Payday Loans no Direct Deposit

Applying for payday loans does not require much of your time or any special skills. The decisions are made instantly online and you won't require to fax or email documents as you have to do in case of payday loans. Within a few hours the money is transferred to your bank account without any hassle. You search the Internet, find a reliable loan provider, upon the application they will send you an email containing the loan agreement. And what should you do if you don't have any bank account but still want to benefit from payday loans?

Payday loans are considered to be one of the most convenient ones as they are issued for short period of time and don't require credit checks. If you don't have, for some reasons, a personal bank account, you are still eligible to apply for payday loans no direct deposit. In this case, however, you will have to submit some more documents and prove your financial status. For example, you will be asked to provide your monthly salary proof.

Repayment Process

With schemes like payday loans no direct deposit, you won't get fast cash, however, a check will be provided to you instead. Thus, automatically the whole process of getting cash will be delayed for a few days. As a rule, you get your check the very next day, but banks will take some time to process your request of cashing the check.

A higher rate of interest is imposed on payday loans no direct deposit because the lender needs to make sure that his money is safe. Since you wouldn't be repaying the lender via a bank, it's the lender's concern to secure a loan. As there is no personal bank account of yours, you will be looking for alternative methods to pay your loan back. It might, in its turn, delay the process of repayment, increasing the worries of the lender. So, just to be on the safe side, they charge more on this type of payday loan.

You have to be above 18 and should be a citizen of U.S. Apart from this, your job is an important and crucial factor for payday loan lenders. Your monthly salary should be at least one thousand dollars per month; only in this case you will be eligible for getting a loan.