No Employment Check Payday Loans Guide

No Employment Check Payday LoansGetting no employment check payday loans seems like it might be tough, since this is what you’re using as collateral. But you’d be surprised how many payday lenders won’t verify this information as long as you provide them with what they ask for.

You’ll want to avoid online payday loans in this instance, because they don’t have a way of getting to know you, and in order to prevent fraud they will usually verify all of the information you provide them with, including giving your employer a call to verify that you still work there.

But if you go with a local payday lender they’ll typically ask you to bring in your most recent pay stub. If you can’t provide that they’ll probably end up calling your employer to verify your employment. They don’t ask for a lot in order to give you hundreds of dollars, just your most recent pay stub, your most recent checking account statement, government issued photo ID, and a blank check to write to them for the amount of the loan plus the fee. The trust here is pretty much one-way, since they’re giving you the cash and you’re holding all the cards.

No Employment Check Payday Loans Guide

You have to look at this from the lender’s viewpoint. They are only getting a small amount of information from you, and they are trusting that you’re going to bring their money back on your payday, plus play them the fee. They have to be pretty sure that you still have a job, and that you make the amount of money that you claim you make.

Possible Pitfalls
A payday lender that is savvy enough can figure out if you are bringing them an exceptionally large paycheck. They can pretty easily spot if you were paid for more than 40 hours for that pay period, and if they run some numbers they can tell if your year to date earnings match up with what you’re showing them as your paycheck total. If they spot anything unusual they may ask you to bring in the previous pay periods pay stub, or they might call your employer to verify your earnings. Of course, this would only happen if they are on the ball, or if you’re trying to inflate your earnings.

It’s Really for Your Own Good
You really don’t want to get into too much trouble with payday loans, so if you were recently fired and are trying to snag a loan before the brown stuff really hits the fan, and have no plans to pay it back they could end up suing you for fraud because you are going to sign an agreement, but you had no intention on repaying the loan. The other reason you don’t want to pull any funny business with your employment numbers is because if you want to pay back the loan their system is set up to prevent you from loaning more than you can pay back. Even if you follow their parameters it’s going to be hard to pay it back, so if you tinker with the numbers in order to get a larger loan amount you’re probably going to end up in hotter water.

Your Job is Your Credit
Since they won’t be checking your credit score or sizing you up based on anything but the fact that you’re currently employed and you’re going to get a paycheck in two week’s time, this is the only information that they are relying on in order to lend you the money. If you’re not being honest with this, then they have no way of helping you out at all in your situation, and likely this transaction will end badly. So as much as you’d like to game the system, or shuffle things around so it looks like you’re a bigger earner than you are, you might want to think twice.

During our time working for a major payday lender, we saw people bring in all sorts of paperwork claiming that it was a pay stub. Just remember that the employees at these places know what pay stubs look like, and are pretty good at spotting bad documents. Any red flags and they’ll be on the phone with your employer and the jig will be up.

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