How To Qualify For A Free Personal Payday Loan – Even If You Have Bad Credit

If you need money fast and you have bad credit, you’re about to learn one of the best ways to get approved for a personal payday loan.

You’ll also discover why applying for a payday loan online is safe and easy.

I’ll share two simple strategies you can use to pay zero interest or fees on your personal loan… and… Boost your chances of getting approved for a payday loan – even if you have bad credit or no credit.

Here’s how it works…

Until recently, if you needed a bad credit personal loan, you had to drive across town. Then – on top of that – wait in line forever to get a loan. If you have kids with you, that’s a huge hassle!

Not anymore.

Now you can apply for a payday loan from the comfort of your home, know if you’re approved in minutes, and get fast cash wired into your bank account. No waiting in line. No driving across town.

But, be forewarned —

If You’re Not Careful, This Convenience Can Cost You

Online payday lenders fall into three categories:

Honest Lenders, Offering Honest Service – These companies don’t hide behind a web site. They give you their phone number and postal address, and they clearly disclose their loan terms. When you do business with them, you can rest assured your personal information is kept safe and you’re getting an honest deal.

Dishonest Lenders, Who Sometimes Break The Law – Some online lenders charge more interest than state laws allow. Others lend money to people living in states where payday loans are outlawed – or to military personnel. And worse… Some aren’t lenders at all!… Just scam artists out to steal your hard-earned money and personal information. Fortunately, there aren’t too many scammers, but you still have to protect yourself.

And, finally,

Brokers Who Don’t Fund Payday Loans – The majority of bad credit loan sites on the Internet don’t lend money. They accept your application and forward it to lenders they’re affiliated with. While this seems like a good thing (lenders “competing” for your business), you lose of control over the application process. Do you really want to get a loan from a company you don’t research yourself? I didn’t think so.

You may wonder…

Are Online Payday Loans Worth It?

Absolutely! Applying is fast and easy, and the money is zapped right into your account.

The good news is, you can protect yourself by following these three precautions: First, only apply for a loan if the application page is secure. You can verify this if you see a closed padlock in the top-right or bottom-right corner of your screen. Second, never apply for a loan from a company that charges more than your state allows (usually no more than $25 per $100 borrowed.) And, Third, always be sure you can find a postal address, phone number and clearly-disclosed loan terms on their site within 15 seconds of landing on their homepage. If that information is too hard to find, they may be hiding something.

When you follow these three simple rules, you’ll weed out 99% of the dishonest lenders and/or scam artists.

Now that you know how to protect yourself when you get a bad credit personal loan, here’s how to get a fee-free loan.

How to Get A Fee-Free Bad Credit Payday Loan

Just as I promised, you’re now about to learn how to borrow money for free, even if you have bad credit.

Because there are so many payday loan sites and only ten spots on Google’s first page for “payday loans”, lenders are working harder to attract your business.

And that’s good news for you!

In fact, there are a handful of honest companies that will give you your first loan free.

Here’s how it usually works:

  1. You apply for a loan online
  2. If approved, your first loan (usually between $100-$500) is wired to your bank account within 1 business day
  3. When you pay-off your loan, the loan fee is waived

What that means to you is…

If you take out a loan and pay it off the first time it comes due (instead of rolling it over), you pay no fees! You can’t beat a fee-free payday loan, can you?

If you take out a loan and roll it over (extend your loan when it comes due), you’ll pay a fee to roll-over your loan. However, when you finally pay-off your loan, your last loan fee will be waived.

So, no matter what, you save money!

And, bad credit is usually not a problem. That’s because most payday loan lenders don’t check your credit report. They may check with a company called TeleTrack to see if you have any other loans out – or – if you’ve defaulted on any payday loans in the past. But, recent bankruptcy and even some severe credit problems may not always get you turned down for a loan.

Plus, since you can apply online, you can safely apply without worrying about the embarrassment of getting turned down face-to-face if you don’t meet their guidelines.

You can apply for a fee-free payday loan today and find out fast if you’re approved.

Here are two ways to find companies offering first time borrowers fee-free payday loans.

Tip #1: Search Google for “Payday Loan First Loan Free” and see what comes up. Follow the advice I gave you above to protect yourself from scams or hassles.

Tip #2: Or, search Google for “Payday Loan Reviews” and see what people say about popular online lenders, so you can make an informed decision.

Online bad credit loans are a great option, and when you follow these simple rules, you can protect yourself and save money, too!

So Many Payday Loan Lenders, So Little Time

With hundreds of online payday loan companies on the web, how does one go about selecting one?

It is a bad idea to Google ‘payday loan’ and blindly decides on a company within the first page of result.

It is smart to begin by understanding the basics of a payday loan. A payday loan is a short-term loan that is intended to cover a borrower’s expenses until his or her next payday. These loans are often offered with no credit check. People with less than perfect credit can be approved for a payday loan. The loan process is normally completed within minutes and approved applicants can get their needed cash in as little as an hour.

It can be tempting to borrow more cash than you need. Be conscious of how much you need and be sure that you are capable of repaying the money you intend to borrow. Once you are certain that you need a loan, and that you are capable of responsibly handling a loan follow these steps to help select the payday product that best fits you.

Start by making a list of the items most important in meeting your loan needs. Things you should be looking at are rates, timeliness of getting the funds, convenience, loan terms, trustworthiness and the lender’s reputation. If you know what you are specifically looking for, you will have an easier time finding the loan that best meets your needs.

