The economy is slowly improving for some people – mostly those at the top of the economic food chain – but far too many people continue to struggle just to make ends meet. Wages for those fortunate enough to find employment remain lower than they were before the recession, and many people saw their previously good credit ratings plummet as they struggled to pay their bills. As a result, many of the previously available sources of capital have dried up for them. Bankers are still quite selective in whom they approve for loans, leaving too many people with few options other than going to predatory lenders and paying exorbitant interest rates on loans that are riddled with terms that seem designed to make the borrower fail.
The British parliamentary Public Accounts Committee (PAC), which serves as watchdog over the banking industry, has been well aware of the problems encountered by customers of some lenders, and in 2013 called for a crackdown on the industry, to improve transparency, rein in exorbitant interest charges, and generally improve the treatment customers are shown. With the recent victory of typically industry-friendly Conservatives in Parliament, who have stated their intent to place the regulation of all banks under the auspices of the Bank of England, it is more important than ever for the prospective borrower to educate him or herself if the potential pitfalls are to be avoided.
Gloom and doom aside…
Don’t let all this talk of dire economic circumstances and predatory lenders leave you with the impression that you have no options, should you require a quick bit of cash. On the contrary, what with necessity being the mother of invention, the financial industry has come up with some options that may well be what you need. In the case of no credit check payday loans, in addition to such loans being available to individuals who might not be approved by a bank or other mainstream lender, you may find that you have the advantage of greater control over both the amount and the term of the loan than you might find available from a more traditional lender. In addition, the time required to apply, get approval, and process the loan will almost always be shorter than it takes to get a more standard loan, since the additional time it takes to run a credit check is eliminated. You have the money in your account often in a matter of minutes, rather than the days or weeks it takes to secure a traditional loan. Assuming that you are in need of the funds sooner rather than later, this is a definite plus.
Read the fine print, and know the details.
Since the lender isn’t providing itself of the additional security that a credit check provides, you can expect to pay a higher interest rate on the money you borrow than you would be charged by a bank. This can be significantly offset, however, by the fact that you are taking the loan out for only the amount of time you actually need, rather than for some longer term that traditional lenders typically dictate. While the interest rate you pay will be somewhat higher, the actual amount of that interest will likely be very competitive, since you will be repaying the loan in a much shorter time.
Given the need and ensuing popularity of no credit check payday loans, quite a few providers are getting into the business. Competition is, as always, good for consumers. While there might not be a drastic difference in the interest rates different providers charge, you may find that different lenders offer unique incentives, special payment options, or exemplary customer service to give them a bit of a leg up on the competition. So if you are in the market for a no credit check payday loan, be sure to shop around and compare prices, special incentives, and – quite important – reviews offered by previous customers. You may well discover that a no credit check payday loan is the perfect answer to your current cash requirements. Used properly, it is but another tool to help you better manage your money and weather those little surprises we all face from time to time.
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