I know what you are thinking. Why wouldn't a no credit check loan be the right choice for me? For thousands of people, it is the right choice, but do not enter into a high risk personal loan until you know the facts.
What does a high risk mean? A high risk loan is a loan made to a person who either has bad credit or has no credit history, and the lender has a high risk of having the borrower default on the loan.
Ask yourself how companies can offer a loan without a credit check. In order to qualify for a high risk loan, you have to have a steady income and you have to get paid by direct deposit. If you do not meet these basic criteria then you will not be able to take advantage a high risk personal loan.
High risk personal loans are usually offered in amounts between $200 and $1,500. The exact amount that you will be able to borrow will depend upon what your take home pay is every paycheck. You will not be able to borrow more than the amount of your take home pay. Some people refer to these high risk loans as payday loans.
Before you sign up to get one of these loans, make sure that you understand what the payment schedule will be. It is often a very short term repayment schedule, meaning that the payment is due along with the interest fee before your next pay period. Also make sure you know what the interest rate is on your loan.
Interest rates and repayment schedules vary by lenders, but do not agree to anything unless you understand completely how much you have to pay the lender. The interest rates can be very high on these type of loans so that is why you must be careful and know what you are getting into before signing on the dotted line.
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