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Standby Letter of Credit (SBLC)A legal instrument issued by a bank on behalf of its client, providing a guarantee of its commitment to pay the seller if its client (the buyer) defaults on the agreement
Written by
CFI Team
Published October 27, 2023
Updated June 28, 2023
What is a Standby Letter of Credit (SBLC)?A standby letter of credit, abbreviated as SBLC, refers to a legal document where a bank guarantees the payment of a specific amount of money to a seller if the buyer defaults on the agreement.
An SBLC acts as a safety net for the payment of a shipment of physical goods or completed service to the seller, in the event something unforeseen prevents the buyer from making the scheduled payments to the seller. In such a case, the SBLC ensures the required payments are made to the seller after fulfillment of the required obligations.
A standby letter of credit is used in international or domestic transactions where the seller and the buyer do not know each other, and it attempts to hedge out the risks associated with such a transaction. Some of the risks include bankruptcy and insufficient cash flows on the part of the buyer, which prevents them from making payments to the seller on time.
Summary
A standby letter of credit (SBLC) refers to a legal instrument issued by a bank on behalf of its client, providing a guarantee of its commitment to pay the seller if its client (the buyer) defaults on the agreement.
An SBLC is frequently used in international and domestic transactions where the parties to a contract do not know each other.
A standby letter of credit serves as a safety net by assuring the seller that the bank will make payment for the goods or services delivered if the buyer fails to make the payment on time.
Standby Letter of Credit ExplainedA standby letter of credit is often required in international trade to help a business obtain a contract. Since the parties to the contract do not know each other, the letter promotes the seller’s confidence in the transaction. It is seen as a sign of good faith since it shows the buyer’s credit quality and ability to make payment for goods or services even if an unforeseen event occurs.
When setting up an SBLC, the buyer’s bank performs an underwriting duty to verify the credit quality of the buyer. Once the buyer’s bank is satisfied that the buyer is in good credit standing, the bank sends a notification to the seller’s bank, assuring its commitment of payment to the seller if the buyer defaults on the agreement. It provides proof of the buyer’s ability to make payment to the seller.
How an SBLC WorksThe process of obtaining an SBLC is similar to a loan application process. The process starts when the buyer applies for an SBLC at a commercial bank. The bank will perform its due diligence on the buyer to assess its creditworthiness, based on past credit history and the most recent credit report. If the buyer’s creditworthiness is in question, the bank may require the buyer to provide an asset or the funds on deposit as collateral before approval.
The level of collateral will depend on the risk involved, the strength of the business, and the amount secured by the SBLC. The buyer will also be required to furnish the bank with information about the seller, shipping documents required for payment, the beneficiary’s bank, and the period when the SBLC is valid.
After review of the documentation, the commercial bank will provide an SBLC to the buyer. The bank will charge a service fee of 1% to 10% for each year when the financial instrument remains valid. If the buyer meets its obligations in the contract before the due date, the bank will terminate the SBLC without a further charge to the buyer.
If the buyer fails to meet the terms of the contract due to various reasons, such as bankruptcy, cash flow crunch, dishonesty, etc., the seller is required to present all the required documentation listed in the SBLC to the buyer’s bank within a specified period, and the bank will make the payment due to the seller’s bank.
Types of Standby Letter of CreditThe two main types of SBLC are:
1. Financial SBLCThe financial-based SBLC guarantees payment for goods or services, as stipulated in the agreement. For example, if a crude oil company ships oil to a foreign buyer with an expectation that the buyer will pay within 30 days from the date of shipment, and the payment is not made by the required date, the crude oil seller can collect the payment for goods delivered from the buyer’s bank. Since it is a credit, the bank will collect the principal plus interest from the buyer.
2. Performance SBLCA performance-based SBLC guarantees the completion of a project within the scheduled timelines. If the bank’s client is unable to complete the project outlined in the contract, then the bank promises to reimburse the third party to the contract a specific sum of money.
Performance SBLCs are used in projects that are scheduled for completion within a specific timeline, such as construction projects. The payment serves as a penalty for delays in the project’s completion, and it is used to compensate the customer for the inconvenience caused or to pay another contractor to take over the project.
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Best Payday Loans For Bad Credit No Credit Check
Nowadays, it’s common for bad credit borrowers to be ineligible for small low APR loans from banks and credit unions thanks to low credit scores. Fortunately, recommended online marketplaces like MoneyMutual and VivaLoan are ready to take their place, offering payday loans for bad credit with no credit check along with favorable terms like sub 35.99% APRs, repayment terms up to 60 months, next day funding, and near-guaranteed approval as long as you meet all eligibility criteria.
Best Payday Loans for Bad Credit No Credit CheckLender
Rating
Loan Amount
APR
Min. Credit Score
Best For:
MoneyMutual
4.9/5.0
$200 —
$5,000
Up to 35.99%
0
Overall
ZippyLoan
4.8/5.0
$100 — $15,000
Up to 35.99%
0
Poor to Fair Credit
FundsJoy
4.8/5.0
$100 — $5,000
Up to 35.99%
0
Bad Credit
VivaLoan
4.6/5.0
$100 — $15,000
Up to 35.99%
0
No Credit Check Loans
MarketLoan
4.5/5.0
$100 — $40,000
Up to 35.99%
0
Same Day Approval
Keep reading to learn more about the best payday loans for bad credit with no credit check, including our top five highly recommended lending networks, how payday loans for bad credit work, loan opportunities for special groups (e.g., unemployed, pensioners, and students), and ways you can find the best no credit check payday loans best for your financial situation.
Before we move on, we wanted to show you one video that discusses payday loan alternatives for those with bad credit.
MoneyMutual
Amount: $200 to $5,000
APR: Up to 35.99%
Min. Credit Score: 0
Approval: 5 Minutes
Rating: 4.9/5.0
Arguably the most popular lending network of all time, Las Vegas-based MoneyMutual offers a great borrowing range from $200 to 5,000 at sub 35.99% APRs, offering a welcome alternative to bad credit borrowers with credit scores in the 300 to 580 range who have difficulty qualifying for traditional loans from banks and credit unions. On top of that, it is very quick and easy to secure a MoneyMutual loan, with same-day approval and funding to your checking or savings account by the next business day.
On top of MoneyMutual’s extensive network of direct lenders, it offers a simple and intuitive online application that takes no more than 10 minutes to complete. Unlike direct lenders, which have their set rates and terms, MoneyMutual allows you to compare rates and terms from multiple direct lenders to choose the best one for your financial situation.
Eligibility:
Need to be of legal age need (18 years or older)
Legal residency in the United States
$800 in minimum monthly income
Not a New York or Connecticut resident
Highlights:
Loans up to $15,000 at sub 35.99% APRs
Flexible repayment terms of up to 60 months
Excellent for people with bad credit and poor credit
Available in most of the country (except New York and Connecticut)
Fees:
No origination or prepayment penalties
Late and insufficient funds fees depend on the lender
Pros:
Loans up to $15,000
APRs up to 35.99% (some exceptions apply)
Repayment terms are as long as 60 months
Excellent consumer resource guides on helpful loan topics
More than 2 million customers have been served to date
Cons:
Lower maximum borrowing amount than competitors ($5,000)
Higher than average interest rates versus traditional banks and credit unions
Longer loan request forms than competitors
Limited customer support (no dedicated phone line or email address)
Not available in New York and Connecticut
For a better understanding of the potential interest charges (APRs) and fees applicable to your loan, let’s consider an example. Suppose you were to borrow $3,600 with a 22% APR, on a 2-year repayment term, and without any finance charges. In this scenario, your total payment would amount to $4,482.27, with estimated monthly payments of $186.76. Over the course of the loan, you would incur $882.27 in total interest charges.
Be sure to carefully review the terms and conditions provided by each direct lender through MoneyMutual’s platform to ensure you understand all associated costs and obligations before signing on the dotted line.
ZippyLoan
Amount: $100 to $15,000
APR: Up to 35.99%
Min. Credit Score: 0
Approval: 5 Minutes
Rating: 4.6/5.0
If you need quick emergency cash from $100 to $15,000, ZippyLoan is ready to fill the void.
We appreciate ZippyLoan for its well rounded offerings, featuring a network of legit direct lenders offering loans of up to $15,000 with favorable sub 35.99% APRs and much more flexible terms than traditional payday, auto title, and pawnshop loans. There are no origination fees or prepayment penalties for most lenders, all of which are costs that no borrower should ever assume as they are administrative-related. Remember, lenders should make the bulk of their profits through interest charges and late fees, which are all fair game.
On top of favorable terms, ZippyLoan is also known for a quick and easy online application, taking no more than five minutes to complete. It is easy to get matched with legit direct lenders ready to offer you competitive rates and terms.
Eligibility:
You need to be 18 years of age or older
Proof of legal residency in the country
Minimum monthly income of $800 a month
Self-employed and pensioners welcome
Must be a resident in a state where it operates
Loan request form submitted through ZippyLoan
Highlights:
Wide loan range from $100 to $15,000
Non-predatory APRs of up to 35.99%
No origination or prepayment penalties
Flexible, customizable repayment terms of up to 60 months
Excellent source of funding for people with bad credit, poor credit, and fair credit
Fees:
No origination fees
No prepayment penalties
Late and insufficient funds fees depend on the lender
Pros:
Generous borrowing range from $100 to $15,000
APRs up to 35.99%
Near instant approval with next business day funding
Up to 60-repayment terms
5-minute online application form
Easy and transparent disclaimers on every web page
Cons:
APRs mainly in the 31% to 35.99% range
Not all lenders are the same with transparency
Does not make any lending decisions
May provide your information to third parties for marketing purposes
No customer support services with a dedicated email or phone number
For a better understanding of the potential interest charges (APRs) and fees applicable to your loan, let’s consider an example. Suppose you were to borrow $12,900 with a 31% APR, on a 3-year repayment term, and without any finance charges. In this scenario, your total payment would amount to $19,969.73, with estimated monthly payments of $554.71. Over the course of the loan, you would incur $7,069.73 in total interest charges.
