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We don’t always plan the situations and problems we find ourselves in. your problem might be a fault with your car that needs to be fixed for safety reasons. You might not be able to drive your car again and this adds unnecessarily to your expenses. If you don’t readily have the money to fix your car and there are no friends or family members willing to help, a cheap online loan could be the solution. There are many advertisements online and on the television about no credit car repair loans. A lot of those options sound too good to be true but are they real or scam? It is okay for you to ask this question because you don’t want to get into something and be on the loosing side at the end of the day.
You can trust your instincts to tell you if an offer is real or a scam. If you have no way to discern this for yourself, this is a good place to start. So called, no credit car repair loans could get you into more debt or you could loose your car in the process. Here is what we think.
Online payday aggregators
Many no credit car repair loans and online loans NZ are not real loans at all. The websites advertising them are not actually real lenders and so the loans they offer are also a sham. Since these websites don’t give loans, they have no need for credit checks. They are only loan aggregators; websites that gather information from possible borrowers and pass that information on to third parties. The third parties receiving the information might not even be lenders. All you get by giving online payday aggregators you information is an inbox full of spam messages or even worse, you could become a target for identity theft or cheap online loan scams.
Auto title loans
These auto title loans are a particularly dangerous type of no credit car repair loans. Such a loan requires you to relinquish the title of your car in order to receive the loan. Not only that, the interest rates for these loans are very expensive. This leaves you at a huge disadvantage. Your car is hanging out there as collateral if anything goes wrong and even if you don’t loose your car, you will be paying very expensive interest rates. For a loan of just a few hundred dollars, you can loose your car which might be worth thousands of dollars.
Payday direct lenders
Payday direct lenders offer online loans NZ with no credit check required. Only income and capability to pay back is considered for this loan so you can get it even with bad credit. The interest for these loans are also high, but this is because the lenders are taking a high risk.
You can get out of a car problem by getting a cheap online loan through this method and pay back by your next paycheck. The process is very easy and straightforward.