Let’s be real, life can throw us some curveballs sometimes. Unexpected bills, car repairs, or even a surprise visit from your in-laws can leave you in a financial bind. If you’re short on cash and need money quickly, a no credit check payday loan might seem like a good solution. But before you jump into anything, it’s important to know your options and what you’re getting into.
Traditional Payday Loans
Traditional payday loans are short-term loans that are due on the borrower’s next payday. These loans typically have high interest rates and fees, and borrowers often roll them over into new loans if they cannot pay them back in full. The pros of traditional payday loans include easy access to funds and quick approval times. However, the high costs associated with these loans make them a risky option for many borrowers. According to the Consumer Financial Protection Bureau, the average interest rate for a payday loan is 400%. Yikes!
Cash Advances
Cash advances are not loans. They are often offered by credit card companies and allow borrowers to withdraw cash against their credit limit. These often come with high interest rates and fees, and can be even more expensive than traditional payday loans. The pros of cash advances include easy access to funds and the ability to borrow larger amounts of money than traditional payday loans. Again, these can have high costs associated with them.
Brigit’s Instant Cash*
Brigit is a financial wellness app that offers small cash advances of up to $250 without a credit check. The application process is easy, and you can receive your funds within minutes. Plus, Brigit offers features that can help you avoid overdraft fees and automatically advance money to your account if your balance gets too low.
- No interest, late fees, or tips
- Flexible extensions on repayment
- No credit check
Installment Loans
Installment loans are similar to traditional payday loans, but they are paid back in installments over a longer period of time. These loans often have lower interest rates and fees than traditional payday loans, making them a more affordable option for some borrowers. The pros of installment loans include longer repayment terms and lower costs. Borrowers may still end up paying more in interest over time than they would with a traditional loan.
Title Loans
Title loans require borrowers to put up their car as collateral in exchange for a loan. These loans typically have high interest rates and fees, and borrowers risk losing their car if they can’t pay back the loan. The pros of title loans include easy access to funds and the ability to borrow larger amounts of money—but the high costs and risk of losing their car make them a very risky option.
When considering a no credit check payday loan, it’s important to know your options and the associated fees and interest rates. Brigit’s Instant Cash feature offers a unique and more affordable option for those in need of quick cash. Remember to always borrow responsibly and only take out what you can afford to pay back.
*Subject to Brigit’s approval and policies. Not all members are approved for advances and the amount varies per customer. Advances range from $50 – $250. Log into the Brigit app to learn more. No credit checks or interest, ever.
