Do you need instant cash but are worried that lenders will not approve your application because you do not have a checking account? Worry no more because there are now a number of lenders that offer cash advance without checking account. These are the latest products offered by lending companies to attract more customers. Offering a cash advance or payday loan without a checking account makes it easier for people who need instant money to get approved. Lenders are becoming more and more lenient, probably because customers who meet their qualifications and requirements are becoming fewer in the last few years.
No checking account required
Before, lending companies require their borrowers to submit a check postdated to the borrower’s next payday that indicates the loan amount plus the fees and interest rates. This will ensure that the lender will get his money back. If the check bounces, the lender can sue the borrower, using the bounced check as evidence.
However, with this list of requirements, the lenders are limiting the number of borrowers who can apply for cash advance loans, which means less business and profit for them. After all, those people who usually take advantage of cash advance loans cannot afford to maintain a checking account and are in bad financial condition, which is why they are applying for these emergency loans in the first place. Moreover, people who do not have a good financial standing cannot open a checking account because banks are strict when it comes to this. So payday loan companies have no choice but to accept people who do not have a checking account if they want to continue their business.
Fast and easy
The application and approval process involving cash advance without checking account is fast and easy. You can apply online by filling out the lender’s online application form, making sure that all your details are true and correct. Your application will get approved within the same day, sometimes even as fast as 15 minutes. This means that you only have to connect to your computer and go online, find a lender that offers cash advance checking account application online, fill out their application form, submit the application form online, and wait for it to get approved. No need to wait a couple of days or more to know whether or not your application is approved because the complete process takes place in under an hour.
No bank accounts
Lenders take their business a step further by offering cash advance without bank account to their customers. When you apply for a cash loan without checking account, you are still required to have a savings account for your application to be approved. However, there are still some people who do not have even the most basic savings account. These people need not worry because they can still take advantage of cash advance without bank account if they need cash instantly. Just keep in mind that interest rates and fees may be higher and you may need to provide collateral to the lender.