New Method of Targeting Borrowers

In the past, most no credit check payday loan companies only targeted the financially desperate. They touted their services to those in emergency situations, such as unexpected bills, medical issues, or a broken vehicle. However, this group of people that have made the payday loan industry multibillions is no longer enough. They are always on the prowl for more prey. The new emerging trend in the payday lending world is to market their services to homeowners, business owners, and other financially stable individuals.

New payday loan marketing advertisements are popping up stating how great one of these high interest loans would be for re-decorating the home or office, to purchase luxury items like golf clubs, and even for a romantic getaway. They are leaving out how these too easy to obtain no credit check payday loans should only be used as a last resort after all other options have been exhausted.

It seems as if their advertisements have been working because there are reports that over 20 percent of the applicants for no credit check payday loans are middleclass or above income earners. The appeal of a fast no hassle loan, which can many times be done right from his or her home computer, is apparently gaining traction in this group. They have the extra disposable income to pay out the triple to quadruple digit Annual Percentage Rates (APRs) on these no credit check payday loans.

However, this income group is walking this dangerous tightrope with these loans. They are usually full of added fees, financing interest, and high APR. If one mistake or forgotten payment, the borrower could easily be on the fast track to financial and/or credit ruin.

For anyone needing a loan, it is always the best choice to skip over taking out a no credit check payday loan. Even those just looking for a quick few hundred for frivolous things that are not emergencies or necessitates should always go to their local bank branch to arrange a small loan there. The APR will be reasonable, and he or she will be less likely to get caught in a payday loan debt cycle.

For those who insist on utilizing the no credit check payday loan industry for non-emergency purposes, he or she should always shop around locally if possible or online for the company with the best rates and the lowest fees. This way the borrower will not have to pay back fees totaling close to what the loan amount was.

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