Bad Credit Payday Loans – Get a No Checking Account Loan
Posted on | September 14, 2009 | No Comments
Bad credit payday loans are a way to get some quick cash. Even if you have no checking account you can get a loan through cash. Many payday loan companies will approve borrowers in less than 15 minutes and you can have cash in your hand. Almost all the Internet payday loan companies require a bank account to wire your money but if you physically go to a payday loan company you can get that money in cash.
If you decide that a payday loan is the right financial avenue for you please understand the amount of money you could pay over the long run. If you do not pay your loan by the time your next paycheck comes in, you are going to pay double the fees that were described to you when getting the loan. Most payday loan companies charge between $10 and $15 per $100 borrowed.
If you do not pay your loan back when your paycheck comes in, that $10 to $15 will be charged to your account again. That would mean if you borrowed $100 and did not pay it back in your first paycheck, you would end up paying $120 to $130 for a $100 loan. That would be a return that you could not find anywhere else and that is why payday loan companies are more than willing to loan you money even with no checking account.
Although it may not seem like a lot of money, if you borrow several hundred dollars you could really add up some fees if you cannot pay the loans off for several paychecks. It may seem like you have to have the money right now but if there is any way for you to get an extension that would be much better than getting a payday loan. Almost 60% of payday loan borrowers do not pay the loan off with their first paycheck.
Overall, it is not a horrible thing to get a payday loan but please understand the fees that you will end up paying. There are other options out there in the form of bad credit personal loans. The issue with bad credit personal loans is that the do take a little bit longer to obtain and you will want a decent credit score to get a reasonable interest rate. If you have time and a decent credit score personal loans are a much better way to go.
Author: Jeremy North
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