Money Online: What About No Cost Online Loans

It really does seem like that right at the same time that this last global recession set in; all of the more conventional sources for cash advances tightened their purse strings. Banks and credit unions all want you to have near perfect credit now before they'll cut anyone a loan and this after they have all been bailed out with your hard earned tax money.

So it doesn't take a genius to see why more folks than ever are now going online to search out payday loan sites, where not only is it a heck of a lot faster now to get a cash advance, but it's so much easier too. In fact they're even giving out loans to people with no credit and even bad credit and they don't want to see any collateral either.

Even so, one difference that you will find with these types of cash advances is that by and large they are all classified as high risk loans. So what does this classification mean to today's borrower? What is means is that the initial fees that you will have to pay if you choose to secure one, can and often are higher than; say a bank or a local credit union. Plus their late fees can also be steep.

The fact is though, that higher costs for borrowers have done little to dampen a steady growth in popularity in online lending sites which in turn has lead to even more of them being launched. So of course more sites means that competition for your business has become hotter than ever. This in turn has led to some sites in fact offering no fee loans as a marketing tool.

Be aware though that the vast majority of the sites making these types of money saving offers do put certain stipulations on them and one of them involves the amount of money you can borrow. In short, you can expect to see a cap that can often be as low as $300. It's not all of them though, so you'll definitely have to spend a little time shopping around for the most lucrative offer.

Also one other thing to be aware of is that for the most part, pretty much all of them only allow you to access their no fee offer for your first loan only. It's an introductory deal. Even so there are a lot of sites out there making these types of offers though and so if you're willing to borrow from more than one site and avoid making late payments; you can save a substantial amount of money.

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