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Payday Loans with No Checking Account

A lot of people are wondering if payday loans with no checking account work. Not all individuals have a checking account but wish to apply for an online cash advance. There are instances wherein you need to address financial needs in the soonest time. You’re first instinct is to apply for an overnight payday loan but what troubles you is that you have no checking account. Economic times have gone harsh and if you are a victim of this huge economic droop and wish to apply for an online loan but has no checking account, then this might be the article that you’re looking for.

Unexpected circumstances that need to be addressed by instant cash have proven to be a very hefty problem for individuals that have no financial backup. In convenience, there are a number of 30 day payday loans available online that can address emergency financial crisis especially to those who are in dire need of a quick cash fix.

It doesn’t come as a surprise that usual payday loans in 1 hour require a checking account. This kind of online cash advance can be convenient and fast but their criterion for approval includes being employed in a stable job for at least 6 months, being 18 years old or older, must be a resident of the United States, and more importantly must have a checking account. So if you don’t have a checking account, you are left out of the equation.

Luckily, there are also payday loans or cash advance that are available that you can apply to even if you have no checking account. There are a number of these companies that approve loans even to those with no checking account.

In addition to that, direct lender payday loans are also available online. These are also loans that approve borrowers with no checking account, they only require that you have a savings account. It is safe to say that most individuals with no checking account are in bound to have a savings account, especially if they are already employed.

The rationale behind direct lender payday loans require a savings account/bank account is for money transfer. Without this, they will not be able to transfer the loan you requested. Money transfers can be done overnight or within 24 hours right after the 1 hour approval. It would be very unwise and impractical if you think that direct lender payday loans are sending checks through snail mail because in that case they won’t be able to get assurance for repayments. The purpose of cash advance will be defeated if that’s the case. That is why if you are thinking of applying for these online loans, the first step would be securing a savings account/bank account.

Online payday loans work as a cash advance so repayments are done the same way you first received your cash. The money you borrowed will be automatically deducted from your bank account to be transferred to the account of your direct lender. In cases when repayments aren’t made, interest will take place. Also, all interests and additional fees will also be automatically deducted from your account.

Payday loans are legal in the following states: Alabama (AL), Alaska (AK), California (CA), Colorado (CO), Delaware (DE), Florida (FL), Hawaii (HI), Idaho (ID), Illinois (IL), Indiana (IN), Iowa (IA), Kansas (KS), Kentucky (KY), Louisiana, Michigan (MI), Minnesota (MN), Mississippi (MS), Missouri (MO), Montana (MT), Nebraska (NE), Nevada (NV), New Hampshire (NH), New Mexico (NM), North Dakota, Oklahoma (OK), Oregon (OR), Rhode Island (RI), South Carolina (SC), South Dakota (ND), Tennessee (TN), Texas (TX), Utah (UT), Virginia (VA), Washington (WA), Wisconsin (WI), Wyoming (WY).

Payday loans are illegal in: Arizona (AZ), Arkansas (AR), Connecticut (CT), Georgia (GA), Maine (ME), Maryland (MD), Massachusetts (MA), New Jersey (NJ) New York (NY), North Carolina (NC), Pennsylvania (PA), Vermont (VT), West Virginia (WV), the District of Columbia (DC). Amounts: $100, $200, $300, $400, $500, $600, $700, $800, $900, $1000

Canadian rules:

British Columbia – capped at 23% of the principal (including interests and fees) Alberta – up to 23% Saskatchewan – an interest rate cap of 23% of the principal, a cap of 30% on a defaulted loan Manitoba – at 17% per two weeks Ontario – $21 per $100 borrowed for a period of two weeks New Brunswick – illegal at any rate over 60% per annum Nova Scotia – the maximum rate to 25% Prince Edward Island – $25 per $100 borrowed for a period of two weeks Newfoundland and Labrador – no legislation