Chances are, if you're applying for
no credit check pay day loans, you're probably not in the best of financial
situations. I've written this article to help you protect yourself online when
you could be at your lowest point and most vulnerable.
I first want to stress that Pay Day
Loans should only be used for real emergencies! I'll spell some examples just
in case: Mortgage Payment, Car Payment and Hydro Payment are just a few good
ones. Basically the essentials, it shouldn't be used to buy the new cell phone,
purse or go shopping, unless you're talking about groceries. Pay Day Loans
simply have too high an interest rate and the penalties can climb fairly
quickly if you don't meet your payments. Don't be surprised if your interest
ends up being more than your loan if you miss your payments - scary stuff and
something I'd like you to avoid getting into if you can.
Here are some tips to protect
yourself:
1.
Only use No Credit Check Pay Day
Loans for emergencies - already mentioned this, so I'll keep thins one short.
2.
If you're going to an online Pay Day
Loan provider, you'll have to do a bit more background checking versus a brick
& mortar store. Good place to investigate is if they are they a legitimate
business? Type the business name in Google and add "Scam" at the end
to see if anything of interest comes up, you can also try using
"review" with the company name in Google as well. You'll learn a lot
by reading the good and bad experiences from clients like you.
3.
Continuing from above, check their
website to see if they have a valid HTTPs secure certificate on the application
page. What this means is, any information that's transmitted is done securely
and is encrypted. If a company has this, at least you know they are somewhat serious
about keeping your information confidential. Because of the types of
information you are sending over (Banking Info, ID, Social Insurance, etc) this
type of information makes it easy to commit identity theft, so you should be
extra careful.
4.
Check to see if they have a consumer
credit license number - what this means is they are governed by the Consumer
Credit Act. You can usually find this in a corner of their website. If they
have it, it shows they are more serious about following the lending laws of
your country - it's a legal code of ethics.
5.
Asking for a loan deposit before you
can be approved is a serious warning sign. If a Pay Day Loan company asks you
for a deposit to get the loan started, be very cautious and I would start
looking for someone else to go to. Most respectable pay day loan companies
don't run their businesses this way and simply add their fees and interest
payment when the next payment is due.
6.
Lastly, watch out for hidden fees.
Do your homework and read the terms - this is often the biggest and most
important criteria when evaluating a no credit check pay day loan. Compare
rates between companies and pick the one which is to your advantage. Also, get
everything in writing. If you speak to someone and they say one thing, and the
contract says something else - no matter what, the law will say the contract
takes precedence. Buyer Beware as they say.
