Easy Cash Loans If You Have No Savings Account
The online payday loan business continues to go through just so many changes as time passes by. Go ahead and read an article online that was posted over a year ago, and by now some information that it stated may in fact not be true. It’s due to several factors, and increasing competition is one. Also many lenders are beginning to come to terms with things like the fact that many honest and reliable people simply don’t have any savings accounts.
Perhaps you are one of the many people out there that just don’t trust banks with your money, after so many banks being closed in recent times. Or maybe you just don’t want to do business with them due to your principles, after so many recent home foreclosures. Then again perhaps you’ve found out that your savings or checking account has been closed due to low funds and low activity.
Even so don’t lose track of the fact that lending sites really do prefer to lend to people that do have a savings or checking account, so most sites still require one. You also need to understand that if you don’t have either a savings or checking account; it presents a series of problems. Two of those problems in particular are really quite glaring too, once you see what they are.
Those are how are they going to get you the money, and then how are you going to get your payments back to them? You see, right now the standard method is direct deposit and direct withdrawal. That is that they simply deposit your loan into your account then take out your payment or payments from the same account when they come due. A very simple process but needless to say it requires an account.
So for sites that do no bank account loans, to get you the money it has to be sent by wire money transfer service, and for one thing that requires fee. Then when it comes time for your payment to come in, instead of just going to your account and simply clearing the debt, all too often they’re stuck waiting for it. So it’s not hard to imagine why it is that so many online lenders are loath to do it.
So you can expect a no bank account loan to come with high late payment fees, and you can expect that you may have to go through a credit check as well. Then again you may find that they have a higher income requirement, and if you don’t meet it, you can expect to be rejected. So in the end you can get an online payday loan with no savings or checking account but it will cost you more.
Want to find out more about bad credit payday loans, then visit Minnie Pascal’s site on how to choose the best direct payday lenders for your financial needs.