The guaranteed payday loans no credit check is for consumers with bad credit. This kind of payday is very similar to the regular payday loan and this kind of loan is also very different from a regular payday loan. This blog goes over the similarities of a regular payday loan vs a no credit check payday loan and this blog goes over the differences between a regular payday loan and a guaranteed payday loan without credit check.
The Similarities of a Regular Payday Loan VS a No Check Payday Loan
- Both payday loans are deposited into the consumer’s preferred source such as: bank account or credit card. Similarly, both payday loans are taken out of the consumer’s preferred source.
- In both cases, the payday loan money is meant to hold the consumer over until his or her next payday.
- The consumers of both payday loans are expected to follow the terms of the loan; if the consumer defaults on the loans than they are subjected to late fees and its hurts their credit.
The Differences of a Regular Payday Loan VS a Guaranteed Payday Loan
- The main difference between these respective loans are that a regular payday loan is more choosy in whom gets accepted for the loan whereas consumers’ with bad credit can get approved for a no-check payday loan.
- The interest rate of a no-check payday loan is higher than a regular payday loan. The no-check payday loan is taking a huge risk but accepting anyone who applies for a payday loan, so the interest rate is higher.
- The application to a no check payday loan is faster than a regular payday loan because the consumers of the former payday loan will get approved no matter what so there is no need to know the consumer’s entire life history.