Payday Loans

Can Only Salaried Individuals Qualify For No-Credit Payday Loans?

It is a very common misconception among many people that only salaried individuals are eligible for. In reality, anybody who is a US citizen, is at least 18 years old, and has a bank account in his/her name can qualify for these lending programs. Even self-employed professionals can take advantage of these short-term cash advances. However, before you make a final decision, it is important to do a thorough review of all the options that are available for you. You are looking for these loans probably because you have to meet some urgent financial expenses. But, isn’t emergency fund supposed to be there to help you deal with these situations? The absence of an emergency fund is a clear indication that you are not controlling your finances; your finances are controlling you. This is the time to learn from your mistakes and start budgeting your hard-earned money so that you do not have to borrow from others in future. As a temporary solution, these short-term cash advances can make a good choice, but you must show some great financial discipline else you may push yourself into a never-ending cycle of debt.

Why These Lenders Do Not Check Your Credit?

As the term suggests, no-credit payday loans do not require you to have a very good FICO score. Even if you have a bad credit history, these lenders are not going to look into it. Their top concerns are just two things – you have a source of income and that you have a bank account in your name. You can borrow up to $1000 and pay back on the set due date, which is somewhere during the first week of the next month. If you make the repayment in time, you are safe. If you don’t, the debt will multiply itself very fast, adding hefty penalty charges.

Rate Of Interest For Self-Employed Professionals

As far as the rate of interest on no-credit payday loans is concerned, it does not matter whether you are a salaried individual or a self-employed professional. The rate usually remains the same for all consumers from a specific lender. But yes, the rate may vary significantly from one lender to another, ranging from 20% to 200% per annum or even more. However, considering the very fact that these loans are given for a very short period of time, the actual amount of interest is something you can afford. For example, if you borrow $1000 for a period of 15 days, the actual amount of interest will be $83 (assuming the rate of interest is 200% p.a.). Since these programs provide you instant easy money, you may be willing to pay that much interest.

It is true that no-credit payday loans carry some lucrative features, but you can enjoy these features only when you are financially disciplined. If you miss the due date, the loan will be renewed automatically and grow very fast because of the high APR, and then, it may become very difficult for you to .

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Posted in Eligibility Criteria, Payday Loans | 2 Comments »

2 Responses to “Can Only Salaried Individuals Qualify For No-Credit Payday Loans?”

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  2. Jasper Claridge says:

    It depends if you live in a recourse state or a non-recourse state. Recourse means that they can sue you in civil court. 2nd mortgages are pretty much ALWAYS recourse loans…even in non-recourse states. Even if you live in a non-recourse state, the amount of money that you stiffed the bank for is considered income and the bank will issue you a 1099 for that. Some people are hundreds of thousands of dollars underwater. How would you like to pay the taxes on that? Next time, buy a house you can actually afford. Rates are at all time lows and you STILL cannot afford your house payments.

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