Be sure to carefully review the terms and conditions provided by each direct lender through the ZippyLoan platform to ensure you understand all associated costs and obligations before signing on the dotted line.
FundsJoy
Amount: $100 to $5,000
APR: Up to 35.99%
Min. Credit Score: 0
Approval: 5 Minutes
Rating: 4.8/5.0
If you’re looking for a quick source of cash to pay for unexpected expenses like fender bender repairs or broken bathroom sink faucets, then FundsJoy is a good choice.
Participating lenders on the platform offer anywhere from $200 to $5,000 with much better APRs than traditional payday, auto title, and pawn shop loans. For example, payday loans charge up to 400% APR whereas FundsJoy direct lenders only go up to 35.99% (some exceptions apply). A small $500 loan can easily equal hundreds of dollars in interest saved, especially when you are not extending loans for an additional two weeks and paying $60 for the privilege.
Another benefit to using FundsJoy is its quick and easy application process. Expect to take no more than five minutes to complete the form, which uses a helpful progress bar that guides you every step of the way. Once you have finished, and assuming you are approved, expect to be matched with several loan offers, where you can take all of the time you need to shop around before committing to one.
Eligibility:
You need to be 18 years or older with US citizenship or permanent residency
$800 in recurring monthly income
Government-issued photo ID
Valid checking or savings account
Loan request form submitted through VivaLoan
Highlights:
Loans from $200 to $5,000
Non-predatory APRs of up to 35.99%
Flexible and customizable repayment schedules
Easy to get connected with a lender
More borrower-friendly terms than payday, auto title, and pawnshop loans
Excellent source of emergency cash
Fees:
No prepayment penalties
Origination fees may apply
Late and insufficient funds fees vary by lender
Pros:
Excellent source of personal loans from $200 to $5,000
Respectable APRs of up to 35.99%
Quick and easy online application form
Many lenders offer no credit check
Cons:
Not involved in the loan approval process
Desired loan amount may not be granted
No extension options by many lenders
May not be licensed to operate in your state
Some lenders charge origination fees of up to 5%
For a better understanding of the potential interest charges (APRs) and fees applicable to your loan, let’s consider an example. Suppose you were to borrow $2,400 with a 28% APR, on a 1-year repayment term, and without any finance charges. In this scenario, your total payment would amount to $2,779.37, with estimated monthly payments of $231.61. Over the course of the loan, you would incur $379.37 in total interest charges.
Be sure to carefully review the terms and conditions provided by each direct lender through FundsJoys platform to ensure you understand all associated costs and obligations before signing on the dotted line.
VivaLoan
Amount: $100 — $15,000
APR: Up to 35.99%
Min. Credit Score: 0
Approval: 5 Minutes
Rating: 4.6/5.0
VivaLoan is a highly recommended lending network offering the best payday loans for bad credit with no credit check from hundreds of reputable direct lenders.
Expect loan amounts from $100 to $15,000, deposited to your bank account as early as the next business day as long as you meet all qualification criteria. We appreciate its well-rounded terms, starting with sub 35.99% APRs, repayment terms of up to 60 months, and no origination or prepayment penalties. Remember, origination penalties are only meant to pay for overhead costs, which we should not be responsible for.
Eligibility:
You need to be 18 or older
Legal residency in the country
$800 in minimum monthly income
Checking account to disburse funds to
Submitted loan request form through the VivaLoans website
Highlights:
Wide loan range from $100 to $15,000
APRs up to 35.99%
Repayment terms are as long as 60 months
Excellent source of emergency cash with same-day approval
Quick and easy online application
Fees:
No origination or prepayment penalties
Late and insufficient funds fees depend on the lender
Pros:
Bad credit loans up to $15,000
Decent APRs up to 35.99%
Much longer repayment terms than traditional payday loans
Well written disclaimers on website
Easy, 5-minute online application
Cons:
Higher than average APRs
Many lenders do not offer extension options
Not available to residents from New York, West Virginia, or DC
For a better understanding of the potential interest charges (APRs) and fees applicable to your loan, let’s consider an example. Suppose you were to borrow $31,500 with a 24% APR, on a 3-year repayment term, and without any finance charges. In this scenario, your total payment would amount to $44,490.05, with estimated monthly payments of $1,235.83. Over the course of the loan, you would incur $12,990.05 in total interest charges.
Be sure to carefully review the terms and conditions provided by each direct lender through the VivaLoans platform to ensure you understand all associated costs and obligations before signing on the dotted line.
MarketLoans
Amount: $100 — $40,000
APR: Up to 35.99%
Min. Credit Score: 0
Approval: 5 Minutes
Rating: 4.5/5.0
MarketLoans is one of the more popular providers of payday loans for bad credit with no credit check on the market today.
All you need to do is submit a loan request form through the site before you obtain same day approval (assuming you meet all eligibility criteria). From there, expect several loan offers to compare before signing documentation on your preferred option.
Eligibility:
You need to be at least 18 years of age
Legal residency in the United States
$800 in monthly earnings
Valid checking or savings account
Loan request form submitted through MarketLoans
Not a resident of Connecticut, New Hampshire, Washington, or Vermont
Highlights:
Loans from $100 to $40,000
Competitive APRs up to 35.99%
Longer repayment terms than traditional payday loans
Same day, quick and easy approval
Hundreds of participating direct lenders
Excellent source of best payday loans for bad credit with no credit check
Fees:
No origination penalties or prepayment fees
Late and insufficient funds fees depend on the lender
Pros:
Loans of up to $40,000
Decent APR ranges up to 35.99%
Customizable repayment terms up to 72 months
Quick and easy online application
Higher maximum borrowing limit that most competitors ($40,000)
Member of the Online Lenders Alliance (OLA)
Cons:
Does not make lending decisions
Higher than average interest rates
No guarantee you will be offered your desired loan amount
Information may be shared with third parties
Not licensed to operate in Connecticut, New Hampshire, Washington, or Vermont
For a better understanding of the potential interest charges (APRs) and fees applicable to your loan, let’s consider an example. Suppose you were to borrow $27.400 with an 18% APR, on a 4-year repayment term, and without any finance charges. In this scenario, your total payment would amount to $38,634.00, with estimated monthly payments of $11,234.00. Over the course of the loan, you would incur $804.87 in total interest charges.
Be sure to carefully review the terms and conditions provided by each direct lender through MarketLoans platform to ensure you understand all associated costs and obligations before signing on the dotted line.
What Are Payday Loans for Bad Credit?Payday loans for bad credit with no credit check offer a vital lifeline to those needing emergency cash to cover all of life’s unexpected expenses, from unpaid utility bills to past-due hospital invoices.
Online payday loans for bad credit with no credit check offer much better terms, starting with sub 35.99% APRs, longer repayment terms, and no origination or prepayment penalties. They also offer much higher borrowing limits, up to $40,000, instead of several hundred dollars for traditional payday loans.
Benefits of payday loans for bad credit with no credit check include widespread availability, quick approval/disbursement, no minimum required credit score, and immediate financial relief. However, as with all loans, we highly recommend you carefully review the fine print to understand all along terms and conditions. Remember, you can enter a vicious cycle of debt for months and years to come with one misplaced signature.
Thankfully our guide can provide greater insight into what a legit versus non-legit payday loan for bad credit with no credit check is. Continue reading on to learn more about these highly specialized types of loans.
How Do Payday Loans for Bad Credit Work?Payday loans for bad credit with no credit check or short-term loans tailored towards people with limited to no credit history. They generally offer smaller dollar amounts starting as low as $100 up to several thousand dollars, repaid within a few weeks, depending on when your next earnings come in.
To qualify, all you need to do is be 18 or older with a government-issued photo ID and proof of income, which lets lenders know you can repay a loan. This may involve submitting pay stubs, electronic timesheets, or bank statements. Pensioners, self-employed, and part-time workers can apply.
One of the most notable things about the best payday loans for bad credit with no credit check is its higher-than-average interest rates and fees. APRs generally go up to 35.99%, which includes loan interest plus applicable finance charges. Remember, lenders take on a lot more risk issuing funds to bad credit borrowers, so a higher APR is needed to compensate.
Keep reading our guide to learn more about the best payday loans for bad credit with no credit check. We are fully vested in helping you better understand this often misunderstood funding source to help you and your financial situation.
Understanding Payday Loan APRsTo understand payday loans better, one must be fully educated in all aspects of interest rates and APRs.
Short for annual percentage rate, APRs, or a calculation used to let you know the full total cost of borrowing on a specific loan for an entire year, expressed as a percentage. It consists of interest rates and all finance charges, making it an excellent way to compare total loan costs from loan to loan.
With regards to payday loans, APRs typically go up to 400% and even as high as 700%. There are several reasons, such as ultra short repayment terms of two to four weeks, the risk assumed by lenders and lending to bad credit borrowers, and the fact that no collateral is put up.
For example, let’s use a $500 loan with a two-week repayment term and a $40 extension fee. With the interest of $15 for every $100 borrowed and the added extension fee, the total cost for the initial two-week term is $115 ($75 in interest charges plus the $40 extension fee).
On a two-week term, the calculation is APR = ($115 / $500) * 26 * 100, which translates to a whopping 15,080% APR.
Think sub-35.99% APRs, repayment terms as long as 60 months, and no origination or prepayment penalties.
Using the same example of the loan above (only with a 35.99% APR and no extension fee), the total cost of borrowing for the $500 loan would be $6.92. That’s an incredible difference from your traditional payday loan.
Pros and Cons of Payday Loans for Bad CreditAs with all loans, you must carefully assess the pros and cons to ensure they best fit your financial situation.
Here are the pros and cons of payday loans for bad credit:
ProsEasy Access. Both traditional and online payday loans from reputable online marketplaces offer easy access. Expect minimal eligibility requirements. All you need to do is be 18 or older (proven with a government issued photo ID), have proof of income (generally a minimum of $800 a month), and have a valid checking account to send funds.
