There can be a multitude of reasons that a person could need cash fast. Anything from bills stacking up to unforeseen expenses can be a need for quick cash. Many people who may have less than desirable credit run into a need for loan quickly and find themselves wondering how to accomplish this task. There are a variety of solutions for loans that cater specifically to people who are seeking a apply for no credit check loans with bad or no credit. Some options for short-term loans are better than others are and when utilized correctly, can get a person through a jam they may not otherwise get through.
One of the many short-term loan solutions that people are familiar with is Payday or Cash Advance Loans. These are loans where the borrower supplies a check for the amount plus the applicable lending fees and the lender then cashes the check upon the end of the loan term. The scrutiny of these loans over the years is that they are somewhat predatory and have been the subject of a varying amount of government regulations.
The criticism surrounding cash advance loans usually comes from their high APR or annual percentage rate, which can be upwards of 800% in some places depending on the particular state’s regulations. Although, many in the industry contest that APR is not a good measurement for loans with terms this short. Lenders tend to use similar metrics as bank overdrafts or bounced checks, in example: