Payday Loans with No Fees? The Truth Revealed

Wait! What? Is this even real? These are the common words and thoughts (maybe a mix of them) occurring in the human mind when searching for a payday loan online. It is a great lone. Part of it is even greater because the loan takes care of funding in a snap. No complications or clutters disturb you anymore with this loan. However, the real question is whether you can get it without fees and rejoice for this facility.

The real nature of things is quite different here. Payday loans are loans about which you might not have a ‘clear’ enough idea. Of course, countless people take them out every day, and it is one of the common loans offers you get in almost any country. Nevertheless, that does not mean you won’t do research about it, right? If you do, then quite surprising information is going to reach you. One of them is how we may get payday loans without having to pay any extra fees for them. Is there a way? There is.

• What Are Payday Loans in Particular?

In the most straightforward way we can put it, a payday loan is a loan that you can take out only when you can repay your lender on the next payday. Your payday means the day you draw your salary. After getting it, you can repay the loan amount to your lender to help them write off the loan. So, in that context, we have already understood that a payday loan can be a super fast loan as well.

Do we need collateral? No! Payday loans are simple, unsecured loans, where you need not be bothered about a humongous collateral requirement. All you need to do is to make sure the money is repaid back in the correct terms to your lender on your next payday. Do you know the best way to do that is to share your income statements with your lender? Be evidential with when and how you wish to repay, and a payday loan approval is yours anyway.

Do we need a guarantor? Nope! Why would we ask you for a guarantor with a payday loan when we know that you are paying it up with your salary? Your salary gives us lenders the security for obtaining loan repayment at a particular time. We would love to keep guarantor relationships at bay.

And now the real question, right? Do we get payday loans with no fees? Yes! However, we might need to find out some information about it (this is going to be interesting).

1.  Is There Anything Called a No Fees Payday Loan?

Practically, you can get these sorts of loans if you are wise enough to choose a direct lender. With that being said, we do not want to hint at the point that you don’t get no fees loans elsewhere. However, we, direct lenders, have designed it with special aspects only to help you out. In that light, we can say that payday loans with no fees exist.

We offer all kinds of loans without taking any extra fees from you because we want to stay transparent. We can tell you about the price of a loan and then keep on bargaining about it and increasing its rates. That’s rather unprofessional behaviour for a professional like us. Instead, we have shown you the interest rates for our loans and other terms as clearly as possible so that you pay us back the quote only in the amount you should pay.

2.  No Fees Payday Loans and No Interest Loans Are Different 

Of course, we are deducting the extra fees from the loan we offer you. That is what makes the loan even more appealing, isn’t it? You would instead love to take out a loan this way. But is it a no-interest loan? The real deal here is most loans will mandate an interest as it is one of the principal ways we lenders make a profit out of loan products. In that light, we might have to tell you that a no-fee payday loan has some high-interest rates.

However, you may stop worrying about that. It is because we have more than one repayment package for a singular loan you might be checking out right now. You can choose a comfortable way to repay the loan and then save more money on it (clever, eh?).

3.  Is It True that No-Fee Payday Loans Are Offered in Zero Credit Checks?

Yes, and we are bold in saying so only when you agree to share your income statement with us. Do you remember the statement about guarantors we mentioned a few paragraphs above? A payday loan is simple but strictly a loan balanced out of your payday.

You take the loan out by sharing the evidential statements related to your payday with your lender. Lenders run a check on your data to find out your loan affordability and send you the money. If your income is fine to repay the loan amount, particularly on your payday, then you can get payday loans with no credit check quite easily.

4.  No Fees Payday Loans May Work with an Amount 

If you are wondering at what range of amount a no-fee payday loan might work, then we can say that there is a way to find it. See, this loan we have been reading about for a pretty long time is the kind of loan that we often term as a short-term loan. Usually, a short-term loan is not offered in very high amounts. And for that reason, a payday loan becomes easy without fees.

Yes, if you need a loan in a higher amount, then fees might apply, or it can be shifted to some other kind of loan, such as a secured loan.

• To Conclude

If you wish to know more about the secured loan, then take some time to speak with us. Do not obsess over it, and give yourself time to speak about it. It might help you understand a loan better. With that, you can make a good and useful borrowing decision.