No Credit Check. Unlike traditional loans from banks and credit unions that require a minimum credit score (usually 680 or higher), many payday loan companies do not run credit checks. It’s an excellent option for individuals with limited to no credit history to get the funding they need.
No Collateral is Needed. Unlike auto title and pawn shop loans that require you to put up a vehicle or high-value items like precious family heirlooms or $2,400 watches, unsecured loans do not require collateral. In case of loan default, you do not need to worry about losing valuable assets.
Vital Lifeline. Traditional and online payday loans offer a crucial lifeline to emergency expenses such as unexpected doctor visit bills, minor fender bender damages, leaking faucets, and hundreds of life’s curveballs that can quickly drain your finances before your next paycheck.
ConsHigher than Average Interest Rates. Unlike traditional loans for banks and credit unions that typically offer capped APRs in the 21% to 28% range, the best payday loans for bad credit with no credit check generally straddle the 31% to 35.99% territory.
In the case of traditional payday loans, it’s even worse, with APRs reaching as high as 700% on top of loan extension/renewal fees and third-party fees from banks that charge insufficient funds/overdraft fees due to repeated authorized electronic withdrawals from payday loan companies.
Cycle of Debt. Often traditional payday loans go to borrowers with limited financial discipline. The combination of high costs, short repayment terms, and large lump sum payments could be too difficult to bear, forcing constant rollovers and extension fees to repay the loan in full.
Remember, it’s not uncommon for interest rates and other finance charges on traditional payday loans to eventually exceed the principal.
Fortunately, online marketplaces likeVIvaLoan and 100Lenders do not engage in such practices. Not only do they not employ these practices, but they are members of the Online Lenders Alliance (OLA). This organization promotes fair lending practices and protects the rights of consumers.
This membership type only helps to promote trust amongst online payday loan companies for bad credit with no credit check.
No On-Time Reporting to Credit Bureaus. Unfortunately, many online and traditional payday lenders do not report on-time payments to credit bureaus. As payment history accounts for 35% of your FICO score, every single reported on-time payment helps, so this is a missed opportunity to improve your creditworthiness.
What Can Payday Loans Be Used For?Generally, the best payday loans for bad credit with no credit check cover all short-term financial needs. They range anywhere from unexpected expenses like automotive repairs to past-due utility bills to prevent interrupted service.
Sometimes, they are also used to cover rent or mortgage payments. Although the best payday loans for bad credit but no credit check or an excellent source of temporary relief, we do not recommend them as a long-term solution to prevent you and your family from leaving the property.
Do not forget about debt consolidation. Reputable online marketplaces like MoneyMutual offer higher dollar payday Loans with long repayment terms, which can be used to consolidate existing high interest debts.
For example, you may have four revolving lines of credit with an average APR of 27.99%, exceeding a healthy debt-to-income (DTI) ratio of 40%. A single lower-interest payday loan can cover all these debts and convert them into a single manageable monthly payment with a much lower APR.
Lastly, remember everyday expenses. Outside of utility bills, rent/mortgage payments, and debt consolidation, the best payday loans for bad credit with no credit check can be used to cover regular living expenses such as daycare bills and gas for your next road trip to Disney World.
In case this is preferable, here are several other potential uses for payday loans:
Groceries and household expenses
Transportation costs
School supplies
Home repairs
Medical bills
Unexpected travel expenses
Vehicle repairs
Temporary cash flow issues
Insurance premiums
Unexpected taxes or fines
School uniforms or other necessary clothing
Personal or family emergencies
Small business expenses
Prescription medications
Childcare expenses
Repairing or replacing a computer
Overall, the best payday loans for bad credit with no credit check offer an excellent opportunity to bridge the gap between paychecks and ensure that you are covered until your next payday and beyond.
Are Payday Loans Offered to People With Bad Credit?The main market for payday loans is limited to bad credit borrowers with scores in the 300 to 580 range.
Unlike traditional loans from banks and credit unions, payday lenders have much more relaxed eligibility criteria, emphasizing the ability to repay over a minimum credit score.
Plus, payday loans tend to be lower dollar amounts with shorter terms (two to four weeks), so the importance of credit checks and scores may be less critical to lending institutions.
Remember, having bad credit should only be a temporary situation. It would help if you continually worked towards improving your credit score by applying basic principles, such as making on-time payments, lowering your credit utilization ratio, and reviewing your credit report/disputing credit reporting errors regularly.
How to Find and Get The Best Payday Loans for Bad CreditFinding and getting the best payday loans involves assessing your current financial situation, researching different loan types, and shopping around.
Let’s go over each in greater detail:
Use a Loan Affordability Calculator. The first step before taking out any loan (regardless of loan type) is determining your ability to repay. We highly recommend using a loan affordability calculator for this purpose.
With this tool, plug in your monthly income and estimated monthly expenses and get a baseline proposed loan amount that fits within a healthy debt-to-income ratio. Remember, any DTI of about 40% should be concerning.
You may also want to compare unsecured to secured loans. Secured loans can lower your interest rate in exchange for putting up collateral. Remember fixed versus variable interest rate loans as well.
Shopping Around. Once you have determined loan affordability and researched and compared different loan types, it’s time to shop around for other lenders. One of the best ways to do it is by submitting loan request forms to a minimum of two online marketplaces, which will only trigger a soft inquiry. It’s only when you complete actual loan applications with direct lenders where hard inquiries are triggered.
From there, try to compare a minimum of three loan offers. Before committing to one, consider carefully reviewing all rates, repayment terms, and fee structures. Remember, a hard inquiry will only be triggered once you complete a loan application with the direct lender, not on loan request form submission.
Criteria for Selecting the Best Payday Loans for Bad CreditTo select the best payday loans for bad credit, we highly recommend adhering to the following criteria:
Interest Rates and Fees. Across all of our recommended lending networks, the threshold for APRs is 35.99%. Anything about this is considered a predatory rate like traditional payday, auto title, and pawn shop loans that charge upwards of 300% and 400% APRs, respectively. The higher it is, the harder it will be to repay the loan.
Plus, there are limits as to the maximum APRs these types of lenders can charge, thanks to every state’s usury laws that dictate maximum loan amounts, repayment terms, and APRs for every payday loan under its jurisdiction.
Loan Amounts. All of our recommended online marketplaces are issued in amounts anywhere from $100 to upwards of $40,000, good to cover everything from unpaid $145 utility bills to $12,000 kitchen and bathroom renovations.
Repayment Options. We are big fans of online lending networks that offer a wide repayment range from a few months upwards of 5 years thanks to the flexibility, affordability, and customization it offers. Allowing borrowers to choose a repayment term best equips them to repay the loan without risk of default.
Additionally, longer repayment terms equal lower monthly payments (albeit at the expense of higher total interest charges over time). With limited disposable income, a four to five-year repayment term on a large dollar amount is very helpful.
Online Application Process. All of our highly recommended lending networks provide a convenient way for borrowers to apply for a payday loan for bad credit with no credit check from the convenience of their own home. You no longer need to visit an in-person location or spend time waiting in line. Expect to take no more than five minutes to complete a loan request form, where all you need to do is input your desired loan amount, state of residence, contact, employment, and depositing instructions for funds to be disbursed to your account as early as the next business day.
Extra Perks. Direct lenders at reputable online marketplaces like VivaLoans and MoneyMutual may report on-time payments to credit bureaus, which helps rebuild credit. Selecting a longer term with lower monthly payments helps boost your credit score.
Are Payday Loans for Bad Credit Offered Instantly on the Same Day?Whether or not payday loans for bad credit are offered instantly/on the same day depends on where it comes from.
Remember, one of the main reasons people take out traditional and online payday loans is speed and convenience. From looming unpaid debt accruing interest to past due utility bills with disconnection to happen any minute, every minute counts.
Are Payday Loans Paid in One Shot or as Monthly Payments?Whether or not payday loans are paid in one shot or as monthly payments depend on the lender and the type of loan.
Reputable online marketplaces like MoneyMutual and VivaLoans offer the best payday loans for bad credit with no credit check that can be paid in a single installment. Usually, these are smaller dollar loans up to several hundred dollars.
However, you can take bad personal credit installment loans, higher dollar loans in the thousands, and repay in fixed monthly installments. Some more popular loan amounts requested by bad credit borrowers include $100, $200, $300, $500, $1,000, $3,000, $10,000, and similar amounts, often rounded to the nearest zero.
As always, we highly recommend you take out the smallest dollar loan to repay the entire balance as soon as possible. Remember, the longer the repayment term, the more interest you will pay over the life of the loan. If you can afford it, consider a one to two-year term max for a loan of up to $10,000.
Are Payday Loans for Bad Credit from Direct or Non-Direct Lenders?Both direct and non-direct lenders can issue payday loans for bad credit.
Remember, direct lenders issue loans directly to borrowers without any middlemen. They are fully responsible for the loan process, from rate setting to loan request form submission to managing repayment schedules.
In contrast, non-direct lenders like Money Mutual and VivaLoan work as middlemen. They do not issue loans independently but act as facilitators connecting borrowers with a legit network of hundreds of direct lenders willing to offer competitive rates and terms.
Other responsibilities by non-direct lenders include collecting personal information to issue to multiple lenders (via a loan request form) and being a public resource where bad credit borrowers can explore different loan types and offers.
Can I Refinance My Payday Loans?It is very rare for actual payday loan companies to allow refinancing. At best, traditional payday loan companies will charge a fee up to $60 for every two-week extension. Other online payday loan companies may offer the option to extend for a smaller fee, but actual interest remains the Same.
However, there are back-door strategies to refinance payday loans. One way is getting a bad credit loan from a traditional lender like a bank or credit Union, which can be used to pay off your payday loan and consolidate debt into a single lower interest rate loan with more manageable monthly payments.
Suppose you are having difficulty refinancing your payday loan. In that case, we recommend that you engage in credit counseling or debt management programs, which may successfully negotiate with lenders on your behalf to build a new structured repayment plan. Sometimes, you can deal with the lender independently, working towards extended repayment terms or lower interest rates.
