How to Get a Payday Loan if you don’t Have a Bank Account

Do you need cash immediately to pay urgent bills? In case your answer is "yes" you can use a payday loan to fill gaps in your budget. The borrowed sum can be paid back on the next pay day. You can get it instantly, skipping a long and tiring process of approval. Many lending companies offer this type of loans, and you'll have a wide range of lenders to choose from. These loans are secured by the fact that a borrower has a fixed job with steady income. Getting it doesn't require sending of records or documents by fax. You may fill in an application form online or even apply for this type of loan by phone. The approval process for no fax loan is not long either. Furthermore, the borrower doesn't need to have a proper credit history to get the cash. After the loan has been approved, the cash advance will be on the applicant’s account within one day. If the applicant doesn't have a bank account but still wants to get a cash, then other options are available, however, without a direct deposit the borrower will need to keep a track of the payback date and make sure that payment is done in due time. Not having a bank account the borrower may need to search a lot to get a cash advance. This happens because payday loans for people not having a direct deposit usually have higher interest rates. The check provided by the lending company may also take longer to get cashed. Normally, this process takes around 3 days. There are a number of benefits, but nevertheless, before applying for this loan, you need to consider the following facts: Expensiveness – Despite the fact that it is very convenient to receive a loan skipping a faxing process, the cost of the cash obtained is quite high. Payday loans are granted at very high interest rates. As a result the borrowed amount can be eventually doubled or tripled. Besides, you may not take such a loan for a long term. Caution – If you are not sure in the legitimacy of the company you are dealing with, be careful. Fraudsters can access details of your bank account and personal data via website of a sham lending company.

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