Payday Advance Loan No Bank Account Needed

Payday advance loans, also commonly referred to as payday loans, are a type of short-term financing that is usually given to subprime borrowers that have poor credit and are in desperate need of financial assistance. Although these loans usually carry a higher interest rate and stricter penalties and other types of loans, they can provide much-needed assistance to borrowers that have no other viable options. Even individuals with terrible credit can receive approval for a payday advance loan, as long as they can prove that they have some form of consistent employment. Usually this requirement can be met by providing a couple of check stubs or proof of payment from your current employer. However, it is important to note that failing to repay payday advance loans in time can cause an exuberant penalty interest rate to be applied to the remaining balance, which can result in the borrower paying up to 50 to 100% ore more of the original loan amount in interest over an extended period of time.

Why Do A Lot of Payday Lenders Require Borrowers to Have Bank Accounts?
The reason why lenders require proof of employment before approving payday advance loans is because the loan is supposed to be paid back when the borrower receives their next paycheck. However, most lenders that offer payday advance loans also typically require the borrower to at least have a valid checking account, not only so that the amount of the loan can be direct deposited into the account, but also because it helps them minimize the risk of default, as the borrower is obligated to provide permission for them to automatically debit their bank account for the loan balance on a predetermined date. Thus, it can be difficult to find a lender that will provide a payday advance loan no bank account needed. Nonetheless, it is certainly possible, and the following tips can help you do so quickly and easily.

How to Get a Payday Advance Loan No Bank Account Needed
Finding a lender that will provide a payday advance loan with no bank account needed is as simple as conducting a web search, browsing through your local phone book, or searching in online business directories for lenders that are willing to provide loans with no checking account requirements. If you are able to find a lender that will provide a payday loan without requiring you to have a checking account, the loan will usually be paid in the form of a check. After receiving the check it usually takes about three days for the funds to clear so that the check can be redeemed for cash at a check cashing store. It should be noted that although it may take a couple of days for the check to clear, this waiting period has no affect on the date that the loan needs to be repaid.

What to Consider before Applying for a Payday Advance Loan No Bank Account Needed
Although it is possible to get a payday advance loan no bank account needed, before applying there are several things that should be considered. First, since there is an additional risk factor for lenders that choose to offer payday loans to individuals without a checking account, the interest rates offered on these loans are usually higher than the already exuberant rates offered on conventional payday advance loans. Finally, it is imperative to verify the credibility and reputability of the payday loan provider, particularly when applying for loans online, as some fraudulent websites may attempt to extract personal financial information from desperate borrowers in order to commit credit card/bank fraud or identity theft.