Do you need a quick sum of cash as soon as possible? If you are desperate for the cash and you are just looking for a easy and fast solution, then you should know about payday loans that require no paperwork.
Payday loans are named after the quick turnaround of the debt. The debtor usually borrows a set amount, to be paid off once payday rolls again. The lender puts his or her confidence in the borrower that this cash will be used for a certain purpose and then repaid as soon as possible. This kind of product makes big ticket items like new gadgets, furniture, or vacations possible.
How to get No Paperwork Payday Loans
- Check these loan companies where you can apply for a loan without a checking account or bank account: ZippyLoan, PersonalLoans.com or CheckintoCash.
- Check out Prepaid debit card loans. With prepaid debit cards they actually issue you an account on the spot - a debit card account - and it will be the account you will be receiving the loan into. Some companies will even credit your current debit card if you have one that works!
- Find here a map of no bank account payday loan shops near you.
- Bitcoin Loans are also a possibilities for people needing a loan without a bank account. Bitcoin loans are rather new in the market and there are 5 main bitcoin loan companies.
- Consider taking a bank account so you can get a loan easier, we have a simply guide for you on how to get a free bank account without much hassle.
- Loans that are taken in-store, with or without collateral. In the case of in-store loans, since you are showing up in person, you may get approved and receive the money on the spot.
- Pawnbrokers are great for fast loans without bank accounts. At a pawnshop your risk to become indebted is generally lower than with other type of loans that don't require a bank account. Just be careful they don't overcharge you with interests and extra fees. If this is the case, better stay out of it.
Here are the things you should know about payday loans, so that you can make the most of these interesting tools:
- They need no paperwork. These are quick and easy loans, usually in the form of personal checks. The lender acts almost like a good friend who is willing to give you a large sum of cash, provided that you pay them off as soon as possible.
- They usually have high interest. This is the reason why payday loans are risky - they usually have a high interest rate on dues. This makes sense as these loans are expected to be closed very quickly. If you are not careful to pay them off as soon as possible, you should know about the sky high fees that are involved in this transaction. Be prepared for that if you are not sure when you can pay off all the debt.
- They are not secured. Another reason to be especially careful with payday loans is that it is unsecured, meaning there is no collateral involved. Goodwill and trust may be the only considerations for entering into this agreement at all. It is a high risk transaction for the lender, so the high interest rates on these loans make up for that uncertainty. You usually need high credit ratings for approval on this kind of loan.
While many people may approach payday loans with wariness, there are certain situations where these kinds of debt may be appropriate.
Your caution when using payday loans is good. If you are responsible with your money, and you believe that the next payday will come bearing the money you need, then by all means take out a payday loan!
