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I Need a Payday Loan But Don’t Have a Checking Account

Are you in need a payday loan but don’t have a checking account? No need to worry because there are online cash advance loans now that you can get which would require no checks to be issued. In fact this kind of loan would require so little from you that they make an ideal way of making money.

Short Term Loans

These kinds of loans have been around for some time now. They are dependent on an employee’s pay date. The lenders provide the needed cash and the term of the loan would end on the next pay date of the employee. When the date comes and he cannot pay the amount the borrower can extend the term of the loan with additional fees of course.

In the past the lenders would require the person taking out the loan to issue checks that would cover the full amount of the loan including the interest. Those checks would remain in the possession of the lender until the loan can be paid.

No Check Loans

Today the need for the checks has been bypassed already. Since these loans are processed online, many lenders are no longer requiring their borrowers to give them checks for the full amount of the loan. In fact, they require very little now. All that they need is for you to be employed and that you should have a bank account.

Aside from not requiring you to issue any checks, they would not be conducting any credit checks as well, there are documents to be submitted or faxed, and no checking of the teletrack. So if you are in need of the money then you can turn to this type of loan.

Can it be any more obvious that the payday companies want to lend you the money? They wouldn’t even bother checking your credit score, the first thing that would be done by traditional lenders when you apply for a loan from them.

Caution with Payday Loans

This means that you should be the one to exercise caution and restraint when dealing with cash advance loans. These are short term loans that ought to be taken out only as a last resort when there are no other options available. Try out other means of obtaining the money first before resorting to borrowing money from payday companies.

If you find yourself in situation where no other way is available except to take out a loan then you should keep in mind to limit the amount that you would be borrowing to 20-25% of your total pay check. A lot of people commit the mistake of taking out more than that which means that when payday comes, most of their pay would go to paying off the loan, leaving them without anything to spend for on their most basic needs. This leads some people with no choice but to extend the term of the loan or to take out another loan to pay off the first.

All material provided on the Site is intended for informational purposes only and should not be used to replace either official documents nor the advice of a qualified professional.

Disclosure: Our lenders may offer you a loan with an APR ranging from 390% to 780% based on a two-week loan.
The APR on a short term loan represents the amount of your loan, cost of the loan and term of the loan. Example: You borrow $100 for two weeks. A lender can charge you a $15 fee, which means you will have to repay $115 to the lender at the end of the term. The cost of the $100 loan is a $15 finance charge, which anounts to an annual percentage rate of 391 percent. Loans on the lower end of the APR range may be for a larger loan amount and for a longer term. Loans on the higher end of the APR range may be for a smaller loan amount and for a shorter term. Depending on your credit needs, and desire to pay your loan off quickly, your lender may only offer you loans with an APR near the high end of the range displayed.

NOTICE: THIS IS AN EXPENSIVE FORM OF CREDIT. A SHORT TERM LOAN SHOULD BE USED FOR SHORT-TERM FINANCIAL NEEDS ONLY, NOT AS A LONG-TERM FINANCIAL SOLUTION. CUSTOMERS WITH CREDIT DIFFICULTIES SHOULD SEEK CREDIT COUNSELING OR MEET WITH A NONPROFIT FINANCIAL COUNSELING SERVICE IN THEIR COMMUNITY.

If you do not pay your loan according to its terms, your lender may: • Charge you late fees • Send your account to a collection agency • Report your information to a consumer reporting agency, which may negatively affect your credit score • Offer to renew, extend or refinance your loan, which may cause you to incur additional fees, charges and interest

We are not a lender. Only your lender can provide you with information about your specific loan terms and APR and the implications for non-payment of your loan. Ask your lender for their current rates and charges and their policies for non-payment.