How to apply for a short term loan without a job and without a bank account

How to apply for a short term loan without a job and without a bank account

This is a question we get a lot. The safe answer of course is “it depends”. Most offers will at least get you many phone calls with offers and you may be able to get money quickly. But be aware that you will be flooded with calls.

How are payday loans different?

  • Short termThey have been designed with short term repayments in mind, so you should not expect to stay on a loan for more than 6 months.
  • Low credit scoresBecause loan companies do not do a credit score check or will consider giving you a loan even if your credit score is low. You will still be required to provide proof of income, in other words, you have to provide proof that you will repay.
  • High ratesBecause of its convenience and accessibility, you will be paying more interest. States generally regulate these rates, but they are still much higher than a typical loan.
  • Small amountsThe amounts depend on the state you are in, but as a rule of thumb these values will sit between $100 and $1000 dollars.

If your credit is less than ideal, a bad credit short term loan without a job can be a helpful option.

The steps are pretty simple For each loan company there will be a page listing the minimum requirements for eligibility. You must be over a certain age which will vary, earn a certain minimum amount and prove your residence as well. Here are some of the typical requirements and things you will have to have on hand in order to qualify:

  • Confirmation of ID
  • Contact details
  • Proof of income

The advantages of payday loans without a bank account

There are plenty of advantages of having a payday loan and if managed correctly, these outway its problems. This is true with any type of loan.

  • You get an easy application process onlineYou can compare loan companies easily with an online application that is submitted in minutes. No need to visit a branch office or fax copies of paychecks.
  • Turnaround (approval) time is quickLoans are approved the same day in most cases. Depending on the loan company you can get the money in under one hour.
  • The loans are short term (and created for that purpose)It is called a payday loan for a reason as you make your repayment ideally on your next paycheck. This limits your fees and you are free of debt quickly. Make sure you do your budgeting right so you can repay easily.

The disadvantages of payday loans without a bank account

Of cost the main problem here is the cost. Because of the rather large fees, they may not help the real problem and these can make things worse. You pay a high rate, so let’s assume here this is not a loan you use regularly. Say, limit this to a couple of times in your life, how about that?

I mean, say you need to fix your car so you can get to work. That is a good reason! However, thinking long-term a payday loan is a foolish idea. The reason is that you can get into financial trouble Junction City payday loans near me if you managed these loans incorrectly. If your checks bounce, your bank can charge you, incur overdraft fees and once your name is in the ChexSystems file other banks may be unwilling to work with you again. There is also a risk of a lawsuit or send your account to collections which means you will be harassed til the end of times.

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