Payday advance loan with no direct deposit is a little different from the usual cash advances that we borrow. The main differences between the two types of payday loans can be traced if you compare them:
- No direct deposit payday loan is provided to the borrower in the form of a check. Basically, payday loan amount is directly deposited to the applicant’s checking account. Therefore, the no direct deposit payday loan borrowers are not required to hold an active bank account. Really, they do not need to have a bank account at all.
- Usually, you give the lender a signed post dated check to deduct the loan amount along with interest fee from your next paycheck. So you do not have to remember the payback day any more. However, when you get a payday loan with no direct deposit required, you are recommended to know your loan repayment date and make sure that you have sufficient funds to cover the loan amount. And this is not so easy from time to time, particularly when you have some other pressing issues on your mind at the same time.
There is one more factor to consider. In many cases, the applicants should do their homework to find the no direct deposit payday loan lender. This is because cash loan lenders without direct deposit usually charge higher commission. Also, the applicant has to find the right lender that offer him some reasonable time to pay back. A payday loan with no direct deposit can be a real trouble if you are not able to get the cash that be returned on the payback date.
The check that the applicant gets from the payday lender with no direct deposit feature may take some time to clear. A few banks may take up to 3 days to cash out the checks and in this case you are stuck!
You should be shrewd to enjoy all the advantage of a no direct deposit payday loan. When you borrow cash from payday loan companies, you cannot afford to be somewhat laid back and forget your repayment date.
Do I Qualify?
Beside the above conditions, the payday cash loan with no direct deposit has similar eligibility conditions to other cash loans out there such as your being 18 years old, a US citizen and regular employee earning at least $1000 dollars per month. You can get a payday advance loan for an amount varying from $100-$1500.
If you urgently need money and for some reason you do not have a checking or savings account, you now have a perfect solution to resolve all your cash problems with a no direct deposit payday loan.