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The consequence of getting an approval without a credit check is getting a high interest rate and fees (you can read more about it in a prnewswire.com aritcle). This is one way a direct lender lowers his risk of losing money when you default. Because of these astronomical fees—the interest is regulated with a cap by the state—online personal loans are best used for emergencies when you have no choice but to secure cash fast. Try to remember that lenders who give out bad credit loans also give out horrible loan terms, meaning your interest rate will almost definitely be high. The cheapest unsecured loans are generally reserved for people with good credit. It might be a good idea to attempt to get your loan through a regular bank first by offering up some collateral or using a cosigner to back your loan repayment guarantee. Banks loans usually come with lower interest rates. A bad credit lender should really be a last resort. Security Finance Loans instant payday loans direct lenders only! How Much Money Can I Qualify For?
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