Do guaranteed unsecured loans really exist?
The truth is there is no such thing as financing that everyone can qualify for. Even the “no credit check financing” companies still require you to meet income and debt requirements. If you have too little income or too much debt, you still will not qualify.
Then why are there so many advertisements for guaranteed financing?
This just means the company will not check your credit report. However, the loan itself is still not for sure.
How much will they pay you?
The max for these instant payday loans is $1500. They will not go over 70% of your next paycheck in most instances.
How long do you have to pay them back?
Usually you have no more than one-half to one month. It just depends on when your next paycheck comes in. Generally, you have to use that check to pay it back.
So is getting instant financing wise?
That depends on your situation. If you are uncertain you can pay it off, you definitely want to hold off unless it is an absolute emergency. Often times, people get out this financing without really thinking through how much they can afford to pay back. Then, when it comes time to repay, they realize they do not have enough. Remember, the interest rates are very high. For every $100 you borrow, you will usually have to pay about $15 in interest. Therefore, if you borrow $1500, you will end up paying back $1725.
Then if you cannot pay the original amount back on time, you are in further trouble because of the extremely high late fees. Short term no credit check loans have among the highest late fees in the business. This might cause you to get another loan to pay off the first one. As you can imagine, this can lead you down a slippery slope. Even if the next one allows you to pay off the first one, you will end up far behind because of all the expenses you have to pay. So in other words, only get instant payday financing if it is an absolute emergency, or if you are certain you can pay it off. Otherwise, the risk is not worth the reward.
So how do you find the best company?
There are so many that this can be a challenge. Really, the best way is to go to a broker site and fill out one form. Then they will connect you with the subprime lenders they work with. They will all have a network of companies they work with. Just be sure to read the fine print. Many brokers are less than honest, and will withdraw money from your bank account without your knowing. If they do tell you, they will have it buried in the small print when first signing up.
Just be careful whenever filling out forms online. Since most people do not read the small print, they just think the initial expense is the only price they will pay. Then they are surprised to see more charges to their bank account a week later.
In addition, if they withdraw money from your bank account, this can really cause problems if you have a low balance. This might result in expensive overdraft fees. A good way to avoid this problem is to read reviews of any loan brokers you are going with before filling out any forms.
The bottom line is, guaranteed unsecured loans do not exist. If you are interested in no credit check financing, then be absolutely positive you can pay it back on time. Otherwise, you are opening yourself up to some very expensive late fees.