Remember, there is no guarantee, as payday loan companies are typically strict. However, it does not hurt to try if you have difficulty repaying your debt.
Can I Get No Credit Check Payday Loans by Phone or Fax?Yes, getting no credit check payday loans is possible by phone or fax. Typically this involves calling a designated phone number where an agent will collect all of your supporting documentation, such as identity and employment details via government-issued photo ID, paystubs, and/or electronic timesheets.
Once lenders receive your completed application, securing your no credit check payday loan by phone or fax may take several business days, followed by deposits into your checking or savings account.
Although phone and fax might be convenient for some, loan request forms from reputable online marketplaces like MoneyMutual are easier. Remember, these forms take five minutes to complete, with most direct lenders on these platforms offering same-day approval and funding by the next business day.
Do Payday Loans Require No Money Down?Under no circumstances should you ever have to pay an upfront fee to secure a payday loan. Remember, any loan amount and applicable fees will be repaid on your next payday, not anytime beforehand.
Keep in mind that one of the most common scams with payday loans is a request for upfront payments or fees, often under the pretense of guaranteeing a rate or “losing an opportunity” Because of these widespread scams, most states have cracked down with their usury laws, which mandate maximum APRs, repayment terms and loan amounts within safe ranges.
If you ever come across a payday loan that charges an upfront fee, run!
Secured vs. Co-signer LoansTwo types of loans that can work well for bad credit borrowers are secured and cosigner loans.
Secured loans require using collateral (e.g., vehicle or money market account) to back the loan in case of default, guaranteeing the lender can recover their losses if you cannot pay. With this added security, you can expect slightly lower interest rates than unsecured loans.
Benefits of secured loans include higher chances of approval, lower interest rates, and the potential for larger loan amounts.
In turn, co-signer loans use a second person to assume joint responsibility. If the primary borrower cannot pay, a co-signer can step in to repay the loan. Remember that both agree to take on collective responsibility, with both credit scores and the possible risk of impact with late or non-payment.
Benefits of co-signer loans include:
Improved loan terms
Quicker access to funds
An excellent credit-building opportunity where timely repayments by the primary borrower can work wonders
Regarding online marketplaces like MoneyMutual and ZippyLoans, most direct lenders on the platform only offer unsecured loans. If you are specifically looking for secured or cosigner loans, we encourage you to look elsewhere.
In short, security and co-signer loans offer an excellent opportunity for individuals with limited to no credit history to access funds quickly. Secured loans use collateral, whereas cosigner loans use another individual with good credit who agrees to take on joint responsibility. With the increased likelihood of approval, flexible loan terms, and the ability to build credit, both loan types are recommended under the right circumstances.
Payday Loans Vs. Personal Loans for Bad CreditTwo popular loan types bad credit borrowers can shoot for are payday loans and personal loans for bad credit. Although both offer an excellent quick source of funds, they are different in many ways:
Loan Amount. Borrowing limits for payday loans are typically much smaller than bad credit personal loans (usually up to $1,000), with conventional ones repaid on the borrower’s next payday within two to four weeks. Personal loans for bad credit offer higher loan amounts of up to $40,000 with flexible repayment terms.
Repayment Term. Repayment terms for traditional payday loans are usually two to four weeks, whereas personal loans for bad credit can extend as long as 60 months from a reputable online marketplace.
Credit Check and Eligibility. Most payday loan companies do not require a minimum credit score. Instead, eligibility is based on other factors such as income and ability to repay. Personal loans for bad credit may require credit checks with slightly more stringent requirements in evaluating your debt-to-income ratio and employment history.
A Word On Traditional Payday Loans From Cash Advance Places/Stores Near MePredatory Lending Practices. For individuals who need money, payday loan stores can engage in predatory lending practices. This may include a request for upfront fees and aggressive marketing tactics such as ” guaranteed approval,” with banners and flyers thrown out across the neighborhood. Remember hidden costs, which mislead borrowers into the full loan terms.
Vicious Debt Trap. Payday loan stores in local communities charge outrageously high APRs in the 400% range. Positionally, it’s common for new loans to be taken out immediately after a previous loan is repaid in full, as with a 2023 case study of payday loan operations in vulnerable Michigan rural and low-income communities.
With all of the above said, know that there are much better online payday loans from reputable lending networks like MoneyMutual and VivaLoans.
Four Ways to Manage a Healthy BudgetTo minimize your chances of taking out one of the best payday loans for bad credit with no credit check, we highly recommend implementing effective budgeting strategies to save more and reduce debt.
Here are three excellent strategies for maintaining a healthy budget:
Create a Budget. After you get a sense of your income and expenses, try to create a budget by establishing a percentage of income across several verticals, such as your fixed expenses (e.g., housing) and discretionary expenses like Netflix subscriptions, nights out on the town, and the occasional Disney World vacation.
Establish a Rainy Day Fund. To be best prepared for unexpected situations like job loss or disability, we highly recommend establishing a rainy day fund with at least six months’ worth of living expenses as cash. This provides an excellent buffer room if you go through one of these scenarios. To maximize your time, set up automated withdrawals from your direct deposit collecting bank account into a brokerage account (perhaps a money market fund or a high-yield savings account).
Alternatives to Payday Loans for Bad Credit with No Credit Check “Buy Now, Pay Later” Services – for Bad Credit and No Credit CheckOver the past decade, “Buy Now, Pay Later” (BNPL) has exploded in popularity thanks to its quick access to funds, allowing borrowers to purchase their favorite items on e-commerce sites. This payment option allows you to pay in equal, fixed installments, offering an excellent alternative to 35.99% APR credit cards.
It is easy to explain how BNPL Services work. Found on checkout pages at participating e-commerce retailers, a BNPL option will allow you to pay the full amount up front or in equal installments over a specified period (usually up to a month). Different services work on a down payment or interest-free installment model.
Advantages to using BNPL services include convenience, no credit check (some exceptions apply), interest-free options, accessibility, and quicker access to your favorite items. However, many have cited this option as providing temptations to overspend, with many consumers purchasing well beyond their means. However, financial disciplined borrowers should have no issues.
What Are The Top 3 BNPL Services?Here is a brief review of the top three most popular BNPL services:
Affirm. Affirm is one of the more popular checkout options, providing real-time credit decisions and flexible loan terms before your next purchase. Loan amounts go up to $17,500 with APRs between 0% and 30% and one to 48-month repayment terms. One of its most popular programs is Pay in 4, which allows you to make four interest-free payments every two weeks at 0% interest.
Participating retailers include Sony, Target, chúng tôi Expedia, Walmart, Amazon, and hundreds of other well-known businesses.
Keep in mind that interest charges only apply to its loans, not Affirm Pay in 4. Other perks include no prepayment penalties or late payment fees.
Afterpay. With more than 700,000 five-star reviews today, Afterpay is a well-rounded workhorse. Its most popular program is the interest-free Pay in 4 program, which allows you to pay over six weeks. The first installment is due upfront, and the rest is in equal, fixed installments over time with no fees.
One major perk to using the service is its intuitive smartphone apps, which allow you to track payments and repayment dates. It also gives you a rundown of all orders and the total amount you owe, with amounts due in 15, 30, and 60-day increments. We also appreciate that you can make purchases directly through the app with regular top brands featured now and then for the latest deals.
Klarna. For another reputable BNPL service, look to Sweden-based Klarna. It has an expensive network of participating retailers and offers a 0% interest Pay in 4 programs with no credit checks. It also offers installment payments and financing, along with the ability to delay payments to future dates. However, one downside is that it does not offer instant approval or share a maximum spending limit.
Benefits to using Klarna include flexible payments and interest-free options, just as long as you make payments on time.
Top 3 Cash Advance Apps for Bad Credit and No Credit CheckAll in all, carefully research these lending apps and refer to third-party reviews before signing up for any of them. All of them are very well known and leave the market with their own set of unique features.
A Word on Credit Unions and Payday Alternative Loans (PALs)For starters, payday alternative loans are short-term loans ranging from $200 to $2,000 with repayment between one and 12 months. APRs are capped at 28%, making them an excellent alternative to the best payday loans for bad credit with no credit check. However, you need to be a credit union member with a recurring source of income and a good to excellent credit score to qualify.
There are many benefits to paying alternative loans for credit unions, including lower interest rates, regulatory protection, membership benefits, and credit-building opportunities.
Lastly, remember credit-building opportunities. Most credit unions report on-time payments to credit bureaus, including Equifax, TransUnion, and Experian.
I’m Intrigued. Which Credit Unions Offer Personal Loans and PALs?Suppose you are looking for credit unions that offer competitive rates/fees, a wide range of financial products, easy membership eligibility, and a member-focused approach. In that case, we highly recommend the ones below, which have earned a solid national reputation:
Alliant Credit Union. We are big fans of Alliant Credit Union thanks to its rounded features, starting with various loan services from RV to personal loans. As of this writing, they’re offering loans starting at $1,000 up to $100,000 with 10.99% to 12.99% APRs and one to five-year repayment terms. They also provide same-day deposits into your account with no prepayment penalties, so you do not get punished for paying off your loan early.
Navy Federal Credit Union. Navy Federal Credit Union has a well-rounded personal loan program, offering loans from $250 to $50,000 at 7.49% to 18% APRs, much lower than bad credit personal loan companies. However, this credit union does have slightly more rigid eligibility criteria with a focus on former and current military personnel and their families.
We also appreciate Navy Federal Credit Union for additional loan types offered, including debt consolidation, secured savings, and home improvement loans.
Lastly, it is essential to note that Navy Federal Credit Union has a long and distinguished history, with over 12 million members today.
Pentagon Federal Credit Union. Pentagon Federal Credit Union is one of the more popular credit unions in the United States. Its loan program boasts rates as low as 7.74% APR on loans of up to $50,000 with repayment terms of up to 60 months. Furthermore, there are no origination or prepayment penalties, with funds received within one to two business days after verification.
