Thinking About Getting A No Credit Check Payday Loan to Cover a Bill

Q: I have been thinking about getting a no credit check payday loan to cover the bill for a trip to the emergency room. I have looked into all avenues available to me and my credit is simply not up to par to take out a traditional loan. I do not have anyone I can borrow from and really do not want this bill to become default, and then end up on my credit. My problem is I do not know where to start or what to do in order to get a payday loan. Can you give me some pointer and/or instructions on where to begin?


Waiting for Guidance

Racine, WI

A: Waiting, there are certainly some steps you can follow in order to take out a no credit check payday loan. However, be aware these loans have a way of trapping the borrower in a cycle of payday loan debt. These loans usually come with a hefty price tag attached, such as 300 or more percent Annual Percentage Rates. Make sure you will have the extra money in your budget to pay back the loan on time to avoid costly fees or the trappings of taking out a payday loan to pay off a loan. That being said, the following steps should get you on your way. Good luck and speedy recovery.


#1 – Do your research. If you live in a state where payday loans are illegal, you will have to utilize one of the online no credit check payday loan companies. Beware as many are located outside of the country and can have APRs in the four digits and high fees. Look for the lender with the lowest rates.


#2 – Next, read their online terms to be sure there are no other fees you will be responsible for paying. Also, be sure you can comply with their terms, such as repayment periods. If you cannot pay back the loan on time, you should keep looking for another lender.


#3 – Be sure to avoid a no credit check loan company that asks for a co-signer. The purpose of not running a credit check is to avoid this process. These companies tend to be less than reputable. There is no reason to need a co-signer on a no credit check loan.


#4 – Once you have narrowed down the payday lenders to a few, pick the one with the best combination of repayment terms, loan amount, and lowest ARP. Also, it is always best to go with the shortest repayment period to avoid APR costs.


#5 – Never borrow more than you know you can pay back with your next available paycheck. This will help you avoid the pitfall of taking out serial no credit check payday loans.




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