Payday Loans No Credit Check – 5 Minute Approval – Online Same Day
You can get same day cash payday loans no credit check from many payday lending companies both online and at the store. Online cash payday loans no credit check will probably be the most convenient way to obtain your loan. Getting loans online these days is easy! How do you get payday loans no credit check anyway?
Payday loans are based on your paycheck. All you have to do is show proof that you have a job by sending photos or copies of your check stub and you can have online or instore payday loans in no time. Even online loans will allow you to receive cash the same day using your bank account or another online account.
If you are looking for a little extra money for groceries this week, or just want to have a nice night out with your friends, hop online and get some cash the same day! Where do you go for these great online payday loans no credit? There are two great places to try, first, LoanSolo and ExtraLend. Both companies offer online personal loans up to $3,000. All you have to do is prove that you have a job and will be able to pay back the borrowed funds over a specified period.
How Does It Work?
Payday lending means that the money that you borrowed is supposed to be paid off when you get your next paycheck. Longer terms can be negotiated with a representative, but for most people, they are going to have their balance paid when their next paycheck arrives.
You can get payday loans no credit check by simply proving that you are gainfully employed, and you can pay off the balance in a reasonable amount of time. Payday loans no credit check is a great way to rebuild or build your credit if it has been damaged in some way or you have none.
If you are lucky and have a payday every week or month, you can qualify to borrow money, and it won’t cost you much as long as you pay it back on your payday. The major differences between LoanSolo and ExtraLend are the APRs. The LoanSolo APR can get up to 2,290%, and the ExtraLend APR can get up to 1,386%. At the highest APR, which you will only encounter if you make repeated late payments or don’t pay at all you would be paying $190 a month to borrow $100 with SoloLoan and $115 a month to borrow $100 from ExtraLend.
This is why you want to be sure to pay down your balance as soon as you can and use the service as a way to build credit and pay for the things that you need when you need them. If you get paid weekly and need $100 for groceries or insurance payment, you will pay about $31 to borrow $100 for five days from SoloLoan and about $19 to borrow $100 for five days from ExtraLend.
Are Payday Loans Online a Scam?
People say that borrowing from these companies is a scam, but many times people are late paying or don’t plan properly. If you get into a bind and need some quick cash, they are a great way to do that. Keep in mind the math above is done on the highest possible interest rate. You will likely be awarded a much lower rate and be paying somewhere around $5-$10 to borrow $100 for the week.
As long as you plan and pay your balance down as soon as you can, these funds can be great for building a good credit base. They can also get you through a rough patch when you need it the most.