Outside of its slow funding times (after two business days), Pentagon Federal Credit Union offers one of the more competitive rates and terms out there today.
First Tech Federal Credit Union. First Tech Federal Credit Union offers a pretty flexible bad credit loan program allowing members to borrow between $500 and $50,000 with APRs as low as 7.99% and flexible repayment terms, along with no payments for up to 45 days. On top of that, there are no origination or prepayment penalties, with a personalized rate possible in 30 seconds for a two-year term.
Three Highly Recommended Budgeting Apps for People with Bad CreditWe recommend establishing a solid financial repertoire, watching your budget, tracking expenses, and establishing a rainy day fund to minimize your chances of taking out a bad credit loan.
However, these efforts could be minimized if you do not have the right money management or budgeting apps.
Here are four highly recommended money management or budgeting apps:
It can also monitor your Investments and provide real-time net worth updates.
In short, chúng tôi is one of our favorite management apps. For us, it doesn’t have any weak points. There may be too many features to count and keep track of.
Empower. Empower offers several tools, including a retirement planner, budget planner, and net worth calculator. We’re big fans of its budgeting tools that allow you to create personalized budgets based on your income and outflow.
Another thing we appreciate is automatic savings and the ability to create personalized savings goals without automatic transfers from your checking or savings account to an Empower account.
Empower checking could work for you if you’re also looking for a high-yield checking account, which would be able to receive the loan proceeds from the best payday loans for bad credit with no credit check companies.
YNAB (You Need a Budget). YNAB was one of the more popular budgeting apps on the market today. It applies a zero-based budgeting program that requires users to allocate every dollar they earn to a goal, with fully customizable spending categories and limits for each category.
Another benefit to using YNAB is automatic thinking with your bank accounts and credit cards, which Imports transactions in real-time and places them into categories. This is intended to reduce the time it takes to manually input data and provide a full view of your financial situation.
In short, YNAB offers an excellent way to stay on top of your expenses with instant alerts on unique spending patterns. We especially appreciate its charts that are easy to read.
Four Ways to Be Cheap If You Have Bad CreditIf you have bad credit, you can pay higher than average interest rates on other lines of credit such as mortgages and personal bad credit loans. However, there are ways to mitigate this by establishing healthy budgeting and effective running management.
Here are five strategies to help you become a more financially savvy person:
Improve Your Credit Report. Recommended ways to improve your credit score include making timely payments and lowering your credit utilization ratio. Try to diversify your credit mix and not close any accounts regardless of your account age. We also encourage you to limit the number of new loan applications within a short period, as they can trigger hard inquiries on your report that can temporarily dip your credit score.
However, these are for strictly secured bad credit personal loans, not auto title or pawn shop loans that offer this proportionate loan amount for the item’s value.
Shop Around. One of the best things you can do as a consumer is shop around. Work on researching at least three direct lenders offering competitive rates and terms, preferably from two lending networks (as not all lenders overlap between them).
For perspective, consider the example of a 2-year $6,000 loan with a 27.99% APR and the same loan with a 35.99% APR. The total difference in cost between the two loans is $965.20, which is astronomical. Shopping around could be one of the smartest things you do today.
All in all, all of these strategies are designed to keep your financial resources in order and to minimize your chances of taking out one of the best payday loans for bad credit with no credit check. Remember, it’s best not to take out any loan if you exercise good money management habits.
All About Credit ScoringLet’s learn about the role credit scores play in the lending industry, including being the final decision-maker for the APRs you will be expected to pay for any loan.
What Is A Credit Score?For starters, a credit score is a three-digit number that reflects a borrower’s creditworthiness, determined by their credit history. (used by all types of financial institutions, Banks, and credit card companies ) to determine how risky it is to lend you money. The higher your credit score, the lower the risk of borrowing to you.
How are Credit Scores Calculated?Credit scores are calculated based on the following:
Payment History. Percentage of on-time versus late and missed payments.
Credit Utilization Ratio. Ratio of available credit versus total outstanding balances. For example, a $10,000 Chase Sapphire credit limit and $3,700 revolving balances equal a 37% utilization ratio. The best practice is to keep it at or under 40%, with a preference for single-digit percentages. That’s why we highly recommend paying off the full statement balance for all of your credit cards every month.
Length of Credit History. How long you’ve been using credit. The longer your credit history, the higher your score.
Credit Mix. Diversifying the different types of credit you manage (e.g., mortgages, student loans, credit cards, and bad credit personal loans).
Five Ways to Boost Your Credit ScoreWe highly recommend boosting your credit score before any loan application to avoid APRs as high as 35.99% with the best payday loans for bad credit with no credit check.
A healthy credit score allows you to obtain favorable interest rates, secure multiple lines of credit, and strengthen your financial position.
Here are five surefire strategies to help you improve your credit score in no time:
On-Time Payments Every Time. With payment history accounting for 35% of your FICO score, every missed or late payment counts. Even a late payment can drop your credit score by 100 points or more. Best practice is to set up automatic payments.
If you cannot pay off the full statement balance, try to make at least the minimum payment. However, making only the minimum payment will result in increased interest charges due to higher remaining balances, not to mention prolonged debt repayment and a negative impact on your credit utilization.
Request a Credit Limit Increase. One of the best ways to boost your credit scores is by requesting a credit limit increase across all your credit cards. To do this, call the number on the back of your credit card and ask to speak to a representative. Remember, the higher your credit limits and the lower your outstanding balance, the lower your credit utilization ratio. However, we only recommend this strategy if you are confident you can be responsible and not accumulate more debt.
With this strategy, your credit utilization ratio will only improve if your overall spending remains the same. For example, if you have a $10,000 credit limit and a $2,000 balance, you have a 20% utilization ratio. However, if your credit limit is increased to $20,000 and you keep the same balance, your utilization ratio lowers to 10%, which is an excellent range.
Remember, we encourage you to keep your credit utilization ratio in the single digits wherever possible.
Dispute Credit Reporting Errors. Many credit reporting errors exist, from incorrect balances to wrong addresses. You can find them in Experian, Equifax, and TransUnion reports. Make it a habit of checking your credit report every couple of months or with every loan application. If you successfully dispute an error, that can easily result in a 50 to 100-point increase, which can mean the difference between a 21% and a 35.99% APR personal loan for bad credit.
Keep a Healthy Credit Mix. Keeping a healthy credit mix of credit cards, student loans, mortgages, and other credit lines is essential. By having more than one type of credit, it is a good time for lenders you know how to manage credit responsibly.
Payday Loans for Bad Credit vs. Car Title Loans vs. Pawn Shop LoansOften, bad credit borrowers may try to decide between payday loans for bad credit versus car title loans and pawn shop loans.
Let’s explore the similarities and differences between each:
SimilaritiesLoan Amounts. Traditional payday loans for bad credit and car title loans offer up to several hundred dollars, depending on applicable state usury laws. However, reputable online marketplaces like MoneyMutual and MarketLoans offer loans of up to $5,000 and $40,000, respectively, which can be used for larger scale expenses like debt consolidation, home improvement projects, and eye popping hospital bills.
Repayment Terms. Expect traditional payday and car title loans to offer repayment terms anywhere from two weeks to a month, repaid on a borrower’s next payday as a single lump sum. Fortunately, online options offer higher dollar amounts, repaid in installments with repayment terms as high as 60 months.
DifferencesSecured vs. Unsecured. Whereas payday loans are unsecured (requiring no use of collateral), auto title and pawn shop loans are secured using the borrower’s vehicle or other assets as collateral. Other types of collateral may include real estate, money market accounts, and personal property like a $12,000 Omega watch or an $8,500 diamond necklace.
Credit Checks. Payday loans for bad credit may be less likely to require a credit check than car title loans, which may need it. However, a credit score is one of many factors used to make a lending decision. Other factors determining your eligibility include your vehicle’s value and ability to repay the loan.
Vehicle Ownership. Car title loans require that you are listed as the owner on any vehicle title. You must prove that you don’t have any outstanding debts on the vehicle with all financing payments made to date. You must show proof of vehicle ownership with a title as part of the loan process.
Payday Loans for Bad Credit vs. Credit Card Cash AdvancesFor starters, payday loans for bad credit rely on a checking account and recording and recurring source of income as main qualifiers, with loan amounts ranging as low as $100 upwards of several thousand dollars, repaid on the borrower’s next payday or over a longer term (e.g., 60 months).
A Few Words For The Self-Employed and Students I’m Self-Employed. What Are the Best Loans to Get?There are many loan opportunities available to the self-employed, including but not limited to the following:
Personal Loans. Reputable online marketplaces like 100Lenders and VivaLoans offer bad personal credit installment loans in addition to the payday loan for bad credit with sub 35.99% APRs and repayment terms as long as 60 months. Like payday loans, they are also unsecured.
You can also secure lower interest rates through credit unions like Alliant Federal Credit Union, Navy Federal Credit Union, and Pentagon Federal Credit Union (PenFed). As long as you have a respectable credit score in the 680 range, a recurring source of income, and credit union membership, expect capped 28% APRs on loans of up to $50,000.
I’m a Student. What Is the Best Loan to Get?For students, the type of loan ideal for your financial situation depends on several factors, such as interest rates, repayment terms, and loan amounts.
If you want to finance your education, look towards Federal student loans. Offered by the US Department of Transportation, they offer low-interest rates, fixed repayment options, and deferment/forbearance options where you can temporarily suspend payments based on qualifying circumstances such as financial hardship or extended unemployment periods.
Suppose you work for a government or non-profit organization. In that case, the federal government may forgive your remaining federal student loan balance if you adhere to qualifying criteria (e.g., making 120 consecutive payments as a full-time worker for a government or non-profit agency).
Are Bad Credit Loans with Fixed or Variable Interest Rates?The question of fixed or variable interest rates for bad credit loans depends on several factors, such as the type of lender and loan product.
In short, fixed interest rate bad credit loans have the same interest rate throughout the loan term with the same monthly payments. It offers protection against potential future interest rate increases due to macroeconomic conditions and the actions of the Federal Reserve.
