Get the truth about no credit check loans

While much has been said about the instant cash loan in the news media lately regarding the high APR interest rates a typical loan carries, interested prospective borrowers should learn the truth about these no credit check loans before making a decision in one direction or another.

Instant cash loans are undoubtedly one of the fastest and easiest ways currently available to get a quick infusion of emergency cash to help pay the costs of unforeseen incidents that can crop up from time to time, leading to the popularity of such loans growing and threatening to eclipse more traditional lending.  Unlike a personal loan from a high street lender, an instant cash loan can be in your bank account nearly instantly, as long as you provide the lender with your personal and employment, debit card, and bank details, without ever needing to run a credit check.

These loans run for short terms – typically a span of thirty days – and can range anywhere from as little as £50 to as much as £750, plus interest of course.  The interest rates on these loans often feature a very high APR, something that has garnered its fair share of negative press, but the rate is misleading – all lenders are required by law to quote an APR rate, but the rates are calculated on the standard of 12 months, not a simple thirty days, which makes the cost of an instant cash loan look astronomical in comparison to a longer-term loan.

Industry experts say to not just look at an APR on a loan, but examine how much you will actually need to pay in interest.  While you may only pay £10 or £15 in interest on a 10 day loan, for example, the real cost might be quite manageable, but the APR may seem eye-watering.

© 2023 All rights reserved. Reproduction in whole or in part without permission is prohibited. See our copyright rules.

What do you think?

Please note that email addresses are not visible on approved comments.