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By: Nasrullah Mardani

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Friday, 4-Mar-2011 08:41 Email | Share | | Bookmark
Can I Get a Online Payday Loan Without a Bank Account?

Online payday loan are typically younger clients such as parents who need money to pay bills that have mounted up. Once you apply for a online payday loan, you can get the amount the very next day deposited directly into your bank account via ach. Or even within the same day, as soon as your application meets all the requirements from our direct lenders. Most individuals opt to apply for a paycheck loan from online loan institutions so that they can pay their bills instantly. What does getting a online payday loan need? The basic requirements are the following: a checking account, personal identification and a verification of income. A client uses his post dated paycheck or electronic checking account information as the collateral.

Online payday loan needs to be paid within 2 weeks. Are the easiest solution for people who are in need of money right away due to urgent financial problems. Consumers write a check for the amount they are borrowing plus the additional fee. Such checks will then be given to the lender as collateral. Most people get a online payday loan for emergency situations. Online payday loan are that the borrower be at least eighteen years of age, have a job (or other regular source of income) and have an active open bank account. The lender evaluates the application and determines the eligibility of the borrower based on its own set of approval criteria. Things like income, direct deposit of benefits, and online payday loan history, may determine whether or not the loan is approved.

At this point the borrower authorizes the lender to withdraw the advanced loan amount, plus a fee from their bank account on his next payday. Essentially, the borrower is making out a check for the lender to hold. With this assurance of repayment in hand, the lender electronically deposits the money into the borrowers bank account. The loan is usually due on the borrower's next payday. Payments are processed by the lender by electronic transfer from the borrower's bank account. Most lenders will allow the borrower to extend his loan by paying a fee. Since the loan is secured by the borrower's paycheck, the lender issues the online payday loan with no credit check.


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