When lenders started dispensing payday loans, consumers without a checking account could not qualify for a payday loan. However, this trend has changed. Some lenders only need proof of verifiable income or a savings account. Now, you need to understand exactly what a payday loan is and why it is more advantageous than a traditional loan if considering a cash advance. Once you understand how a payday loan works, you will understand why it is so popular and why consumers opt for this type of loan.
Just a Little Help
Most people think of large sums of money when they think about getting a loan. However, sometimes all a person needs is a little cash to carry him over until the next pay period. Perhaps you have an unexpected medical expense or car or home repairs. In such cases, all you need is a small loan that you can repay when you receive your check the following week. This is where a payday loan comes into play. Lenders will deposit the loan amount in your account and then withdraw the same amount plus the fee on the date that you receive your paycheck.
This is a quick method of borrowing money and paying it back. Another benefit is that you do not have to go from lender to lender trying to compare
rates. All you need to do is select a lender on the Internet and submit your application online. You never have to leave your home, yet you can have the money deposited in your bank account.
Only a few years ago, consumers without a checking account could not possibly qualify for a payday loan. The checking account was the only secure method that lenders could rely on to deposit the funds and then withdraw them without any problems. Presently, all you need if you do not have a checking account is a savings account or a statement showing that you have a verifiable source of income. Some lenders are even willing to ignore a person's bad credit history.
In conclusion, if you need a payday loan and have no checking account, you can relax. It is easy to find a lender that does not require a checking account. If you have a savings account or a verifiable source of income, you will not have a problem finding a lender. Simply do a search on the Internet. Use these loans with caution. The fees can be high and although they can help you get out of a stressful situation, if you request a loan frequently, you could end up more financial problems. When used responsibly, payday loans are an excellent tool.
Category: Payday loans