New Findings – College Graduate Professionals Are Using No Credit Payday Loan Services

In today’s economic climate, even college graduate professionals are struggling financially. He or she is looking to alternative ways to maintain their current lifestyle. They are using credit cards and even getting new credit cards. This is leaning to him or her to max-out their credit lines. Once this happens, these struggling professionals are finding themselves in even worse financial problems. So, once he or she has exhausted all other options, they are turning to no credit check payday loans. For many, this sends them over the edge and right into the debt spin cycle.

 

New findings show that around four out of every fifty applicants for no credit check payday loans are professionals. This means that over five percent on those getting upper echelon salaries are also in need of financial assistance. These professionals include positions from receptionists, secretaries, department heads, and even upper management. The professions these applicants are coming from vary greatly, such as attorneys, physicians, business owners, and many others. In fact, more than 25 percent of the professionals applying for these payday loans are upper management.

 

Although many in society view the white color professional as being educated and well paid, he or she is not immune to the effects of a poor economy. The loan amounts they are applying for shed a clear light in this fact. The no credit check payday loan application data has revealed the loan amounts are ranging from as low as $100 dollars to $1,000 dollars. They are needing the extra funds for groceries, monthly bills, and sadly, to pay off credit card debt.

 

The danger lies in the high interest rates of these no credit check payday loans. Just because the applicant may be considered to have A+ credit at the moment and higher paying employment, he or she is still charged the same triple digit Annual Percentage Rate (APR) as the blue collar worker or someone with poor credit. This is because as the loan type states, these payday loans are not based on credit scores, no credit check payday loans are all about fast cash for the applicant and astronomically high APRs.

 

These numbers can seem even more frightening when combined with the sharp increase in overall no credit check payday loan application. The numbers have increased by almost seven times what they were just a few years ago, therefore, solidifying that no one is safe from the no credit check payday loan lure in an economic downturn.

 

 

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