon enough, it’s good to “respect” the idea that payday loans can get out of control just like any other debt. Use them as sparingly as possible if at all.
7. Some people have been able to manage the debt afterwards by either enlisting the help of a professional debt settlement or debt consolidation company.
This can be done and many do go this route if they discover they have stepped into a deeper hole than they can deal with. If you find yourself in severe trouble, turn to help. It’s not just help for YOU. It’s help for your family at that point as well.
8. Some have been able to pay the debt back quickly and have had the emergency funds when they needed with little inconvenience, or at least with a level of inconvenience that they felt was worth it all.
Paying back payday loans can be a challenge, but it can be done. Paying the loan back in full or paying a little on the principle each time will make a huge difference in whether you can get through this time well or not. Be committed to paying at least SOMETHING additional each time so you won’t get sucked into a lifetime of fees that zap your wallet each month.
9. You might be right that your urgent situation could be greatly helped if you get a no credit check cash advance.
There are some things more important in life then whether you have to pay back a loan or not. Always remember to put people above things and then remember to keep your family at a higher priority than your debt.
And through it all, keep your eyes focused on the Good Lord above who can help you through all things.
10. Those who feel pay day loans have worked well for them have understood they are a service to them during a very bad time of their lives and have gone forth with a grateful heart they have this service but with a commitment they will do what they need to not use this service for long.
I would never be one to say “Close down all the payday loan businesses!” While their services are offered at a high cost, they DO provide a service, and it’s a service to those who need what they have most of all.
Remember though, the trick to getting the best results from this kind of product is to get rid of the product as soon as possible! If you can do that, you’ll find it will be a more positive experience than a negative one.
Are payday loans good?
Yes, they can provide anyone with a source of money coming into the household with money needed in an urgent emergency, when cash is needed and you have absolutely nothing else you can do.
Are payday loans a bad idea?
Most people do not want to get a payday loan, and there is plenty of concern that getting quick cash loans when you have bad credit already could get you into even deeper financial trouble. However, the question may be… Are the results of what you are facing an even worse idea than the trouble of getting a high cost personal loan?
Are payday loans worth it?
You need to be the one to answer that question, but if you believe you need one, and you really DO, or you discover you really don’t NEED to get one after all, you’ll find your answer.
Then once you have your answer, just find your ground, and stand firm with your family throughout it all.