Beware Of No Credit Check Payday Loans

When we’re desperate for some ready cash, those no credit check payday loans can sound awfully tempting. An instant solution to getting back on track – not!  Here are some reasons why this type of loan isn’t a good option. In fact, you should consider this your option of last resort.

Most likely, the words ‘no credit check’ are what catches your eye and tempts you. If you’re considering a payday loan, you probably have poor credit. You may think it’s the only way you’ll be able to get the cash you need. These lenders know that if you’re willing to take such a loan, you are desperate for immediate cash and have bad credit. So why are they willing to make the loan? It’s extremely lucrative for them and it’s virtually guaranteed they’ll get their money. While you can’t accuse them of fraudulent advertising – every word in the phrase ‘no credit check payday loans‘ is accurately represented – you’ll be digging yourself into a much worse financial position by the time the transaction is concluded and the loan is repaid.

When you apply for an advance cash payday loan, all you need to qualify is proper identification and your most recent pay stub. The lender then calls your employer for verification of employment and how long you’ve been on the job. Presto! You’ve got cash. So now, for the down sides of this arrangement.

Interest rates on these no credit check payday loans typically runs in the neighborhood of a flat rate 30%! This translates to a $500 loan that costs you $650 to repay from your next paycheck! Unless your paycheck is quite large, it’s easy to see how this can blow a giant hole in your budget. That $150 interest charge can still, even at today’s prices, buy a lot of food. While the payday loan may have enabled you to meet rent or your car payment, it’s also certainly worsened your cash flow! Will you be able to meet your monthly expenses next month, on time?

When you’re strapped for ready cash, there are better alternatives. Don’t wait until the last minute. Surely you know at least a couple of weeks in advance that you’ll be in this spot. This is the time to hold a garage sale! Have the whole family go through their belongings and hit the garage too! You’d be surprised to find that you’ve got lots of stuff you either don’t use or need. Clothes, toys and gadgets are quick sellers at garage sales. If you’ve got gold jewelry or diamonds, take them to a pawn shop and add that cash to your growing fund. Pawn shops generally charge 10% interest and you have three months to redeem your goods. You might also see if you can get an advance on your pay … sure, it’ll be deducted from your next paycheck, but you’re still ahead $150 you don’t have to pay on that no credit check payday loan! Ask relatives if they might loan you some money on a short-term arrangement.

If you take all these measures to raise the cash you need, chances are you can avoid taking the costly, no credit check payday loans. They’re just not a smart move!

7 Tips For Dealing With Bad Credit Car Dealerships

You need a car. What’s the skinny on bad credit car dealerships?

Bad credit is now more common than good credit! So, there’s now plenty of interest in the bad credit car dealerships. Our cars are our lifeline to getting where we need to go … to work, school, doctor appointments, errand runs … unless you live in a major metro area, with good transportation routes, a car is a virtual necessity! If this is your first look at the bad credit car dealerships, you need to get up to speed on how these businesses operate. Knowing how they work and how much a contract can cost you is the purpose of this article. Knowing the ropes will save you cash!

Car dealerships which specialize in the bad credit market make no bones about their territory: “No credit? Bad credit? No problem!” is the usual tag on their banners. This sort of advertising is sure to attract lots of lookers. Including you, if you’ve got bad credit and need a car. Such dealerships put their best looking cars in the front row, but still convey an overall seedy and suspicious appearance, up close. All you need to do is walk on the lot. A salesman appears out of seemingly thin air. “What can I help you folks with today? We’ve got a lot of great cars!” Yeah. Granted, the car salesman is just trying to make a living, just like you. In the venue of the bad credit car dealerships, sales people generally work on commission. They earn money only through sales. So, it stands to reason that the sales person isn’t necessarily looking out for your best interests.

Still, lining your objectives up against his, you can still get a decent deal in spite of your bad credit. Here are some guidelines to help you get a good deal in this environment.

1.Let the sales person know that you’re just looking and will certainly let him know when you find a vehicle that interests you.

2.Look over the cars, and prices to see if any of them are worth your time.

3.Act disinterested at all times. Even if a car catches your eye, just give it the once-over and move on. You want the sales person to get the idea that you’re a hard sell.

4.Keep in mind that bad credit car dealerships often stock ‘lemons’, not apparent at first glance. If the sales person approaches you as you linger over a particular car, ask him or her if he’d mind you having your mechanic take a look at a car you’re interested in. If the answer is something like, “Oh, don’t worry about that – all of our cars come with a guarantee!”, you have reason to be suspicious. That guarantee may be of the 30-day variety, which doesn’t count for much. You want a firm commitment that your own mechanic must approve the soundness of the vehicle before you’d consider signing a contract. If you can’t get that, walk away.

5.Should you find a car that looks good, ask the sales person to look up the Kelly Blue Book(R) value – and ask to see the book to be sure you’re getting an accurate value!

6.OK, now it’s time to talk money. What’s the best price he can offer? What about financing? What kind of APR are we talking? Remember, he wants to make the sale as badly as you want to get a car.

7.Consider that your bottom line in the bad credit car dealerships scene is to obtain a reliable car that doesn’t cost you an arm and a leg, at a fair market price and an interest rate that’s commensurate with your credit rating.

Remember that you may need to explore more than one of the bad credit car dealerships to achieve your goal. With a little patience and car-buying savvy, you’ll succeed! One sales person will be happy, too.