Looking for a loan with no credit check? These types of loan are usually called payday loans and they’ve taken some pretty harsh wrap over the past few years. At Quickle, this is exactly the kind of loan we offer, so in this post, we’re busting 4 of the most common myths you’ve probably heard about fast cash payday loans. Here they are:
Myth no.1: Payday loans are designed to con you
This is the same as saying McDonald’s is designed to give everyone heart issues. It’s simply not true or even vaguely realistic. No business on the planet is designed to hurt people. It’s just not a great way to succeed or even survive. At Quickle, our payday solutions are designed to help those in need of emergency funds. We give you a means to access the money you need as quickly as possible. It’s in our best interest that borrowers only take loans they can clearly afford and are able to pay back what they borrow comfortably.
It’s just as bad for us as it is for you when you struggle to make your repayments. That’s why if you communicate with us early enough and let us know if you might have trouble paying, we’ll always try our best to reschedule your arrangement to better suit your current circumstances.
Myth no.2: Payday loans can be paid out within minutes
No they can’t. If this is the kind of speed you’re looking for, you’re going to be looking for a long time. When money is tight, we understand that time and speed is everything. But loans being paid out within minutes of your application is utterly unfeasible. We always aim to make payouts within 24 hours of your application being approved. Any other credible source will claim a similar time period. Anyone that claims less is simply not being completely honest.
Think you need to cut down on some costs to build up a bit of a rainy day fund? You can make good savings with these apps and by rethinking some of your day-to-day expenses. Having a bit of a safety fund remains one of the best ways to keep yourself from being constantly stressed about money.
Myth no.3: Anyone can apply for a payday loan and get maximum payouts
We only ever encourage people to borrow exactly what they need and not a dollar more. When you apply, we’ll ask for your most recent bank statements and government ID. We need to make sure you are a citizen and also that you can afford to pay back the amount of money you want to borrow. If you don’t have a steady income, we won’t be able to help you with a short-term loan. These solutions only suit those with the means to pay back within the coming months. The only way to prove this, is by showing us the income you’re earning from work or through benefits.
Myth no.4: Payday loans are riddled with hidden fees and charges
Any reliable payday loan provider will be more than upfront about their fees and charges. Once we have received your application, we’ll get back to you with an offer that shows all of the rates and charges that will apply to your loan as well as the dates of payments. We want you to be very clear on what you’ll owe before you accept the terms. We think this is the best way to do things even if some providers out there have slightly different approaches.
As financial experts that are passionate about helping others get through rough times, we understand how important it is to manage your money wisely and to always be on top of your outgoings. This is one of the key reasons we offer helpful notifications throughout the loans process to ensure you receive the money smoothly and have a good handle on making your payment dates.
Those are 4 of the most common myths you might have heard about payday loans with no credit checks. We hope our explanations have helped and that you feel more confident in your understanding of how these solutions really work.
Busting 4 Myths You’ve Probably Heard About No Credit Check Loans Click To TweetRead more about no credit check loans here, or in our previous blog post: How To Get A Quick Easy Loan In An Emergency
