payday loan

How to get a payday loan without a bank account

Everyone, at least once in their life, finds that they can’t get through the month on their salary, and needs a little financial help. This could be to pay an unforeseen medical bill, car repairs, or whatever. Many people don’t like approaching a bank for a loan because of all the red tape involved, and turn to applying for a payday loan, which is a lot easier, and faster as well.

However, these people have the one important thing that they need to qualify for one of these loans, and that is a bank account. If you are not one of these individuals, then it helps to know how to get a payday loan without a bank account.

Things have changed!

In the past, payday loan companies required that you have a checking account when you apply for a loan from them, but now they are offering guaranteed payday loans for those who do not have a bank checking account.

These companies realised that the people who really need to borrow money, are those that are not financially flush, and for most of them, it was virtually impossible to get a bank checking account. They also realised that there were so many more potential borrowers out there, and decided to make it easier for them to get the financial help they so desperately needed.

How does it work?

Payday loan companies have cut down on the things that borrowers need to lend money from them. You don’t need a checking account now to borrow money from them, but only a regular savings account. To make it even easier for you, they have made these loans available online, so all it takes is to go to their website and give them all the information they need on their handy application form and you can get an online payday loan.

Until recently, the processing time for online loan applications from a lending company usually took about a day to complete, but these days it is quite possible to get the payday loan you need within just one hour after submitting your application.

What else do the payday loan companies require from me?

Of course, with payday loan companies offering financial help without a checking account, there are more risks involved for them, so they might need more details from you about your job and the salary you earn. There is a good chance that you will pay higher interest rates as well if your application for a payday loan is approved and you don’t have a bank checking account.

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