Borrowers turn to payday loans for quick infusions of cash, usually when financial emergencies pop up. Though these loans often come with high interest rates and origination fees--something that many state legislatures are hoping to curb by introducing legislation to regulate payday lenders--consumers see them as financial safety nets when they need to keep the lights on or the car's gas tanks filled. Obtaining a payday loan without bank verification, also known as obtaining an instant or no teletrack payday loan, is relatively simple.
Determine how much money you need and whether you can obtain it from sources other than a no-verification payday loan. Most payday lenders pass out loans only for amounts under $1,000. If you need a larger amount, a payday loan might not be for you. Also, because payday loans usually come with high interest rates--a Baltimore Sun story cited payday lenders that charge Maryland consumers annual interest rates of 600 percent--borrowing money from other sources, such as home equity loans, personal loans or from family members, is often a better financial move.
Apply for a no-bank-verification payday loan in person. You can do this by visiting one of your community's local payday loan shops. If you want to skip the trip, you can also find many payday lenders that will loan you money, with no bank verification required, online.
Ask any payday lender with whom you work to provide you in writing the interest rate and origination fees they are charging you. This will prevent any future surprises. Make sure you also understand the date when you are due to pay back the loan, and what penalties you face for paying your loan back late.
Present your payday lender with your driver's license verifying that you are 18 years of age or older. Also provide the lender with a postdated check for the amount you are borrowing plus interest.
Pay your loan back on time. Payday lenders make much of their profits by charging consumers late fees when they don't pay their loans back by the deadline.
Don Rafner has been writing professionally since 1992, with work published in "The Washington Post," "Chicago Tribune," "Phoenix Magazine" and several trade magazines. He is also the managing editor of "Midwest Real Estate News." He specializes in writing about mortgage lending, personal finance, business and real-estate topics. He holds a Bachelor of Arts in journalism from the University of Illinois.