In turn, variable interest rate loans go up and down over time, consisting of a set rate by the Federal Reserve plus a small margin. If the benchmark goes up, interest rates increase and vice versa. Variable interest rate loans are almost always riskier for bad credit borrowers than fixed-rate loans.
In short, bad credit loans can come with fixed or variable interest rates, with most loan products by our recommended lending networks operating as fixed.
The Dark Side of No Credit Check LoansUnfortunately, some no-credit-check loans from non-legit places have achieved a much-deserved negative reputation, trapping borrowers into a vicious debt cycle that may take a long time to climb out of.
Here are five signs to watch out for:
Misleading Advertising. Never trust ain’t no credit check company with aggressive marketing tactics. They are notorious for downplaying costs and risks with excessive marketing jargon like “guaranteed approval” or the promise of low-interest rates in exchange for an upfront fee.
Hidden Fees. Often, predatory no credit check companies have hidden fees within a sea of disclaimers and fine print in hard-to-read loan contracts. Remember to look out for origination and prepayment penalties, all of which contribute towards a higher APR.
Aggressive Collections. It’s not uncommon for a predatory no credit check, instant approval loan company to employ aggressive collections tactics like late-night harassing phone calls, threats of lawsuits, and general harassment. All these create unnecessary stress, especially when placed in a particular financial situation.
Watch Out for Rollovers. Lastly, never trust ain’t no credit check company actively encouraging you to renew loans. As soon as these companies detect you cannot repay, they are more than happy to promote renewals and rollovers, both of which incur fees as high as $60 for an additional two-week extension.
Strapped for Cash? Here Are Some Local & Governmental Programs That Can HelpIf a payday loan for bad credit with no credit check is not preferred, plenty of local and government programs offer emergency cash relief as an alternative. Sources of cash funding include local non-profit organizations and emergency assistance programs.
Here are three highly regarded local governmental programs:
US Department of Housing and Urban Development (HUD). HUD is popular for its emergency rental assistance programs, which helps households cover unexpected utility bills with an eye on preventing homelessness. To qualify, you must meet a certain income threshold. For more information, visit the US Department of Housing and Urban Development (HUD) website.
Low-Income Home Energy Assistance Program (LIHEAP). This federally funded program assists with utility costs, focused on energy bills. Every state has a LIHEAP office managed by the US Department of Health and Human Services. Their financial assistance depends on several factors, such as household income, state of residence, number of family members, and energy costs. If you meet eligibility criteria, it’s not uncommon to have 100% of your energy costs covered.
Temporary Assistance for Needy Families (TANF). TANF assists low-income families with children with immediate cash benefits, job training, and similar civic services accessible through each state’s local service agency. To qualify, you must have legal residency, be unemployed/have low income, and be pregnant or a head of household with a child 18 years of age or younger.
For more information on TANF, visit the US Department of Health and Human Services website.
A Word on the Online Lenders Alliance (OLA)Often, you will hear us mention the Online Lenders Alliance (OLA).
Its website offers a treasure trove of information with plenty of articles on everything from borrowing responsibly to how to recognize payday loans for bad credit with no credit check scams.
How Did We Decide Which Lending Networks to Cover in This Guide?When compiling our research guide on the best payday loan for bad credit with no credit check companies, we considered several important factories, including but not limited to the following:
APRs. One of our recommended online marketplaces offers competitive APRs of up to 35.99% APRs, which blows traditional payday, auto title, and pawnshop loans out of the water.
Not only will you enjoy lower interest rates than these predatory loans, but you can also expect to be matched with several direct lenders offering these competitive rates. For perspective, the total cost of borrowing for a $3,000 loan with a 24% APR and a 31% APR (identical terms) is radically different, with $210 more in interest charges for the higher APR loan.
Now you understand why shopping around means the world!
Remember, APRs equal the cost of borrowing, totaling interest rates, and all finance charges, which may include origination fees.
Transparency. Recommended online marketplaces must have clearly worded disclaimers, stating data sharing practices, interest rates, fees, repayment terms, potential hidden fees, states of operation, physical address, and how it operates as an intermediary connecting prospective borrowers with a network of legit direct lenders.
These disclaimers also typically state that they are not direct lenders and carefully cite any risk or limitations associated with the loan (e.g., higher than average interest rates and potential consequences of default).
Remember to check for actual physical addresses. One of the best signs of a payday loan scammer is the absence of a physical address.
Repayment Terms. Top lending networks like VivaLoans and FundsJoy are known for their broad repayment terms ranging from six months up to 60 months (even 72 months in some cases). Repayment term selection should be based on your budget and ability to make on-time payments.
Note: the longer the repayment term, the higher the total interest paid over the life of the loan. If you can afford it, opt for a one- or two-year repayment term, regardless of the loan amount. Your future bank account will thank you for it.
Ease of Use. One common denominator amongst our recommended payday loans for bad credit with no credit check online marketplaces is that they offer quick and intuitive online applications. Usually, they take no more than five minutes to complete, asking for basic information such as your desired loan amount, state of residence, home address, employment information, and depositing details for funds to be disbursed by the next business day.
Whether a simple two-page form viewable on one screen or a longer, multi-step form with a percentage-based progress bar, all our recommended online marketplaces pass the test.
Keep in mind that ease of use does not extend to customer support. Unfortunately, VivaLoans, 100Lenders, and other non direct lenders do not offer a dedicated phone line or email address as they are not loan originators. Instead, they pass on your contact information to a network of qualified legit direct lenders who perform all the leg work checking your eligibility.
To a lesser extent, we factored in third-party reviews. However, it is essential to know that there is a much higher volume of third-party reviews for direct lenders than non-direct lenders, except for MoneyMutual. Ultimately, loan satisfaction should be based on the actual direct lender, not the non-direct lender, as they do not originate nor manage the entire loan process.
Frequently Asked QuestionsCan I get a payday loan with bad credit or no credit check?
Yes, getting a payday loan with bad credit and no credit check is possible. Other eligibility criteria apply, including age (18 years or older) with a monthly recurring income of at least $800. You must also have US citizenship or permanent residency with a valid checking or savings account to receive funds.
What are the repayment options for bad credit payday loans?
One of the best things about bad credit payday loans is its flexible repayment options. Traditional payday loans run on short two to four-week repayment terms, with loan proceeds repaid on your next payday. However, online bad credit payday loan options offer longer repayment periods, up to 60 months, paid in installments over a fixed period.
How much can I borrow with a payday loan for bad credit?
How much you can borrow with a payday loan for bad credit depends on the lending network and direct lender. For example, VivaLoan direct lenders offer anywhere from $100 to $15,000, whereas MoneyMutual direct lenders offer between $200 and $5,000.
What are the interest rates and fees associated with bad credit payday loans?
However, it is essential to note that each state has its own usury laws. For example, California’s Deferred Deposit Transaction Law (CDDTL) mandate restricts maximum loan amounts of $300 with a repayment term not exceeding 31 days and fees not exceeding 15% of the total loan amount. For example, if you borrow $200, the maximum fee you would pay is $30.
Can pensioners get payday loans?
Yes, pensioners may be eligible for payday loans. However, policies vary from lender to lender. Just be sure to meet the minimum income threshold and conduct a loan affordability exercise to see if you can comfortably manage loan repayment every month with longer term, instant approval payday loans.
Can the unemployed get payday loans?
Unemployed people will need help applying for traditional or online payday loans with lower APRs. However, some may accept government, unemployment, or disability benefits to compensate.
For example, 100Lenders requires that you’re at a minimum of $800 a month, whereas others may demand as high as $1,000 a month.
Can I get a payday online loan with no bank account?
Unfortunately, MoneyMutual, 100Lenders, and another recommended lending network require you to have a valid checking or saving account to distribute funds to. They are used to distribute funds and for repayment through authorized electronic transactions.
In some circumstances, their own companies may accept prepaid debit cards or in-person cash pickup. Secured loan options like auto title and pawn shop loans also may not need a bank account since your own assets are already held. However, these are often predatory, so we do not recommend them.
How much money can I take out with payday loans?
Reputable lending networks like MoneyMutual, VivaLoans, and 100Lenders each have their maximum borrowing amounts of $5,000, $15,000, and $40,000, respectively. That means you can take out loans as low as $100 upwards of $40,000. If you ever typed “I need money now” or “extremely bad credit” into Google while looking for these amounts, you’ve come to the right place.
What is an origination loan fee? Do payday loans charge them?
Also known as origination fees, lenders charge these in exchange for processing your loan application. Typically they are the percentage of the total loan amount. For example, if the origination fee is 2% and the loan amount is $20,000, the fee is $400, deducted from the loan proceeds before being issued to you.
Most direct lenders from our recommended online marketplaces only charge them for FundsJoy and Upstart, which charge origination fees of up to 5% and 8%, respectively.
Do the best payday loans for bad credit with no credit check require income verification?
Almost all payday loan companies from our recommended online marketplaces require some form of income. For example, ZippyLoans requires a minimum monthly income of $800. Fortunately, you do not have to be employed in a full-time job for this. You can be self-employed, a pensioner, or collect government benefits to qualify.
Do you prefer to pay APRs up to 35.99% or 400% APRs? The choice is clear.
What is your opinion of pawn shop and auto title loans?
We highly recommend avoiding pawn shop and auto title loans at all costs. On top of the risk of losing your valuable possessions, expect sky high interest rates (300%+ APRs), limited loan amounts, ultra-short repayment periods, and a damaging impact on your credit score if you do not repay the loan on time.
What about a higher dollar amount (say $9,000) for a large kitchen and bathroom renovation? If so, the best payday loan for bad credit with no credit check from reputable online marketplaces may be your best bet, as they offer much higher dollar amounts with longer repayment terms.
Are there alternatives to payday loans for bad credit?
Lastly, take into account the power of family and friends. Only a family member or friend can offer you a 0% interest loan with a very high borrowing limit, depending on your relationship with them.
