Is There a Payday Loan Without Direct Deposit?
If you don't have a bank account, you're paranoid about your bank details and security from identity theft, or you simply don't like direct deposit options, you might be annoyed if you ever have to take out a payday loan. It seems impossible at first to find a payday loan without direct deposit.
A payday loan is almost an everyday fact of life for millions of families and individuals who are living on tight budgets. Some who are new to financial difficulties don't know all the details about one yet. This type of loan is similar to other types in that the amount of money is taken out for a certain length of time before it is expected to be repaid with interest. It's different in some ways, however. The average traditional loan is higher, and many loans are taken out for thousands of dollars and for a term of months. On the other hand, a payday loan without direct deposit is small, a few hundred dollars on average, with a term of a week or two.
Normally, lenders require you to have a bank account so they can put the money into your account with a direct deposit, then automatically withdraw it at the end of the loan term. A payday loan without direct deposit varies from this norm, obviously. Some loans are available where you are given or sent a check for the amount of money for which you are taking out a loan.
In exchange, and to ensure they get their money back, lenders will often ask you to leave a post-dated check with them for the amount of the loan, plus interest and fees. They cash the check on the day the loan is up, and hope that they get their money. If not, you get a bounced check fee in your own bank account, plus extra fees from the lender and interest on the payday loan without direct deposit.
A payday loan without direct deposit therefore entails a bit more risk for the lender, and they will sometimes charge higher interest rates. Shopping online can help you compare interest rates so you can find an interest rate just as cheap as you might otherwise, or you can compare physical lending outlets in your area.
If you're looking to get a payday loan without direct deposit, there are lenders who are can help you out. A bit of searching will yield loan possibilities for you, and before you know it, you can be back on your feet without ever having to have given out your banking details to a stranger.