Personal loans are also called "payday loans" or "cash advances." That's because these loans are based exclusively on your paycheck stub. Lenders look at how much money you make in a given week and work it out so that you pay the loan back on your next payday. The biggest advantage to a personal loan is that, unlike with traditional bank loans, you don't have to have good credit (or any credit at all) to take the loan.

You should only use these types of no credit check personal loans for emergencies. If you live paycheck to paycheck, you probably have no savings whatsoever to pay for emergencies. A personal loan, with a high interest rate, may be the only way to pay for an emergency bill. Lenders offering personal loans take a big risk by lending money without first checking your credit--that's why the interest rates are so high.

There are three common mistakes people make when they take personal loans--this is akin to abusing the personal or payday loan system and can get you into big financial trouble. Here's how to avoid making common personal credit check-free payday loan mistakes.

1. Never Take a Payday Loan to Pay Another Payday Loan

Even though cash advance lenders are now required to have a "one customer, one loan" policy to prevent people from making this mistake, consumers sometimes take out a personal loan from one lender to pay off a loan from another company. This may solve your problem in the short term, but you're probably compounding your interest rates and fees rather than getting yourself out of debt.

2. Never Take a Payday Loan If You Can Help It

If you can wait a few days to repair your car by taking the bus or carpooling, you should. If you don't absolutely have to pay for your emergency financial situation with a payday loan, you shouldn't. Try borrowing cash from family or friends--it is unlikely that they'll charge you 650% interest--that's the average APR for personal loans from payday advance lenders. You should always try every other option you have before you take a payday loan or cash advance.

3. Never Get a Personal Loan on Impulse

I've seen people walk past a cash advance lender, stop, and walk in to get a few hundred bucks cash without thinking of the consequences. If you really want that fancy new cellphone and think getting a cash advance is the way to pay for it, think again.

There is a time and a place for payday loans and personal loans--emergency expenses pop up all the time, and if you have no money in savings, a personal loan based on your paycheck may be your only option. Always exhaust every other possibility before you take out an expensive payday loan or cash advance.

If you find yourself in a bad credit situation and you still want the convenience of a debit card, you're in luck. Prepaid debit cards and no credit check credit cards are offered by banks all over the country as a way for people with less-than-perfect credit to participate in the modern economy. You just can't buy stuff online with cash, and paying bills without plastic is a headache and just asking for a mugging.

The biggest advantage to applying for no credit check credit cards is the simple fact that you won't have to undergo a credit check to get the plastic you need to make purchases online and in retail stores. There are other advantages--many of these cards allow you to report your bill payments to credit bureaus, payments that would normally not count toward repairing your credit history. Also, your money will be FDIC insured, and safe in an online-based account instead of stuffed in wads under your mattress.

Here are the five best no credit check credit card offers online.

1. Walmart Moneycard Visa Prepaid-- No activation fee, no credit check, no overdraft fees, and no minimum balance requirement mean that this is the easiest prepaid debit card to own. When you set up Direct Deposit, not only will you not be charged a fee, you'll actually earn $10 automatically added to your prepaid card (limited time offer.) This is one of the only prepaid cards I've seen that offers cashback--1% on all gas purchases nationwide. This is the best prepaid card on the market right now, with a monthly fee of just $3.
2. NetSpend Visa Prepaid--Free Direct Deposit and a 100% guaranteed acceptance when you apply means anyone can get this card and start doing their shopping with a Visa card. The monthly fee is a hefty $9, but if you can't get approved for any other plastic, this may be your only hope of getting a Visa card. Online budgeting tools help customers manage and budget their money.
3. AccountNow Gold Visa Prepaid--AccountNow is currently offering a $25 bonus for setting up Direct Deposit. You can use this card anywhere Visa is accepted, which means millions of vendors around the world. Monthly fee is just over $9 a month.
4. NetSpend Mastercard Prepaid--A NetSpend payback rewards program earns you money and other gifts just for using your card every month. The monthly fee is average--about $10 a month.
5. ACE Elite Visa Prepaid--The only card on this list that can act as a "savings account", the ACE Elite Visa prepaid card offers a free savings account feature with 5% APY. You can also make cash withdrawals at any ACE check cashing location. The monthly fee is $9.95.

We've all heard the scary numbers about the rising cost of a college education--the average family's income has increased less than three times while the average cost of a college education has increased sixfold. That equation means that there are more people now unable to pay for their kids to go to college.

There are plenty of loan products available to help pay for education--for the most part, these loans are arranged privately with banks or other financial institutions, and require as much scrutiny as any bank loan. Families hard pressed to pay for college that also have bumps in the road credit-wise may not even qualify for such loans, or may not want to pay the high interest rates and fees associated with private student loans.

Federal Stafford loans have four clear advantages over private educational loans.

1. Federal Stafford loans do not require a credit check.

Federal educational loans are no credit check student loans. When you apply for a Federal loan, you'll never have to undergo a credit check or a look at your credit history. They are essentially signature loans made against a student's enrollment in college, with a promise to pay the loans off after graduation or after a student withdraws from school.

