Payday Loans with No Bank Account: Possible or Impossible?
There are some people that do not have a checking account, but need fast cash. Applying for a payday loan or cash advance is one of their options, but only if there are payday loans without bank account services available.
No Bank Account Payday Loans: Possible or Not?
One of the basic requirements to get a cash advance or payday loan is having an active bank account or checking account. In that sense, it can be said that it is impossible to find offers like payday loans with no bank account services. Besides a bank account, a payday loan borrower must be at least 18 years old and have a steady stream of income with a minimum of $1,000 monthly being earned.
It does not really matter where the borrower’s income is coming from, and it can be from a steady job or other sources. What the payday loan lenders want is that the borrower must prove his capacity to pay off the debt. And that capacity can never be proven with payday loans without bank account. Why? It’s because there is no other legal way that the loan lenders can be convinced that you can pay off the loan without a bank account.
When No Bank Account Payday Loans can be Possible
In the previous section, it was explained why payday loans with no bank account or checking account services are impossible. However, it can be possible, but you must be aware of the catch.
There are payday loan lenders who offer loans with no bank account services. They are clearly taking a large risk by offering no bank account loans. These payday loan lenders are not the generous types, though. They are still the same business-minded people who want nothing but to profit. So, they will take advantage of people who are in need of payday loans without bank account by charging high interest rates.
On top of that, these payday loan lenders will ask for collateral or other illegal ways just to make sure that the borrower of payday loans with no bank account services will pay. Harassment is possible with fraudulent business people like these. That is why, although no bank account loans are possible, these are certainly illegal and must never be taken into consideration.
It is next to impossible to have a legal lending company that offers payday loans without bank account services because a bank account or checking account is one of the needed requirements for any loan. So if there is a legal company offering no bank account loans services, better read the fine print very carefully.
Employment Verification Payday Loans
Another way that payday loans with no bank account or checking account services can be possible is through the employment verification payday loans. With this, the payday loan lenders will simply check if you are employed to a company and for how long. The lender will want to know that you have a job and a way to repay. This means that the lender will also check through employment verification what kind of employee you are to know whether you are someone who really pays debt or not.
Usually, the employer will be your guarantor in this employment verification payday loan. However, take note that most employed individuals have a checking account or bank account because it is still a requirement in a job, though not all jobs. So if you have a steady job and a way to prove that, you can get payday loans with no bank account services.
Choosing a Loan Lender
Never agree on any cash advance deals without checking the background of the lender first. Always check the lender’s company with the Better Business Bureau to know whether there are bad cash advance reports about them. Doing this will help you avoid becoming added to the number of victims.
Even if you badly need cash, you still need to be vigilant and protect yourself from possible abuse. Do not let your situation be a reason for putting yourself into the worse situation. Once you are trapped with an illegal lender who offers payday loans with no bank account services, you put your entire financial future at risk.
Other Ways to Raise Cash
Besides desperately looking for any cash advances or payday loans with no bank account services, there are still other ways that you can raise cash, such as:
It is best to talk with a reputable lender. Explain what you need, your situation, and that you do not have a checking account or bank account. The lender may have other options for you, like a special cash advance.You do not have to apply for a loan or cash advance at all times whenever you need or want something. Think outside of the box and do not be trapped into dangerous deals like payday loans with no bank account services.