Are there any fees associated with payday loans?
Several types of fees are associated with payday loans, including interest fees (APRs of 400% or higher), finance charges, origination, late payment, rollover/renewal, prepayment, and even collection fees. However, the best payday loans for bad credit with no credit check from reputable online marketplaces like MoneyMutual do not charge most of those fees, with the majority of fees from third parties (or issued by banks for late and insufficient funds).
What happens if I can’t repay my payday loan?
If you cannot repay your online payday loan, expect to incur late fees of up to $39. Consequences include collection attempts, potential negative impact on credit score, additional fees/interest, legal action by the lender, and a continuous debt cycle that may encourage you to take out a new loan to pay off the current outstanding balance. However, this practice is not recommended, as fees and interest will only accumulate, creating a vicious debt cycle for months or even years.
Sources
ConclusionHow (And Who) To Ask For A Letter Of Recommendation
Letters of recommendation often make or break a graduate school application. It’s important to think carefully about who to ask and how to do it.
Follow these five steps to guarantee a great recommendation, including program-specific tips and email examples.
Step 1: Choose who to askYour first step is to decide who you’ll ask to write a letter for you. Ideally, this should be someone who you worked with outside of just the classroom context—for example, a former professor who supervised your research.
It’s important to ask someone who knows you well, even if they are less well known than other professors at your institution. Graduate admissions committees want to get a good sense of your ability to perform well in their program, and this is difficult to accomplish if your recommender only knows you as a face in the crowd.
Who you should ask also strongly depends on the type of program that you’re applying to. Different programs prefer different qualities in their admitted students, and thus weigh types of recommenders differently. Take a look at the program-specific tips below.
Research
Business
Medical
Law
For research programs (MPhil, DPhil, PhD, Research Master’s), graduate admissions committees are looking for evidence of your potential as a future researcher.
Since this is tricky to assess from test scores and transcripts, letters of recommendation are often the most important part of a graduate research program application.
Your letter should thus be from someone who can speak to your skills as a researcher. This could be, for example, a professor who supervised you on an independent research project, or the head of a lab that you worked in as an undergraduate.
If you worked as a full-time research or lab assistant after undergrad, ask your managers, who are usually full-time researchers themselves and therefore experts on what makes a good researcher.
Unlike most graduate programs, business schools are less interested in your undergraduate academic performance. Instead, they try to assess your potential to succeed in the workplace, particularly in managerial or leadership positions. The same applies to public policy and other professional programs.
Ideally, your letters of recommendation should come from current supervisors at your work. If this isn’t possible, you should ask coworkers who are senior to you and know your work well.
Although business schools normally prefer candidates with several years of experience, current undergraduates sometimes apply as well. In this case, you should ask internship supervisors or—as a last resort—professors who know you well.
Medical schools look for evidence that you are academically prepared for the study of medicine and that your character is well-suited to becoming a doctor. Admissions committees in medicine prefer academic references, but they also require a few extra steps.
Firstly, while graduate programs usually require two or three recommendation letters, medical schools often ask for more—you may have to submit up to six letters, some of which should be from former professors in the natural sciences.
Finally, if you’ve worked on any research projects, you should submit a letter from your supervisor. Medical schools view research competence as a plus.
Law school letters of recommendation should mostly be from former professors or other academic supervisors.
You should only use non-academic recommenders if they can directly speak to your suitability to study law—for example, if you regularly work with lawyers, or if your job involves skills like critical reading or research that are relevant to legal practice.
Step 2: Reach out and request a meetingThe next step is to get in contact with your potential recommender. If you haven’t talked to them in a while, begin your email with a quick reminder to jog their memory. Be friendly, direct, and concise.
If possible, it’s best to plan a meeting to discuss your request. However, if this isn’t practical (for example, if you’ve moved far away from your undergrad institution), you can skip this step and head straight to the third.
Email example: Requesting a meeting
Hi Professor Smith!
I hope that everything is going well with you and that you’re still enjoying teaching your seminar on the post World War II international order. I thoroughly enjoyed taking it with you last year as a junior.
I’m currently thinking about what I want to do next year, which will hopefully involve graduate work in political science, and was hoping to meet with you to discuss your thoughts on graduate school. Do you have any time over the next few weeks to meet?
Best,
Janna
Prevent plagiarism. Run a free check.Try for free
Step 3: Ask for a letter of recommendationMake your request during your meeting or, if necessary, via email. Let them know what sort of programs you are applying to and when the deadlines are. Make sure to give your recommenders plenty of time!
Instead of just asking for a recommendation letter, specifically ask if they can write you a strong recommendation. This allows your recommender an “out”—for example, if they don’t feel they know you well enough. A bad or even lukewarm recommendation is the kiss of death for any application, so it’s important to ensure your letters will be positive!
If they say they can’t give you a strong recommendation, don’t panic. This gives you the opportunity to ask someone else who can provide you a better recommendation.
Email example: Requesting a recommendation letter
Hi Professor Jones!
How are you? I hope everything is going well and you’re still teaching Introduction to Labor Economics to eager students!
I’ve been out of school for a year now, working as a full-time research assistant in New York City. Come this fall, I’m hoping to apply to a few programs for graduate school, mostly doctoral programs in Economics.
Since I took two economics classes with you (Introduction to Labor Economics in Spring 2023 and Industrial Organization in Fall 2023), I was hoping that you might agree to serve as a letter writer for my graduate program. I wanted to highlight my work in labor economics, since that’s what I’m hoping to study in graduate school. Also, since I loved your classes, I thought you might be a good person to ask!
The letters of recommendation would be due to each individual program’s website in December. I understand, of course, if you’re too busy this summer or if you don’t feel that you would be the best fit to write a letter. My goal is simply to paint as complete a picture as possible of my undergrad career at Western. If you’d like, we can also discuss this on the phone.
I look forward to hearing back from you!
Best,
Mary
Step 4: Share your resume and other materialsYou should send your resume or CV to your recommenders, along with any other material that might jog their memory or aid in their recommendation.
For instance, you may want to send along your statement of purpose or writing sample if one is requested in your application. Admission committees are looking for a cohesive story that the letters of recommendation, personal statement, and CV work together to tell.
Research
Business
Medical
For a research program application, when updating your recommenders, make sure to emphasize any publications or large research projects you’ve completed since you worked together.
For a business school application, ask your recommenders to write on your professional performance and managerial/leadership potential, rather than your academic performance. Business schools often give specific prompts that they want recommenders to answer.
Medical schools and other healthcare programs look for more than academic credentials. Since healthcare professionals are expected to uphold high standards of integrity and professionalism, they also like recommenders to write on applicants’ characters and aptitude to serve the public.
Step 5: Remind your recommenders of upcoming deadlinesFinally, you should send an email to your recommenders a few weeks before the letters are due, reminding them of the deadline and asking if there is anything else you can send them to assist in writing the letter.
If any materials are late, programs will often reject your entire application, so it is imperative that your recommenders get their letters in on time. However, you should also keep in mind that your letter writers are probably quite busy, so don’t send too many reminders!
Email example: Sending a reminder
Dear Professor Jones,
Hope the semester is going well! Thank you again for agreeing to serve as my recommender. I just wanted to send you a quick reminder that recommendations for Program X, Y, and Z are due in two weeks, on December 15. Please let me know if you need anything else from me, and thank you again!
Best,
Mary
Other interesting articlesIf you want to know more about college essays, academic writing, and AI tools, make sure to check out some of our other language articles with explanations, examples, and quizzes.
Frequently asked questions about recommendation lettersWho should I ask for a letter of recommendation?
Choose people who know your work well and can speak to your ability to succeed in the program that you are applying to.
Remember, it is far more important to choose someone who knows you well than someone well-known. You may have taken classes with more prominent professors, but if they haven’t worked closely with you, they probably can’t write you a strong letter.
Can I ask non-professors for a letter of recommendation?
This depends on the program that you are applying for. Generally, for professional programs like business and policy school, you should ask managers who can speak to your future leadership potential and ability to succeed in your chosen career path.
However, in other graduate programs, you should mostly ask your former professors or research supervisors to write your recommendation letters, unless you have worked in a job that corresponds closely with your chosen field (e.g., as a full-time research assistant).
What do I say when asking for a letter of recommendation?
It’s best to ask in person if possible, so first reach out and request a meeting to discuss your graduate school plans.
Let the potential recommender know which programs you’re applying to, and ask if they feel they can provide a strong letter of recommendation. A lukewarm recommendation can be the kiss of death for an application, so make sure your letter writers are enthusiastic about recommending you and your work!
Always remember to remain polite. Your recommenders are doing you a favor by taking the time to write a letter in support of your graduate school goals.
Cite this Scribbr articleThomas, L. (2023, June 01). How (and Who) to Ask For a Letter of Recommendation. Scribbr. Retrieved July 10, 2023,
Cite this article
National Credit Union Administration (Ncua)
National Credit Union Administration (NCUA)
An independent federal agency in the United States responsible for supervising credit unions
Written by
CFI Team
Published May 11, 2023
Updated July 7, 2023
What is the National Credit Union Administration (NCUA)?The National Credit Union Administration (NCUA) is an independent federal agency in the United States responsible for supervising credit unions. Specifically, the NCUA is tasked with insuring deposits at federal credit unions in the US, protecting members who own credit unions, and chartering credit unions.
The NCUA’s primary mission is to provide a safe credit union system that protects both credit unions and its consumers through regulation and supervision to promote confidence in cooperative credit.
Today, the federal agency currently monitors over 9,500 federally-insured credit unions that provide services to over 80 million customer accounts.
Summary
The National Credit Union Administration (NCUA) is a federal agency in the United States responsible for supervising credit unions.
The NCUA is tasked with insuring deposits at federal credit unions in the US, protecting members who own credit unions, and chartering credit unions.
Two main areas of responsibilities of the NCUA is administering the National Credit Union Share Insurance Fund (NCUSIF), which provides up to $250,000 of insurance in the event of credit union failure to millions of account holders, and acting as a regulator of the Federal Financial Institutions Examination Council (FFIEC).
