Are There Legitimate Payday Loan Lenders?
Getting a payday loan online is usually necessary when you have ran out of financing options and you are in a hurry to borrow some money. If it is not possible to borrow cash from friends, colleagues or family members in case of an emergency, then the next better option is to make sure you find a legitimate payday lender website.
The main warning against payday loans is that interest rates for these cash advance loans is very high, usually at 25% or higher. Some people call them loansharks online, which is actually quite true but as long as you do not abuse the legit payday loans and plan your pay back carefully, they do serve their purpose.
When you have bad credit, there is no way you can get a bank loan with low rates. Many bad credit borrowers default and stop paying back the money they borrow, which is why all payday loan companies charge high fees and rates in order to provide high risk loans with no credit to these people.
Anyway, make sure you have the means to pay back these unsecured loans before you borrow from any legitimate cash advance lenders. If you know your next paycheck is not enough or you are unemployed, start selling your unwanted stuff online at ebay or craigslist etc, get a part time job such as washing cars, walking dogs etc in the meanwhile so that you get sufficient money to pay back your lenders on time.
Otherwise, you credit will be further affected. Compared to pawnshop brokers, these online payday loan companies do report late payments to the main 3 credit bureaus. That makes it even more difficult to get another loan with very bad credit history.
Yes, if you have valuable assets such as expensive gold or diamond watches, jewelry, a car etc, you can choose to borrow money from pawnshops with bad credit instead. In the case you cannot pay back on time, you can lose your collateral. So you choose risking your pawned valuables or damaging your personal credit when you default on these high risk personal loans with no credit check.
After we have bashed up these high risk high interest payday loans online, so do we still recommend them? Actually, yes since they are so convenient and almost anyone that meets the simple requirement is guaranteed a loan with no faxing and no credit check. You can get the money transferred into your bank account on the same day of applying, usually within one or two hours. Some lenders provide loans to unemployed people as well, so it is really easy to get approved whether you have bad credit, checking account, recent pay stubs or not.
Furthermore, it is possible to use small cash payday loans to improve credit score. to do this, ask your lenders whether they report ALL your payment activities to the credit bureaus. By having more timely loan repayment records on your personal credit report, it helps to build points for your financial credibility. That will help you get approved for cheaper loans and unsecured credit cards with high limits eventually.
The trick is to only borrow small amount of money from these legit payday loan companies so that they do not have to incur a heavy loss of the interest fees. Under no circumstances should you be late in your pay back, or else all your efforts to rebuild your FICO credit will be in vain.
Established Payday Loan Website Reviews
The following are some reviews on legit and well known online payday lender websites. Each company has their own specific application procedure and approval guidelines. We suggest using these bad credit payday loans first, unless you are turned down by all of them. Avoid borrowing more than what you can pay back within 100 days or you may find online legit installment loans a more suitable financing option.
If your credit is quite good, then CashNetUSA is the best payday loan website online. This is because they use your credit score to compute a fair loan rate and the maximum cash advance amount you can borrow. That means CashNetUSA is good for people that need to borrow a lot of money fast and have FICO credit above 620. Even if you have poor credit, you can still get a loan from CashNetUSA but the terms and conditions may not be favorable.
National Payday currently offers a fixed 25% interest rate on all payday loans. If you are a first time borrower, you can get instant approved no credit check cash advance loans between $100 – $400. For returning customers, the maximum loan amounts can be increased. Although all loans are approved within 24 hours, you need to to scan/email or fax in your employment records and documents. National Payday company will check whether you are of legal age and have a minimum monthly income above $1000. Make sure your checking account is at least one month old with no history of bounced checks and you should have 100% guaranteed success.
No Fax No Credit Check Payday Loans Legitimate
When you want no hassle faxless payday loans online, try EZ Payday Cash company. Although there is no credit history check, they will ask that you have being employed in the same job for at least 3 months with a minimum income of $1000 dollars. You must also have a checking account or saving account for more than 3 months in order to qualify. New borrowers can only borrow up to $400 although returning customers can apply for bigger loans as long as your pay back records have been timely so far. Note that the price to pay for no fax EZ Payday Cash is a higher 30% interest.
That is why AAA Payday Cash may be a better deal for people that need to get no credit check no faxing cash advance online. The lending terms are very similar to EZ Payday Cash but you only pay 25% interest and borrow up to $1000.
If you are not in a hurry, you can try to get unsecured loan quotes from SnapPayday website. This online payday lender do not require you to fax in your documents. Although you can get a $1500 no credit check loan, the interest rates are only revealed after they have processed your application.