Payday Loans Without Checking Account
Because there are people looking for money that do not have an active checking account, or one that has not been active long enough, payday loans without checking account services are available. However, without an active checking account to do transactions with, you will find the process of getting the help you need more difficult.
What is a payday loan?
It is important that you know how account payday loans usually work to understand why it is difficult to find payday loans without checking account services.
Taking out checking account loans is typically necessary when purchasing items sold for a large sum of money. Instead of spending thousand or millions at once, you take out a loan and pay for it regularly until you are fully paid. However, the case is different with account payday loans.
Payday loans are for people who need cash immediately. Since the need is immediate, the amount needed is also not that much. In fact, $1,500 is already a high payday loan. About $300 is the lowest in most payday loan deals.
Since this is called a “payday” loan, the loan lender expects the loan to be paid on the next payday. Because of this, the timeframe given to borrowers to pay off the loan is only for some days or weeks only. Although payment for the payday loan is fast, getting the money from this loan is also fast. In fact, it can be as fast as within the day.
Checking account payday loans
Payday loans are typically offered by the employer since they are the ones who know how much you make and if you have the capacity to pay the loan. The loan approval process with them is easy, but third-party payday loan lenders outside of the company also offer checking account payday loans, and the approval process is almost similar.
The first step on the payday loan approval process is that you submit a form to the loan lender. This form can be filled up and submitted to the lender’s office or you can sign an online form. More and more payday loan lenders, who offer account payday loans without checking account services, have an online presence, which makes it even easier to apply.
After sending the loan application, you will have to wait for the loan lender to call you. The approval process may only last for up to three days and can be as fast as within an hour. The loan lender will call you for follow-up information or other requirements necessary for the loan approval.
This approval process is also the time for the loan lender to check your background, especially to see if you have the capacity to pay the loan. You need to prove that you have a stable job that provides steady income. Actually, payday checking account loans are for the working class who need cash right away because waiting for the next payday will be too late.
If everything is okay, then you will most likely get your money within the day. However, payday loan lenders usually send the money to your checking account. What if you do not have that? Is there any other way to get the money you borrowed if the payday loans without checking account services is not doable?
Better yet, open a checking account and you will no longer look for ways on how to get payday loans without checking account services. Your own financial account will also be helpful not only for getting checking account loans, but for other financial transactions as well.
Besides a checking or bank account, most payday loan lenders will require that every borrower must be at least 18 years old and have a job or at least a steady income. Otherwise, you will need to find a way to prove that you can pay the loan.
Beware of payday loans without checking account services offers
Accepting a deal from someone who promises payday loans without checking account services is very tempting, but do not readily give into the temptation. If the offers appears to be a little too good to be true, then you should exercise caution with the lender.
Take note that payday loan lenders are there to make money. They are running a business, and not a charity to be so generous to let you borrow some money without a guarantee that you can pay. In one way or another, they will have to make up for that risk by offering payday loans without checking account services that have high interest rates or hidden fees.
So if you need the money fast, although it is more difficult to find a lender that will hand you cash, you can still try to find reputable lenders of payday loans without checking account services.