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Free Payday Loan

There is no such thing as a free payday loan because nobody could make money issuing such a loan.
Payday lenders like other lenders make money by charging interest on money lent. If they make loans for free, loans with no interest the lenders wouldn’t make any money.

This means that any free payday loan from a commercial lender is a scam. Any lender that claims to offer a free payday loan is lying.

Obviously you should not do business with a lender that lies to you before making a transaction. Since the lender can’t make money by giving free payday loans they must have some other means of making money off of free payday loans.

Free Payday Loan Scams and How They Work

Most free payday loan scams work by charging the borrower some sort of fee in lieu of interest. For example the borrower has to pay $25 or $50 to take out the loan.

Many lenders will give the borrower a short repayment period then charge the borrower a fee to renew the loan if they can’t repay it. Renewal means that they will issue a second loan and charge a fee of $50 to $100 to renew the loan.

Unscrupulous lenders will hide these fees in the fine print of their loan offers. Others will give a borrower a loan agreement that is hard or impossible to read.

Always read the loan agreement carefully and ask about anything that you don’t understand. If a lender can’t t give you a good explanation find another lender. 

Free Payday Loan Scams Online

There are quite a few free payday scams advertised on the internet. Many predatory lenders operate online and some of these con artists aren’t even lenders at all.

A classic scam that often resurfaces online is the fee for loan scam. In this scam the crook pretends to be a broker or expert who can get you a loan in exchange for a fee. Never pay a fee to get a loan because legitimate lenders make their money off of interest when the loan is repaid.

Most individuals who pay a fee to get a loan will never get the loan. Instead the con artist simply pockets the fee and does nothing for the borrower.

Many fee loan scams claim to be able to get borrowers a free payday loan in exchange for a fee. Never believe any claim of a free payday loan.

One Real Free Payday Loan

There is a real free payday loan that many people are able to take advantage. This is simply to borrow money from friends or relatives and pay them back on your next payday.

The advantage to this arrangement is that you can get emergency funds without paying interest. The disadvantage is that it can destroy your relationship with your friends and relatives. Loaning money to friends is a sure way to destroy a friendship as is borrowing money from friends.

Only borrow money from friends and relatives when you absolutely need to and pay it back quickly. Always make sure that your friends and relative can afford to loan you money before borrowing it.  Don’t improve your financial situation by making theirs worse.