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What You Need To Know About Payday Loans Without The Fuss

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What You Need To Know About Payday Loans Without The Fuss

Many consumers rely on financial institutions, such as banks and credit unions for a loan. While this is a great option, it may not always be in your best interest. There are many factors that can stand in your way of getting approval for a loan. Of course, you will have the option of making some alterations to meet the requirements, but more often than not, your hands will be tied. Below, you will discover everything you need to know about payday loan without the fuss.

Without A Credit Check

One of the biggest advantages of payday loans are they can be acquired without a lengthy credit check. Why do you think most consumers choose to skip the bank and head directly to a payday loan service provider? The answer is nothing more obvious than low credit scores. If your credit history is tainted with past due payments, bankruptcy, debt collections and divorce, you will find it nearly impossible to get approved for a loan.

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Payday loans are approved without a lengthy credit check. No more embarrassing moments linked to denials, get approved without a credit check and be on your way to the bank to cash your check.

Without A Lengthy Wait

If you find yourself in need of fast cash, you should not expect to get it from a financial institution. All banks operate in a unique manner, but their loan processes normally are fairly general. Basically this means that an approval may take anywhere from 48 to 72 hours or longer. If you are established with the bank that you are seeking a loan from, the process may be sped up a bit. However, you should still expect to not receive a response to your loan application for several days.

Payday loans are often approved instantly or within the first 24-hours. This is definitely a great benefit for someone that is in need of emergency cash. If your car breaks down or if your child is sick, you are not going to have to waste. In these cases, a loan could be a lifesaving treatment for you little one or missing a couple of days of work.

Without A Checking Account

In the past, payday lenders required customers to have an active checking account. Today, this is no longer a requirement. Instead of a checking account, the applicant will need to provide the lender with a personal saving account and verifiable income information. This allows the lender to withdraw the repayment directly from the savings account on a predetermined date.

It is important to note that payday loans are only available up to $1,000. While, this is a small sum of money, it can help someone out until they receive their next paycheck. This also speeds up the process, which is worth everything to someone in an emergency crisis.

In most cases, when the application is approved, the lender will deposit they money into the customer’s savings account. This is also a plus, because it eliminates the need to take a paper check to the bank to have it cashed.

Last updated on December 7, 2016.

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One Response to “What You Need To Know About Payday Loans Without The Fuss”

  1. Wesley says:

    Please delete this story as it is very misleading. Payday loans are the modern day loan sharks, charging usury interest rates that end up trapping and ruining the poor they claim to help.

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