2. Federal Stafford loans are available in a subsidized form.

If a student's family has sufficient financial need, as determined by their FAFSA (Free Application for Federal Student Aid) the Federal governement will supply subsidized loans that have a very low interest rate, making these loans an even better option for families without the ability to pay for college.

3. Federal Stafford loans have a fixed rate and a higher borrowing limit.

Unlike private loans, Federal loan interest rates are fixed at either 4.5% or 6.8% depending on if the loan is subsidized or not. Private loan rates are not usually fixed, meaning you'll pay much more in the long term than with Federal loans. Also, Stafford loans can be for as much as $20,500 depending on the student's school and degree status. 

4. Federal Stafford loans have many different affordable repayment plans.

Stafford loans are designed to offer families and students a level of flexibility when it comes time to repay the loans.

• Standard Repayment - This student loan payment represents a fixed amount paid each month based on the loan principle and interest rate.
• Graduated Repayment - This plan offers students lower payments at the beginning of the repayment period then payments increase over time.
• Income Based Repayment
• Extended Repayment - For loans totaling more than $30,000, this plan offers a choice of fixed or graduated payments over a period of up to 25 years.

Personal loans with no credit check are sometimes the best option--maybe you don't want to divulge your personal financial details to a bank or risk a drop in your credit score due to a credit request. Maybe your credit history sucks and you don't think you have a shot at getting a traditional loan. Whatever the reason, sometimes a bank loan just won't cut it. Here are the five most common reasons for seeking a personal loan.

1. You Need A Small Cash Loan Right Now

Even if you have a good credit score, needing a quick supply of cash within the next day or two means getting a no credit check personal loan. If you need to buy four new tires for your car before the weekend, you don't have time to wait for the bank's loan officer to make a decision. If you need cash and don't mind shelling out a little extra for a higher interest rate, a no credit check personal loan is your ideal loan product.

2. Your Credit Stinks

No credit check loans are really the only option for people with bad credit that need a cash loan. If you can find a bank willing to give you a $500 loan with a credit score lower than 600, pinch yourself. You're dreaming.

Traditional bank loans are offered to people with decent credit, good jobs, few credit problems in the past, and bank members with accounts in good standing. If your credit is bad, you don't have many options besides getting a credit check free personal loan.

3. You Need a Loan For Something Silly

The bank is perfectly happy to lend people with good credit money for a car note, a mortgage, or even a medical expense, but if you tell your loan officer that you really need the $500 for pocket money for a weekend in Vegas, you'll probably be laughed out the door.

Borrowing money via a no credit check personal loan for a Vegas trip may not be the smartest financial move, but lots of people do this when they run out of other sources for cash. If you have a paycheck coming up that can pay off your short-term personal loan, taking out a payday loan is probably easier than begging your brother or sister for the money.

4. You Have No Credit History

Bad credit isn't the only reason people get rejected for bank loans--if you're a recent college grad with little credit history, there's no way you're going to get approved for a bank loan. Need cash quick and don't have credit experience? A no credit check personal loan can put the cash in your bank account in just a few days.

5. You're Trying to Improve Your Credit

When you're working to improve your credit score, you don't want to do anything that can put it in jeopardy. Having a bank or other lender even look at your credit history affects your overall credit score--applying for a traditional loan from a bank will actually put a black mark on your credit report.

What makes one payday loan offer worse than another? After all, these loans are notoriously bad for consumers . . . how could one payday loan offer be "better" than another?

No credit check payday loans aren't all bad. If you are in a financial crunch and you need money fast to pay for an emergency expense, your only option may be trying to secure a loan of this type. If you know that you have the ability to repay the loan, find a loan product with a decent interest rate, and have no credit history or poor credit, this type of loan is your only way to handle your crisis.

Here's a look at some of the worst uses for payday loans, with explanations about why they're such bad deals.

1. Using a Payday Loan to Pay Off Another Debt

These days, most payday lenders have a "one customer, one loan" policy, meaning that you can only take out one payday loan at a time. This seems like common sense, but believe it or not, many people try to take out more than one payday loan at a time. The most common reason for taking out a second payday loan? To pay off another payday loan.

This is a really bad idea. FIrst of all, it breaks the first rule of payday loans, which is that you should only use it for true financial emergencies. A medical bill or car repair is a good reason to take out a payday loan, because you NEED the money now and you have acccess to it. But taking out a second loan to pay for your first just makes your debt problem worse, and you'll still be beholden to the lender.

2. Using a Payday Loan for Shopping

This breaks all the rules of responsible payday loan use. Because of high interest rates and the possibility of putting yourself in serious debt, using a payday loan for your next big shopping trip is maybe the most irresponsible move you can make.

3. Using a Payday Loan for Gambling 

Since taking out a payday loan is something of a gamble to begin with, using your sudden influx of cash to wager in an attempt to win even more money is downright dumb. For starters, casinos don't stay open by handing out huge winnings. The casino almost always wins. Basing your ability to pay back a payday loan on luck makes even less sense than taking out a loan of this type to pay off a different loan.

The bottom line--use your payday loan for specific emergencies, and use it sparingly. Try every other avenue before you take out a loan of this variety. Beg your family. Apply for personal loans through your credit union or bank. Try everything before you get involved in the extremely high-interest no credit check loans based on your payday.