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Beware the Lure of No Credit Check Loans

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                                             Beware the Lure of No Credit Check Loans
                                                                 By James Copper



   An article advising you on no credit check finance

 Perhaps you always thought that it could never happen to you, but before you knew it the front two
tires of your car gave out and you still had five days to go until payday. You need your car to get to
work and to pick up the kids from school, and since your credit card is maxed out and you have no
money in savings, you need some cash fast. Sounds familiar? This scenario happens day in and day
out at a myriad of households all over the United States. While many have the luxury of putting two
new tires on a credit card and then repaying the card when the paycheck comes in five days later,
others do not have that option and suddenly the no credit check loans advertised on daytime and late
night television look attractive.

 You have probably seen the ads that talk about getting money wired into your account fast, with no
credit check, no hassle, and no documentation needed. Payday loans – which are another term for no
credit check loans – are intended to tide over those who are a few hundred dollars short in between
paydays. The advertised theory behind the practice stipulates that a consumer may have a sudden
emergency for which she or he did not budget. To meet the financial demand, the consumer can
borrow against her or his next paycheck simply by applying for one of the no credit check loans, and
within hours the money is in the account. To repay the loan, the consumer will write a postdated check
which will be kept in the office of the payday loan agent. Once the payday comes around, the agent will
deposit the check, the loan is paid, and all things being equal there is no problem.

 Unfortunately, the reality of the matter is somewhat different. Given the outlandish fees charged on the
no credit check loans, you will have to pay about $25 for every $100 you borrow. Thus, a loan in the
amount of $500 could cost you as much as $125 in fees, which means that five days later you will have
to foot the bill for $625. This is a lot of money in fees and interest. Furthermore, since beggars cannot
be choosers, the agencies writing up the no credit check loans will usually have many repeat
customers – not because the service is so good or the rates are reasonable, but because the loans
cannot be repaid when the payday rolls around and thus the consumer will have to refinance the $500
loan in addition to paying the $125 in fees. Thus, when the next payday comes due, the consumer will
once again have to pay $625 – this now totals $250 in fees on a $500 loan which may have only been
in existence for about three eeks.

However, there are times when these loans are the only alternative you have. They do help keep your

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credit in line and will help you avoid late fees as well.

James Copper is a writer for http://www.any-loans.co.uk/no-credit-check-loans.shtml




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                                                Top Ways to Get A Bad Credit Loan
                                                             By Talbert Williams



 If you have a bad credit rating, then you may think that it is impossible for you to get a bad credit loan.
This, however, is not true because there a number of bad credit loan lenders who are willing to provide
bad credit loans. With bad credit, you may not qualify to get a bank loan, but you can definitely get a
private loan from the bad credit loan lenders.

People generally want a bad credit loan when they want to consolidate their debt. However, compared
to a normal loan, a higher rate of interest is charged on a bad credit loan, and the down payment
required is also higher. Bad credit loans are now easily available on the Internet. The application forms
are not complicated, and are not too long as well.

On a smaller scale, you will find that bad credit loans are available in the form of payday loans or cash
advance loans. Their main advantage is that they do not require a credit check. However, only a small
amount can be borrowed, and has to be paid back with the next paycheck. Bad credit loans are also
available in the form of car loans, debt consolidation loans, or personal loans on a larger scale.

A borrower should apply for a bad credit loan only when he/she has not been approved a loan from a
number of financial institutions. Moreover, the bad credit loans should be structured in a way that does
not exceed 12 to 18 months.

Thus, if you have a bad credit, then it does not mean that you would not be approved for a loan. If you
work cautiously, then you can not only get a bad credit loan, but you can also improve your credit
rating.

Talbert Williams 2000-2006 All Rights Reserved

Talbert Williams offers mortgage loans, mortgage refinancing, debt reduction, credit card debt referrals
and advice. For more information, articles, news, tools and valuable resources on debt solutions, visit
this site: http://www.free-mortgage-refinance-quote.com




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Top Ways to Get A Bad Credit Loan
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