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“No Credit Checks!” — The Consequences of Cash Advances’ No Credit Checking.

You’re about to get to work and went down to your car. You get inside to your car and you try to start it, it’s taking too long and your car won’t start you lift up the hood and you realized that your radiator went down and it needs to be fixed as soon as possible. Now you’re worried because you don’t know what to do, the cost of your car’s radiator is as much as the budget that you have until next payday. You tried to get a loan to fix your problem and it’s the last option that you have. You’re almost close to having the money, but in the end, you request got rejected because of one reason: you still have pending loans that aren’t fully paid yet. So you’ve finally get your car fixed using your whole budget until the next payday. You have to starve yourself for a while because you put all of your budgets in fixing the car and this is a really upsetting day for you.

These are some of the reasons why cash advances don’t look over to your credit ratings. One of the goals of unsecured loans is to help you get out of situations like what have discussed earlier. Unsecured loans are the most used loan that has the largest number of borrowers in the UK. It is well used by a lot of people because of its appealing features; fast cash lending, less demand for documents, no collateral and no credit checking. Even if you have a bad credit history, you can still be eligible to avail the loan and get the cash that you request. You could still be eligible to get the loan that you want even if you already have a loan that is not yet fulfilled. Everything goes in your favour, that’s what unsecured loan lenders offer, but is that really how it goes?

You may wonder why short-term loans bypass security and how they still get to know if a borrower can be able to repay them, or if a borrower will mostly not going to be able to pay them, how will they make sure that they’ll not go bankrupt. There are other strategies that short-term lenders use in order to determine if the borrower is credible for the loan. They usually do a basic checking to the borrower’s information. This includes employment record, payroll and your previous loans. So they don’t “really” bypass securities, they aren’t just that strict compared to other finance groups that offer loans. They still make sure that the borrower passes their qualifications before they approve her/his request.

You may think that cash advances are in your favour, but if you’re going to dig in well on how cash advances are paid, you may find out the how lenders earn out of the loan. A £30 interest in each £100 you loaned doesn’t sound bad, but when you’re going calculate the APR it is worth 700%. Short term lenders add the interest rate in every repayment of £100, so in the repayment, you have to return £130, and assuming that they have more borrowers that give back the same amount, their profits are sure high. So even if you run away from paying the profit they still manage to get it back.

Aside from the high-interest rate, there are additional charges that are applied to the repayment fees that add up to the revenue of lenders, including the payment protection insurance (PPI) that they get in case that something happens to you like you’ve lost your job or you suddenly die. Also, the penalty fees when you skip a payment or you’ve pay late, that includes to the deal when you’re going to borrow. If you didn’t manage to pay your lender on time, you may receive a lot of penalty fees that will cause your loan to rise up and extend the payment period. So it will cost more and may lead you to be more broke in the future.

So the consequences of the easy access to this kind of loan are the high-interest rate that they take back from you. That if you will see how it goes it really gets a lot of money. So before considering taking a loan that offers great features, you should know first what’s on it. Because it may cause you to lose more and add further problem than to guarantee a solution.

5 most recent personal loan reviews

Review of Swift Sterling

A process that was made as simple and hassle free as possible. Friendly, helpful staff and the money was paid out as soon as all checks were carried out and they did not take long at all. A good opportunity to borrow money and build your credit score. Thank you Swift Sterling Loans from a happy customer :-)

Review posted by Shehzad Alum, Bridgwater

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Hitachi Finance

Recently turned 18 and wanted to apply for a loan to build my credit score which they agreed was fine. So applied for loan on 3/03/2017 and they rang me and my guarantor the next day at 8am! (Early but fine:) ) to confirm each others details and the loan was paid into my guarantors bank 11am that day 4/04/2017. Very good service and their customer service team are very efficient! Would recommend to use these guys for a loan.

Review posted by Jordan Mabbutt, Plymouth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Pogo Loans

The whole process was easy and hassle free. The website is easy to use, the information is clearly laid out and easy to understand. When speaking with a Pogo person they were always polite and helpful. And of course, the loan came through on the day they said, I was totally stress free.

Review posted by Nick White, Mold

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews have been sourced from Trust Pilot for authenticity.