A payday loan is paying it on time does not increase your credit score, and defaulting on payments may hurt your credit score.
A 12-month payday loan is the ultimate solution to the puzzle, offering you the same benefits of advance credit and ample time to clear the loan.
A payday loan is usually a small loan with a short repayment period to cover immediate cash needs. A typical salary loan has a 2-week loan term and is due on the next payday.
A 12-month payday loan is different as it has a more extended repayment period giving the customer excellent time to repay their debt. Ordinary small-dollar loans are paid on the next payday plus the accrued interest; however, a 12-month loan allows you to roll over the loan and pay the interest on the payday.
There are no extra fees or levies charged on loans and may be protected from such fees by state law, depending on your state.
Each state has different laws on the maximum and minimum amount of money you can borrow on payday loans, though it typically ranges from $100 to $1000. Interest rates also vary from state to state though 10% to 30% is the most common rate; a state like Wisconsin has it capped at 2.75% while Missouri can go up to 75%, and states like Texas have no restriction on the interest rates.
When getting a loan, it’s essential to consider the APR rather than the interest rate, as each loan may have extra fees that raise the loan cost.
A 10% interest rate loan translates to 260.71% APR as most payday loans do not have additional charges making them cheaper to credit cards. Some states may limit the loans altogether and offer 3-month payday loans.
» COMPARE: Faxless Payday Loans
Installment loans offer customers money right away and allow payment in fixed monthly installments, while paydays have payments on interests.
Installment loans often require a customer to have a credit history; in addition, there are both secured and unsecured installment loans. All payday loans are unsecured and do not require a credit history; all you need is a job to qualify.
Installment loans tend to be higher than payday loans, with the lender giving the loanee a fixed payment amount per month until the customer completes the loan. In contrast, 12-month payday loans have the customer clear out the interest on the payday. Customers are allowed to clear both loans earlier with no additional fees.
12-month payday loans are flexible, and anyone can apply when they have pressing credit needs.
Requirements are straightforward, so anyone can get a loan as long as the applicant:
You can get your loan approved within 24 hours by:
When you need a quick buck on a payday loan, it can help you quickly sort out your problem due to its easy access. 12-month payday loans with no credit check are disbursed with 24 hours of approval and can be accessed online, making them within reach of anyone with a job and an internet connection.
Traditional lenders and bankers often have to do a credit history check and offer large application forms that take longer to process. It is tough and impossible for someone with a poor or no credit history to access a payday loan.
The fact that 12-month payday loans lenders do not perform a credit check means you can get approved with a bad credit history. There are few requirements necessary hence more people can qualify.
All 12-month payday loans are unsecured, so an asset base is not necessary to sort out current financial problems. Generally, a payday loan is a short-term loan, but a 12-month payday loan has a longer repayment period to allow the customer to adjust their financial standing.
Banks and many other financial institutions report lending to a credit bureau like FICO, which helps compile a credit score. Those who have never borrowed and suffered from financial difficulty and delayed to pay a loan or defaulted on a loan have a poor credit history, typically a score of 350 to 579. Most financial institutions view such a credit history as too risky and won’t give you a personal loan.
12-month payday loans direct lenders offer unsecured payday loans for 12 months that are secured by a salary. The loanee often writes the lender a post-dated check to deduct the loan amount from the customer’s salary on the payday.
Since the loan is deducted directly from the paycheck, the need for a good credit score is unnecessary. This flexibility means more people can qualify for the 12-month payday loans for bad credit when they have emergencies.
A direct lender offers customer loans directly without involving brokers. The reduction in the chain means the process is faster, and customers can receive cheaper loans than using brokers. LoanSolution is a direct lender providing all loan solutions to the customers, such as payday, installment, title, and personal loans.
Each loan has its advantages in terms of the sum, ease of payment, and qualification. A 12-month payday loan has simple qualifications. It’s easy to access and has a longer repayment period than other short-term loans.
No credit check is required, meaning you can get a loan with a poor credit score. The loan is approved within minutes and can be disbursed in less than 24 hours.
Applying does NOT affect your credit score!
No credit check to apply.