Since these small cash advances are very popular, you can be sure there are lenders that will not pass up a chance for more business even if the borrower do not have the best of credit check results. In fact, high risk loans are so easy to get approved since they are intended for people with not much credit so nearly anyone can get a fast positive response. It does matter to these legit money lenders, as long as you have a minimum monthly income of $1000.
Even though these direct deposit payday loans sound very easy and unsecured with no collateral needed, it does not imply that you can get away by not repaying the borrowed money. There are a lot of late payment fees and penalties involved so do not try to borrow more than what you can pay off realistically.
Unlike installment loan companies, you will find that most places only lend up to 1000 dollar loans for a few weeks. This maximum loan amount is limited by the lenders in order to cap their losses on such high risk financing and it can be more hassle to try and get back their money from borrowers that default without paying back a single cent. If you need to get more than $1000 fast, some people will try to seek direct loan companies with monthly payment plans.
Trusted Lenders For Direct Loans
Note that you cannot practically receive the funds in 1 hour, you still need to deposit it at the bank and wait for clearance. This is the main disadvantage for people with no checking account in that you need more time to get the cash on hand. Do try to get one since it is very convenient and you can go for overnight cash loans in future.
With no checking account, you will not be able to write a post dated check to the lender for automatic on time payments once you get your next wages. Even though this does not make the transaction any more secured, lenders that give bad credit payday loans may impose some additional fees for the higher risk of not getting back their capital. On your part, you have to make sure you find a way to make your payment on time manually.
Like all other types of online cash advance, you need to be at least 18 years old, a legal US citizen, and a minimum monthly income of $1000. These are fairly reasonable lending requirements imposed by lenders that give 500 online loans to those who needed to borrow some cash for an emergency. It is a fast and convenient way to get money discreetly without begging others for help. Be smart and plan how you can pay back the high risk loan lenders using your next pay check before you sign on the agreement form. As long as you do no abuse the ease of these direct payday lenders, they can help you get out of any financial emergencies and even improve your credit history.
