Are you someone who values your privacy? Are you in need of money as soon as possible? Are you unemployed and in an emergency situation? When you have answered most of my questions in the affirmative, then you may also be tempted in applying for a loan with no employment verification.
What does ‘No Employment Verification Payday Loan’ mean? With traditional or storefront payday loans, you have to undergo certain steps to process your loan application. Lenders will need to verify your employment status and this process may take up to a day. Payday loan companies will also verify your credit ratings or look into any credit history if you have one. From investigating if you have correctly represented all the information you submitted to the approval stage, it can take up to a week before you have the cash you borrowed.
With modern technology and the changes in lending industry, applications for loans are much easier. Lending companies are now offering cash advances that don’t need to go through verification processes and you can have the money that you need in as quick as an hour.
- Instances of Payday Loans with no employment verification are:
Lenders only need an assurance that you will pay them back.
The basic requirement of these types of loans is that you must be 18 years of age since lenders need you to be legally accountable to do transactions. You also need to have an active checking or banking account. This is where the assurance will come from. Payday loan companies often require that you issue a post-dated check to be deposited on their account on the loan repayment date.
Payday companies don’t care about your employment history.
They are assured of getting their money back no matter what the consequences may be. Lending companies are widening their market and they started taking in loan applications from consumers who are unemployed or borrowers who are just starting on a new job. Legal obligations are solely shouldered by the borrower upon signing the loan terms and agreement. In any case, lenders will still have their money back and more (what with sky-rocketing high interest rates.) Cash advance companies will resort to any measure to force you to pay off your debts. This can sometimes result in mortgages, debt overflow and sometimes unemployment (if you started out employed). As stated earlier, lenders sometimes make you issue post-dated checks which will bounce if funds are not available on the stated date. Bouncing check fees will start accumulating and that’s an addition to your list of debts.
Lenders are blinding you with quick solutions to your dilemma.
None of the problems can be resolved instantly. You have to really think and analyze it. To obtain positive results in your actions, don’t be hasty in making decisions. Before signing up for emergency loans read and understand carefully what’s in the loan agreement document. There may be some information that’s been withheld to lure you into signing up. Information like how much the interest rate will cost is very important for you to be able to compute the end amount you will have to pay to the lending company.