No Direct Deposit Payday Loans Guide

No Direct Deposit Payday Loans GuideGetting a lender that provides no direct deposit payday loans is a bit tricky because there’s no much in it for them. Since most employers have switched over to direct deposit, it makes it very easy for the lender to know when the money is going to be available.

As we move further into the digital age, lenders want more and more assurance that they’re going to get their money when it’s do. They can tell by looking at your bank statement and your last pay stub when your paydays will be, and with the instant availability of direct deposit, they know that when they go to collect, either by presenting your check to the bank or by performing an ACH transfer electronically, they have the best chances of getting their money.

Do No Direct Deposit Payday Loans Exist?

Yes, they do, but you’ll probably have to go to a local lender to get one. National chains that we could find that don’t require it are Advance American and Check N Go. They primarily conduct their business in the real world at physical locations and only require an open and active checking account and a paper check that you write out to them and that they hold until your payday. They expect you to come back with cash on your payday and pay the entire loan off plus the fee, and re-loan if you want to take the loan out again.

Added Risk to the Lender
While this does add an element of risk to the lender, it’s not a requirement at many of the offline lenders we researched. If you go to an online lender that’s a different story. They might require you to have direct deposit since their only means of collecting their money is through taking it out of your checking account using a transfer. This means that because they don’t have a check you’ve written to them, all they have is the authorization to take the money out of your account so they want to make sure that you have money coming into it automatically.

What Happens on Payday
The procedure varies depending on what type of lender you go with, which is why some of them have a policy of requiring direct deposit, and some will give out no direct deposit payday loans. The online lenders will all process your payment on your payday, typically early in the morning so you don’t have a chance to get at your available funds before they do. They will all want you to reborrow the money after they’ve already got it back. For an offline lender you will typically be required to bring the money in on your payday, a chore that many people loathe because it involves standing in long lines with all of the other borrowers wasting time on their Friday when they’d rather be at home or enjoying their lunch.

Too Easy to Abuse the System
All that’s required on your part to effectively abuse the system is to get to your money before the payday lender does. This will incur an overdraft fee if you go with an online lender, and will be harder to do since they will be sending through their electronic transaction at about the same time that your employer is sending through your paycheck. If you go with a lender that wants you to bring the cash back it’s as simple as not doing that, and making sure your account doesn’t have enough funds in it to cash the check.

Most offline lenders will call the bank’s check verification line before spending the time and money it takes to drive to the bank and present the check. They’re forced by state law in many states to present the check to the bank by a certain deadline, but until then you have a window that you can work within, as long as you’re communicating with the lender to let them know when they can expect their money.

So as you can see it’s not too hard to find a lender that offers no direct deposit payday loans, but if you are looking for an online lender that does it might be a tough find.

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