Have you been considering a payday
loan but are concerned about the cost of interest? Payday loans have received
some very unpopular press in the past, but many things have changed with this
type of loan. The biggest change is the interest rates that are charged on the
loan. When the payday loan first originated, there were some greedy lenders who
preyed upon those who were in need and charged exorbitant amounts of interest
to borrow a very small amount of money. Lenders who service payday loans now
offer much friendlier terms than those in the past, which makes borrowing money
with this type of loan much more popular among borrowers.
No Credit Check Loan
While the interest rate that you
will pay to borrow money when taking out a payday loan will be more than you
would pay if you were approved for a traditional loan, it is not usually higher
than ten percent - although that figure can vary from lender to lender and may
be based partially on the amount that you borrow. And because this type of loan
does not require a credit check, nearly everyone who applies for a payday loan
is approved. Because of the added risk that the lender takes out when granting
credit to you regardless of your payment history, you can expect to pay a tad
more interest than a traditional borrower with good credit who is not seen as a
credit risk to the lender.
Either way, paying a slightly higher
interest charge or extra fees can certainly be worth it in a pinch - especially
if you need money immediately for car repairs, doctor bills, groceries, gas to
get back and forth to your place of employment, or other needs that spring up
at the most inopportune times. Even those borrowers who have filed bankruptcy,
have went through foreclosure, or have had judgments placed against them can
borrow money through a payday loan. Unlike stuffy bankers who do not mind to
turn you down, no matter what the need, a payday loan is a great way to borrow
short term amounts of money.
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