We all find ourselves, from time to
time, at a point where we need quick access to additional funds. Perhaps the a
utility bill was unexpectedly high this month, or we need to replace the
refrigerator that just died on us, or maybe it's just that we really, really,
need to go on that vacation to Hawaii. Whatever the reason, the monetary need
(as we see it) is real, and we need the money now to satisfy that need.
Unfortunately, as many people quickly learn, getting a small personal loan from
your neighborhood bank or credit union is not easy. Traditional lenders want to
see an established payment record that reflects a pattern of on-time payments -
otherwise they are simply not willing to lend you the money. If you have a poor
credit record, or a limited credit history, the options for borrowing money
(especially personal loans) are few.
The good news is that there is
another option available to people with either a lack of credit or a poor
credit history: the buy now pay later no credit check loan. This loan product
offers quick and easy access to funds for anyone who receives a steady
paycheck. Consumers beware, however, as there can be significant drawbacks in
terms of cost that you must weigh in your decision on whether to take out this
type of loan.
What are buy now pay later no credit
check loans?
Buy now pay later no credit check loans, also referred to as Payday loans, are short-term and relatively small advances on your paycheck. Usually in amounts ranging from $100 to $1,500, this type of loan is available to anyone who has a steady job and regular paycheck, but does not possess the credit or time to obtain a credit card or other type of loan. Since the lender is basing repayment of the loan solely on a future paycheck, no credit background check is required. The result is fast, easy access to short-term loans that allow consumers to buy (or make a purchase) now, and re-pay the loan at a later date, without having to worry about passing a credit check.
Buy now pay later no credit check loans, also referred to as Payday loans, are short-term and relatively small advances on your paycheck. Usually in amounts ranging from $100 to $1,500, this type of loan is available to anyone who has a steady job and regular paycheck, but does not possess the credit or time to obtain a credit card or other type of loan. Since the lender is basing repayment of the loan solely on a future paycheck, no credit background check is required. The result is fast, easy access to short-term loans that allow consumers to buy (or make a purchase) now, and re-pay the loan at a later date, without having to worry about passing a credit check.
The ease and convenience of a buy
now pay later loan does come with a high cost, however. For example: to borrow
money for a 14 day period, expect to be charged 10-30% of the loan as a loan
fee. The standard 15% charge for a one-week buy now pay later loan equates to
about an 800% annual interest rate. In the U.S., some municipalities have set
limits on the loan amount or maximum interest that can be charged. Some locales
have even abolished this type of loan product in an effort to protect consumers
from paying exorbitant interest fees.
ไม่มีความคิดเห็น:
แสดงความคิดเห็น