Chances are, if you’re applying for no credit check pay day loans, you’re probably not in the best of financial situations. I’ve written this article to help you protect yourself online when you could be at your lowest point and most vulnerable.
I first want to stress that Pay Day Loans should only be used for real emergencies! I’ll spell some examples just in case: Mortgage Payment, Car Payment and Hydro Payment are just a few good ones. Basically the essentials, it shouldn’t be used to buy the new cell phone, purse or go shopping, unless you’re talking about groceries. Pay Day Loans simply have too high an interest rate and the penalties can climb fairly quickly if you don’t meet your payments. Don’t be surprised if your interest ends up being more than your loan if you miss your payments – scary stuff and something I’d like you to avoid getting into if you can.
Here are some tips to protect yourself:
- Only use No Credit Check Pay Day Loans for emergencies – already mentioned this, so I’ll keep thins one short.
- If you’re going to an online Pay Day Loan provider, you’ll have to do a bit more background checking versus a brick & mortar store. Good place to investigate is if they are they a legitimate business? Type the business name in Google and add “Scam” at the end to see if anything of interest comes up, you can also try using “review” with the company name in Google as well. You’ll learn a lot by reading the good and bad experiences from clients like you.
- Continuing from above, check their website to see if they have a valid HTTPs secure certificate on the application page. What this means is, any information that’s transmitted is done securely and is encrypted. If a company has this, at least you know they are somewhat serious about keeping your information confidential. Because of the types of information you are sending over (Banking Info, ID, Social Insurance, etc) this type of information makes it easy to commit identity theft, so you should be extra careful.
- Check to see if they have a consumer credit license number – what this means is they are governed by the Consumer Credit Act. You can usually find this in a corner of their website. If they have it, it shows they are more serious about following the lending laws of your country – it’s a legal code of ethics.
- Asking for a loan deposit before you can be approved is a serious warning sign. If a Pay Day Loan company asks you for a deposit to get the loan started, be very cautious and I would start looking for someone else to go to. Most respectable pay day loan companies don’t run their businesses this way and simply add their fees and interest payment when the next payment is due.
- Lastly, watch out for hidden fees. Do your homework and read the terms – this is often the biggest and most important criteria when evaluating a no credit check pay day loan. Compare rates between companies and pick the one which is to your advantage. Also, get everything in writing. If you speak to someone and they say one thing, and the contract says something else – no matter what, the law will say the contract takes precedence. Buyer Beware as they say.