The Real Deal with No Verification Payday Loans
No employment verification payday loans are a dream come true for entrepreneurs, freelancers, and other people not employed in the traditional sense. They can be a lifesaver in times of financial crisis. However, the prospective borrower has to check if the lender is legitimate or not because scams are common when applying for loans online.
No verification payday loans 101
Basically, what no verification payday loans mean exactly is that you do not need proof of employment to be eligible. Typically, payday loan companies and other lending companies require you to submit a proof of employment document. Such a document assures them that you have the capacity to pay the loan back.
However, employment verification payday loans do not apply to borrowers like entrepreneurs, freelance writers, freelance photographers, and other people who may not be gainfully employed, but are in fact gainfully earning. If they suddenly find themselves in a financial bind, they can opt for no employment check payday loans.
These types of loans, while they do not require proof of employment, will require a bank account. The company will also ask for other basic information, including your name and the amount of the loan you are applying for. The company will then match you with a direct lender. If you and the lender agree to the terms, then the cash will be deposited into your bank account, usually in less than one day, sometimes within hours.
When the time comes for the amount to be repaid, you pay your loan and the fee or interest through your bank account because the lender will automatically deduct the said amount once your loan is due. This is especially handy for those that may miss a payment just because they are forgetful.
Checking the legitimacy of no verification payday loans
The rule of the thumb in scams, especially with loans in the Internet, is that the easier it is to get approved, the higher the possibility that it is a scam. So while there are perfectly legal and honest no verification payday loan companies out there, you might have to swim through some loan shark-infested waters first before you get your ideal lender.
You can deal with a third-party company that deals with the lenders themselves and who will match you with the lenders. If they are a legitimate company and have a reputation to uphold, they will only partner with legitimate lenders. However, to protect yourself from financial harm, always take the extra time to ensure the third-party company's legitimacy as well.
How do you know if it is legitimate?
To find potential scammers, just search for scams and payday loan companies, and you may come across blacklisted lenders and lending companies. You may even come upon reviews from individuals who have been victimized by scam artists. Likewise, you may also come across reviews of legitimate and recommended companies. If a certain lending company keeps coming up in good reviews, that may be a sign that the lending company is a reputable one.
Also remember that the lender or lending company you are considering should have its own website. A good website is one indicator of legitimacy, particularly if the company explains how its loans work in crystal-clear terms. The website should have valid contact information, which includes a physical address, phone number, e-mail address, and a contact representative.
You should also be wary of very good interest rates. While these rates may seem attractive to you, compare these rates with the rates of other lenders. If the difference is too high, the lender you are talking to is most likely a scam artist who wants to hook you with a dubiously low interest rate.
Make sure that the terms of the loan are very clear to you and the lender. If the lender skirts the issue or is vague about the terms, that is a red flag. You could suddenly find yourself paying at a very high interest rate. Also, take note that lack of transparency in terms of lending is against the law, more specifically against the Truth in Lending Act. This applies even to no verification payday loans.
Getting no verification payday loans can be very convenient precisely because they do not require verification. As mentioned, you might have to swim through loan shark-infested waters before you come across a legitimate company, but it will be worth the effort.
If you are determined to get fast cash loans now, you might just try every means possible to get a good lender – and a good deal – for an instant loan. Just make sure the instant loans you are considering are being offered by legitimate companies.
No matter how urgent it is for you to get no verification payday loans, doing plenty of research beforehand will help you get the assistance you need without sacrificing your peace of mind and financial future.