Tips on Applying for a Cash Advance with No Checking Account Required
Many payday loan companies require an individual to have a bank checking account. This stops the borrower from acquiring cash for their emergency fund, which creates even more financial trouble. The good news is that there are some payday loan lenders who can provide a cash advance with no checking account required from the borrower.
Today, there is a growing number of online payday loan companies competing with other lending institutions, and their competitive edge is through the cash advance with no checking account required offer. People who have only a savings account can now turn to these companies for help when they cannot loan from credit unions or traditional banks. Although it is easy for them to get instant approval from online loan companies, the interest rates will be much higher when compared to banks. However, many customers may ignore this fact just to get the instant help that they need.
How to Get a Cash Advance with No Checking Account Required
Most companies do away with the checking account requirement, but still ask for a bank account. This means that you have to open up a savings account in order to qualify for the instant cash advance loan. The funds that you get from borrowing will be deposited to your savings account and when repayment is due, your lender will deduct the payment while including the fees and charges.
Why You Still Need a Savings Account when Applying for a Cash Advance with No Checking Account Required
Payday loan lenders working online do not send the money through mail. They instead want to make sure that the borrowed money gets to the right person safely. The only and safest way to process this is to transfer funds electronically. For lending companies, this is efficient and less expensive in terms of the low risk that it involves. Once a borrower's application form is approved, the fund is wired to the individual’s bank savings account in a matter of minutes. The other benefit of having a bank account is that you can withdraw the money you borrow anytime of the day when you apply for a debit card with your savings account.
How to Find a Loan Company or Lender that Offers a Cash Advance with No Checking Account Required
This is relatively easy because the best way to find them is to use the internet. Just type the keywords in the search engine and you will be provided with websites of payday cash advance lenders who do not require a checking account for getting a cash advance. Websites should be easy to understand at a glance and all the necessary information should be provided in their web content. The interest rates and fees should be posted in the site so that customers are aware how much they need to pay.
The Characteristics of a Best Payday Lending Company
Alongside with the characteristics mentioned, the best payday lending company must be a committed and responsible lender. Being a responsible lender means that they should inform their customers upfront of what and how much they can only borrow and the corresponding repayment. There should be no hidden fees or charges that will surprise the customers. Responsible lenders should also be helping customers cope with their short-term financial requirement without causing even more debt.
What to Look For
Interest rates. Since lenders or loan companies are taking a high risk with borrowers who have no checking accounts, they match this with high interest rates. They have no guarantee that they will be able to deduct the payment and there is no assurance on your part that you will be able to pay them. Naturally, they will have higher interest rates compared to banks or cash advance payday loans that are taking low risk borrowers. The thing to watch out here is that they should not go overboard with the rates and terms. Get at least three lenders and compare them side by side, which will allow you to have a fair idea about who can offer you the more reasonable interest rate.
Credible and legal loan company or lender. One must be on the look-out when applying for companies offering cash advance with no checking account required services because there are many predators, especially online. If you think that there is something off about the company or the offer seems too good to be true, then verify the legality of the company. You can check their profile against the list provided by the government to determine if they are working under their radar. One can also inquire from Better Business Bureau about the company you would like to investigate. This will help protect you from potential companies that are dangerous to your financial future.
So getting a cash advance with no checking account required can help ease your financial burden. It provides borrowers with immediate cash when it is most needed. Just like with any other type of personal loans, there are advantages and disadvantages. At the moment, the advantages may outweigh the disadvantages in relation to your special cash flow case, but this should not stop one from doing their research in finding out the best loan company for them.