What are Credit Unions?Credit unions, similar to banks, provide a number of services, such as mortgages, loans, and savings accounts. What differentiates credit unions is that they are non-profit organizations that operate as a financial cooperative. The main purpose of credit unions is to serve its members rather than earning a profit as banks do, since banks are responsible to their shareholders.
Members of credit unions pool their money together in order to provide services to each other. Any income generated is used to fund products and provide services that benefit its community of members as a whole.
Credit unions typically provide fewer services than traditional banks, but its members often benefit from better rates on savings, lower interest rates on loans, and reduced fees.
History and Structure of the NCUAFederal credit unions themselves were first created in 1934 at the height of the Great Depression under former US President Franklin D. Roosevelt’s New Deal. The Federal Credit Union Act enabled the chartering of federal credit unions in all states.
The purpose of the law was to make credit available to American citizens and promote the system of cooperative credit, which provided benefits to all the members within the system. Throughout the decades, the number of credit unions in the United States grew rapidly in the 1940s and 1950s – reaching over 10,000 in the 1960s and serving over six million Americans.
From its inception, credit unions were initially regulated by the Bureau of Federal Credit Unions until 1970, when there were over 24,000 credit unions in the US. The growth in the credit unions’ number led to the creation of the National Credit Union Administration through an act of the United States Congress in March 1970, which remains the regulatory board today.
Headquartered in Alexandria, Virginia, the NCUA is led by a three-member board of directors who are appointed by the president and confirmed by the Senate, with one member acting as the chairman. The board is responsible for setting matters of policy, issuing directives and regulations, and approving budgets. It also hears appeals concerning issues regarding individual credit unions.
The NCUA is divided into three administrative regions that are responsible for governing the affairs in specific US states and territories.
Western Region: Headquartered in Tempe, Arizona, the region is responsible for the affairs of the Western and Mid-Western United States, as well as Guam, Hawaii, and Alaska.
Eastern Region: Headquartered in Alexandria, Virginia, the region is responsible for most of the Northeastern US.
Southern Region: Headquartered in Austin, Texas, the region is responsible for the affairs of the “Deep South,” as well as the US Virgin Islands and Puerto Rico.
National Credit Union Share Insurance Fund (NCUSIF)The National Credit Union Share Insurance Fund (NCUSIF) is one of the NCUA’s primary responsibilities. The Share Insurance Fund provides up to $250,000 of insurance in the event of credit union failure to millions of account holders in all federal and the majority of state-chartered credit unions.
The NCUSIF operates with the backing of the “full faith and credit” of the United States government, meaning that the government offers an unconditional guarantee to back the interest and principal of the fund’s debt.
Federal Financial Institutions Examination Council (FFIEC)Another responsibility of the NCUA is acting as one of five regulators of the Federal Financial Institutions Examination Council (FFIEC). The FFIEC is responsible for developing uniform principles, standards, and report forms and for promoting uniformity in the supervision of depository financial institutions.
Additional ResourcesCFI is the official provider of the Commercial Banking & Credit Analyst (CBCA)™ certification program, designed to transform anyone into a world-class financial analyst.
Google Wallet Uses Nfc For Credit
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Google just announced the NFC-based mobile payment scheme we all knew was coming: Google Wallet. Leveraging the wireless NFC chip in (some, with more to come) smartphones, Google Wallet allows you to tap your phone on a point-of-sale system to pay with your credit card account, as well as a host of coupons and loyalty cards and other retail-friendly stuff Google showed off today.
Starting with the basics, we’d recommend anyone confused about NFC (and it can be confusing!) to check out our primer on the tech, which covers just about everything you’d want to know about the future of wallets (including the fact that we won’t even be using wallets–we’ll just be reaching into our robo-pockets for our superphones). All caught up? Good! So what’s Google Wallet anyway?
Google Wallet is a combination of a few different mobile payment features. It’s an Android app, both because Google is behind both Wallet and Android and because an Android phone (the Samsung Nexus S) happens to be the only NFC-wielding smartphone in the country. Google expects NFC to be in around 50% of all smartphones by 2014–a conservative guess, but the tech will need time to mature, so it seems pretty likely. Google’s open to moving Wallet to other platforms like iOS, BlackBerry, and Windows Phone, but phones need an NFC chip to be compatible with Google Wallet. Theoretically, that could be done with a simple sticker.
The first and most obvious feature is mobile payments–you can tap your Wallet-enabled phone on a point-of-sale system (the thing on which you swipe your embarrassingly 20th-century plastic credit cards right now) to pay. Easy! But NFC is a two-way protocol, which means you can (and will) receive stuff from retailers and Google as well. Google is encouraging the use of loyalty cards (you know, the “buy 20, get one free” things that are undoubtedly cluttering your wallet right now) and coupons or deals. This feeds into Google’s second new app, Google Offers.
Google Offers
Buy something from a store, and that store will be able to send you a coupon, right to your Google Offers app. Plus, Google’s doing a little Groupon-type deal that’ll send new offers to you every day. You won’t have to keep track of these deals, though–Google Offers is designed to play nicely with Wallet, so that single tap at Subway will enable your $1-off coupon, pay for your sandwich, and make a digital stamp on your loyalty card so you can keep working your way towards that free meatball sub. That’s what’s available now, but it’s just the start, and depends on how far the retailers want to go with the system. Theoretically, as in an example Google showed, you could make up a shopping list on your phone, and when you walk into a grocery store, be informed immediately of what’s on sale, snag the coupons automatically, and be offered a loyalty card if you’re a regular shopper. Then, you’ll have the receipt saved, so if you get home and find that your milk has expired, you can take it back without having to worry about holding onto paper receipts. No more receipts! Ever!
Google has already lined up a few partners, including Sprint (which just released the Nexus S 4G), retailers like Subway, Macy’s, and Walgreens (and several more), and money-types Citibank and MasterCard. MasterCard is the real trump card here–they’ve already got a pretty extensive NFC system in place, called PayPass, that currently allows you to wave your card or keychain dongle instead of swiping it (a feature of dubious use, to be sure). But that means that field-testing of Google Wallet starts right now (in New York and San Francisco, at least), with 100,000 merchants nationwide fully set up to handle your phone-tapping.
Of course, not everyone has MasterCard, which is the only official credit card partner of Google Wallet at the moment. So Google’s providing a pre-paid sort of account to every Google Wallet user, which works sort of like a debit card, allowing users to fill up their card with money from any bank account or non-MasterCard credit card.
Security-wise, we’re happy to see Google is acting very proactive. The fears about someone swiping your credit card information wirelessly while your phone is in your pocket seem to be mostly unfounded. To make any purchase, you’ll have to enter a PIN number. Even better, when you’re not actively using the Google Wallet app, the physical NFC chip is shut down, with no communication to the outside world. If you lose your phone, there’s a remote wipe in place that allows you to banish all traces of your financial information from your phone.
Google Wallet: Security
Google keeps touting openness, transparency, and control, all important when people’s money is in the mix. Hopefully Google can make Wallet useful for consumers as well as retailers, without being too annoying for consumers. The field testing is starting now, and Google says the full rollout will come “soon” after, probably sometime this summer.
Google Wallet
Pov: An Open Letter To Doug Emhoff, The Second Gentleman Of The United States
POV: An Open Letter to Doug Emhoff, the Second Gentleman of the United States
Photo courtesy of AP/Andrew Harnik
Voices & Opinion
POV: An Open Letter to Doug Emhoff, the Second Gentleman of the United States How your name is remembered depends on what you do with the spotlight your unique standing attractsDear Mr. Emhoff,
Congratulations to Vice President of the United States Kamala Harris and best wishes to you as you take up the mantle of second gentleman. You are blazing a trail and setting a new standard for those who will follow. Although second ladies have historically been publicly visible but politically marginalized, as the male spouse of the first female vice president in US history, you will garner unprecedented attention that brings both opportunities and challenges that warrant consideration.
Although your tenure as the first second gentleman has just started, you have clearly been making the position your own. By mixing socially conventional and heterodox orientations, your behaviors so far have underscored the potential social influence of the unelected, unappointed office you now hold while also drawing attention to the need for the continued evolution of what were once commonly accepted sex roles and gender norms. For example, your enthusiasm for Vice President Harris’ accomplishments, your support for her political ambitions, and your willingness to make personal and professional sacrifices to buttress her endeavors are reminiscent of the actions and attitudes of many political wives throughout history. While norms are changing, it is still common for husbands of female politicians to avoid the limelight and lead more private lives instead of outwardly embracing the role of a supportive spouse.
Some people may have questioned your decision to adopt what has been characterized as a feminine, subordinate public role, but your willingness to assume the position demonstrates a confidence in your own personhood (as well as that of your wife) that is both inspiring and instructive. By ignoring the critics and fulfilling the relational duties often ascribed to women spouses of politicians, you are meeting one of the responsibilities most commonly associated with prominent spouses of nationally elected office holders. First and second ladies have often been considered paragons of American femininity. You, Mr. Emhoff, are modeling affirmative aspects of American masculinity. By unbegrudgingly taking on historically feminine functions, you are expanding what it means to be a man for many Americans. You are showing boys and young men, as well as girls and young women, the benefits of cultivating partnerships unhampered by entrenched societal norms regarding gendered roles.
Mr. Emhoff, you will not be perfect in the role. You will make mistakes, and when you do, there will be cameras to document them and critics to dissect them. Don’t let this deter you from making the most of the situation. Always be willing to admit your mistakes, learn from others, and seek counsel as needed. There is no guidebook for being the first second gentleman, and there are people who have no idea what the role entails who will judge you. When you find yourself foundering, look to the past for cues, but think of what you’d like this position to be for those who succeed you. If you support the vice president and continue to model positive behaviors for future generations, you will be an impactful, compelling, and memorable second gentleman.
Respectfully,
Tammy R. Vigil, Associate Professor of Communication, Boston University College of Communication
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