At times when fast cash is a must,
personal loans with no credit check provide a viable alternative for those with
bad credit. Also known as payday advance loans, this lending option will give
you a cash infusion for as many as 30 days and can carry low rates from some
internet lenders. These loans come in values as low as $100 and as high as
$1,000. This article will provide you a quick overview of this lending option
and some tips to finding the best lender online.
What Is a Payday Advance?
For people with bad credit, payday
advance loans are a great alternative to high interest credit cards for small,
short term loans. Generally, these loans are given for a short term, hence the
term "payday advance," since they are meant to act as an advance of
your paycheck for those times when you are short on cash. Payday loans will
need to be repaid by the next payday or two, so the carry a term of 14 to 30
days.
These loans are a great option for
those with bad credit since they are granted based on income rather than on
credit score. Oftentimes, payday advance loans will not even require a credit
check to be performed and may not even be reported to the three credit
agencies. Therefore, they will not negatively impact your credit report in the
future.
Looking at the Numbers
Because of the short terms of these
loans, they will carry higher interest rates than those carried by traditional
personal loans - those are the rates that you see banks advertise. However,
payday loans can carry reasonable interest rates as low as 10%, which is much
lower than many credit card companies offer to those with bad credit. There are
other payday lenders that will charge as much as 30% interest, however, so you
need to make sure that you contact more than one lender and compare the rates
that they offer.
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