No Checking Account Loans – Cash Advance Loans with Bad Credit
Posted on | November 4, 2009 | No Comments
Getting a no checking account loan is something that many Americans desire because of the economic struggle they are currently in. No matter what the reason, losing your checking account can make life very difficult. The one type of loan that is available for you with no checking account is a cash advance payday loan. Many of the payday loan companies out there do not require that you have a checking account.
The fact that these companies do not require a checking account means that you are going to have to pay for this luxury. You will end up paying through fees and expenses that these companies add to your cash advance loan. Luckily for you, these fees are regulated at the state level in most states. You will find that the maximum amount that you are likely to be charged is $10 to $15 for every $100 you borrow.
This may not seem like a lot of money when you first think about it but as you contemplate this proposal you will find out that this money can add up quickly. Each time you do not pay your cash advance loan back your fees will be reset and you will pay them again. So if you borrow $100 each paycheck you receive do not pay the $100 back a fee of $10 to $15 will be added.
If it takes you three pay periods to pay off $100 you are going to find that you pay between $30 and $45 in fees for a $100 loan. Imagine if you had borrowed $500 or $1000. As you can see, these fees can add up very quickly and become a huge problem if you do not pay the loan off quickly. Many borrowers are convinced they will pay the loan off with their first paycheck but statistics will show otherwise.
Over 60% of bad credit cash advance borrowers do not pay their loan off with their first paycheck. There is no reason that their financial habits are going to change in a two week period which is the main reason they are likely to not pay the loan off. If you have been bad with money in the past it seems very likely that you are going to continue to be bad with money especially if you are still taking out loans.
Please check out our new site on Unemployment and what is available to you. Unemployed and Trying allows you to send your stories and also gives you some of the benefits you can receive while on unemployment. If you know anyone who is unemployed please pass the website along to them.
Author: Jeremy North
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