Rates can vary greatly from lender to lender. Reputable lenders will not try to ‘hide’ their rates from you. Review and compare the rates from the various lenders to find one with a affordable product. If a payday loan lender discloses the rate amount from you until you are ready to commit to the loan, do not trust this lender. Know the costs and rates before you agree to the loan.

The length of the loan is something you need to consider before applying for a payday loan. Will you be able to pay the entire loan off when you get paid next or will it take a check or two? There are payday loan lenders who will extend a loan to you for up to 100 days if necessary. To get a loan for 100 days, additional fees may apply. Remember it is always best to pay back the entire loan amount as quickly as possible.

The approval criteria for payday lenders can vary greatly from one company to the next. Even though there is normally not a credit check performed, the lenders have standards for approving applicants. A couple of things lenders may look into is your ability to repay the loan, how much money you make, and if you have direct deposit. Review the lender’s guidelines and avoid companies who guidelines you are unable to meet.

The trustworthiness of the payday lender is extremely important. Remember, you will be sharing your personal financial information with the company you choose to work with. Ensure they are a credited institution. Verify their website is safe and secure with SSL protection. Take the necessary steps to protect your valuable information.

Predatory payday loan companies will often encourage an applicant to apply for the maximum loan amount. As tempting as it can be, it is financially irresponsible to borrow more money than you can afford to repay. Bearing that in mind, a trustworthy payday loan company won’t even approve you for a loan amount more than you are capable of repaying.

The reputation of a payday loan lender is important. There are free online resources on the web were you can review and compare a variety of lenders. Take the time to search and compare payday loan companies, it could save you a lot of hassle in the future.

Payday Loans Vs Bank Loans: Who’s the Real Villain?

Payday loans have been getting a bad rap lately for what some argue are outrageously high interest rates and predatory lending practices, however when payday loans and their costs are stacked up against the fees of traditional banks, a different villain begins to appear.

The majority of payday lenders offer short-term personal loans that carry an average cost of between $12 and $22 per $100 borrowed. (a simple interest rate of 12% – 22%) The payback term is typically two to four weeks and the payments are automatically debited from the same consumer bank account that the funds were deposited into at the time of the loan. Opponents of payday loans argue that if the percentage rate on one of these loans is amortized over a full one year period, the annual percentage rate (APR) can reach or exceed 200%. Certainly an APR of 200% does seem outrageous, but that also begs the question of, “Why would opponents of payday loans- or anyone for that matter, attach an annual percentage rate to a loan that only covers a two to four week period?” We begin to see the self-serving purposes of the real villain when this question is answered.

Most groups that are vehemently opposed to short term personal loans and the payday lenders who offer them are made up of large banks and other traditional lenders. They claim that they oppose payday loans in the interest of protecting American consumers. In reality, if we look at a typical scenario involving these so called “protectors” a different story takes shape.

Let’s say for example that a consumer who has the average bank checking account runs short on cash and needs an extra $200 until the next payday in order to pay a couple of small bills or buy groceries for their family.

The odds of getting a loan from the bank in less than 24 hours for even a small amount are slim to none, especially if the consumer in need has anything less than perfect credit. Without the option of getting a fast payday loan, the consumer may be forced to go ahead and write checks for those bills knowing that there won’t be enough money in the bank to cover them. Overdraft fees at most banks come in at around $35 per bad check and are automatically debited from the consumers account as soon as the next deposit is made. If that deposit is made after the end of the billing month, additional late fees may be added – further increasing the amount owed to the bank!

Now let’s say the consumer had to write 3 small overdraft checks that total $100 to pay those bills, the $35 fee is a per check fee so if the consumer writes three overdraft checks that total $100, the fees the bank charges to the consumer would be $105 or $35 for each bad check written. (a simple interest rate of 105%) If we amortize that amount into an annual percentage rate – as the banks do – when they argue against payday lenders, the bank interest rate on overdrafts exceeds 1,000% annually before late fees are added.

To make matters worse in this hypothetical bank account overdraft situation, the consumer will most likely be charged between $20 – $45 by the three vendors to whom the bad checks were written, therefore the cost for NOT having access to a payday loan climbs even higher. Additionally, knowingly writing a bad check is against the law and punishable by jail time in most states. Despite what the big corporate banks and their lobbyists might wish for you to believe, when we take an objective look at the real world it starts to become very clear that payday lenders actually offer a valuable service to middle and low-income consumers who otherwise have limited options with a standard bank account.

American consumers need payday lenders. If there wasn’t a need for payday loans and it wasn’t a viable solution to an existing problem, the business would not be flourishing throughout the country. “Traditional banking institutions just don’t offer the flexibility and distribution of short-term cash loans the way payday lenders do… so it is an industry that has actually filled a void for many Americans – most of whom use the service wisely and effectively.” says William Janus, owner of three payday loan stores in Missouri.

The argument for and against payday loans promises to continue and grow throughout the coming year and at the head of the pack opposing payday loans will most likely be those villains disguised as bank presidents who view the payday loan industry as encroaching upon their gluttonous profit margins that are conveniently hidden in overdraft and late fees. All the while they charge these outrageous fees in the name of “protecting” the American consumer.

To protect yourself, make sure you are aware of any and all bank fees that you may be subjected to and if those fees are subject to being compounded or augmented by late fees and added interest. You can find payday lenders who are clear of any complaints with the Better Business Bureau or Federal Trade Commission by performing an Internet search for “best online payday loan reviews”.