Tag Archives: lending
Payday Loan No Credit Check Be little patient while seeking it
In the current global scenario, where people are reeling under enormous debt pressures, there has been one loan option that has cropped up on the UK financial scene in the name of payday loans no credit check, which provides much relief by entertaining emergency financial needs of the borrower. As the name itself suggests, these are the loans, which are popular in serving the needy in an instant. Although, these loans are proving to be a boon for those in need of an instant cash, there are some concerns attached with it.
Undeniably, this type of loan is touted as a useful financial product especially for the middle class segment. For those looking in dire need of making it happen in a shorter period of time, payday loan no credit check has been of immense help. However, there are some concerns attached to it. One must take them into account if one wishes to seek it in its entirety.
Always make sure that you are in dire need before finally seeking it as it will help you in the long run. Don’t just go for the loan only for the sake of procuring it. Only go for it when you know that it’s mandatory in accordance with your situation. Don’t avoid the loan, yet remain a bit cautious as it may burn a hole in your households’ finances. You must avoid going into the trap of spiraling debt as a consequence.
Recently, there has been a study conducted by the Center for Responsible Lending, which clearly shows that an individual enters into a chain of debts in some cases. The process is known as loan”churning” and it might happen with anyone who wish to seek the loan in a hurry. As the study shows that 80% of people who opt for a payday loan take out more than one per year. Moreover, 9 out of 10 people take out their next loan before their next payday.
Broadly speaking, out of the total amount paid in forms of loans, large part of this loan remains a product of this churning process, as one study indicates.
Although there is a conflict going on about the viability of the loan as some agency is of opinion that three quarters of volume of loans are fictitious whereas many experts brush off the comments with substantial evidence. Anyway, payday loan no credit check stays and enjoys its exalted status.
As one of the experts, Schlien wrote to The Huffington Post that the process of lending is subjected to myriad interpretations and some of the firms analyzing loans behaviour “have a history of misusing the regulator data,” He further stated that in fact, most of the consumer studies on the loans are conducted for media hype and nothing else.
Nevertheless, it is a fact that payday loan no credit check is easily available and there are scores of companies lending it without much procedural complexity, however, it must be noted that while approaching, one must ensure to weigh all the options keenly before finally opting it. As the current financial indications point out that so far borrowers have showed impatience while seeking the loan, it would be advantageous if you approach it patiently.
How to Spot Bad Credit Personal Loan Scams
Getting approved for a personal loan can be difficult if you have history of bad credit. However, consumers who suffer from bad credit can search for lending companies that extend personal loans even for those who are credit challenged.
Nevertheless, there is the risk of dealing with the wrong kind of lender. Consumers need to be aware that bad credit personal loan scams do exist in the market and the only way they can be avoided is by being aware of their tactics. Listed below are warning signs that you need to look out for when evaluating lending companies:
Guarantees your approval. Scammers can promise guaranteed approval to attract customers. Although there are lending companies that extend bad credit loans, the applicants credit history will always be considered before the loan is granted. In fact, the interest rate you will be given will depend on your personal credit score. Therefore, watch out for lenders that promise to grant you a loan without conducting credit check.
1-900 Customer Service number. Avoid loan providers that make use of the 1-900 telephone number to get in touch with customers. Remember that calling the 1-900 number is not free, so the caller will be charged for the call. A legitimate lending company must have its own independent landline number as it is a basic requirement for businesses.
Requires you to provide your personal information in exchange for a free quote. Consumers can compare loans by requesting for free loan quotes over the internet. However, make sure that you are not being asked to enter your personal information in exchange for the free quotation. NEVER give out your Social Security Number, Bank Account, Credit Card Numbers, full name, or residential address in exchange for quotes.
Sends unsolicited loan offers. Do not reply to bad credit loan offers that you may receive through your email or post mail. Do not even click on the links that are included in the email. Legitimate loan companies do not send unsolicited offers nor do they use deceitful marketing tactics.
The loan is offered via telephone. The Federal Law prohibits lending companies from offering bad credit loans through telephone. In case you receive a call from a so-called “bad credit loan” agent who may be asking for your personal information or encouraging you to sign up for a loan with their company, end the call right away and do not provide any details.
A loan company without a physical address. A legitimate business needs to have a physical office where it conducts its main operations. It is one of the basic requirements when seeking a business license. Therefore, avoid bad credit loan offers from lenders that only perform operations over the internet.
Creating a website is easy and scammers can make it look professional to attract borrowers. To be sure, check the office address of the lending company that is listed on the website and verify if the office does exists. As much as possible, personally visit the office and meet with the representative to find out more information about the loan offered.