You can never tell when a perfectly planned life can turn upside down, leaving you scouring for ways to get a quick loan to cover the financial urgencies. If you do not have a bank account with a direct deposit facility, then your chances of getting loans for any reason become extremely narrow.
You cannot use a check without a checking account, nor can you visit an ATM. Even if you apply for a payday loan, many direct loan lenders may not approve your application because one of the essential prerequisites is to have a valid bank account.
So, where does that leave you when you are in dire need of instant money? To save you from such situations, some payday loan providers offer cash instead of making a direct deposit of the loan amount. Read on to find out more about the alternate options available.
How to Get Payday Loans Without Direct Deposit From Employer
When you are an employee and in need of a quick loan, you may check out the payroll advance policy of your company. Some employers have such an official program in place to help their employees when they need a quick cash loan to cover some emergency expenses.
If a payroll advance from your employer is available, then this is one of the most affordable and accessible types of loans you can get. The employer will most probably not look for earning any profit from this program, so the interest rates are kept low.
However, if a quick deposit from your employer does not work for you and other alternatives are also not available, then payday loans may be the only fastest option available. The most significant advantage of taking payday loans is that you get the money within 24 hours.
The payday loan lenders do not perform any credit score check, nor do they require any extensive paperwork like a traditional bank; hence you can expect to get the loan amount considerably faster. However, there is a catch here as most of the loan lenders will require borrowers to have a valid checking bank account.
In the absence of a checking bank account, a savings account may also work with some of the loan lenders. But, what if the borrower has no option for a quick deposit in the bank account? Are there any other alternatives available? Let’s find out.
What Are Payday Loans That Don’t Require Direct Deposit
If you require a quick short term payday loan but do not have a savings or checking bank account to get a direct deposit, you still stand a chance to get the money. Some many loan lenders will even accept your loan application and offer cash loans through other mediums such as follows.
Cash Advance
It is a kind of credit card transaction, where you can use the card not only for making purchases at the merchant outlets but also for receiving money. You can withdraw money using your card, and the amount will reflect in the next bill to be paid.
When you have these cards with you, it becomes easier for the payday loan lender to send you money. So, if the lender sends you a 500 dollars deposit on the card, then it means you get a limit of 500 dollars to spend as per your discretion.
Many borrowers may also prefer to repay the loans along with Cambridge bad credit payday loans lenders fees from their card account. Furthermore, if a person has a credit card, this means he is considered reliable by the finance company. Although getting payday loans in this type of card means paying high-interest fees on your loans, tough situations often require you to make tough decisions.
