How to Get a Fast No Employment Payday Loan

Payday loans are easy to come by--but they have a high cost.

Payday loans are credit accounts that are based on the promise of future payment. When you sign a payday loan agreement, you must also provide a post-dated check to the lender. This check is cashed when you get paid--up to 14 days in the future. Many payday lenders require both a checking account and employment verification. However, some payday lenders only require a checking account.

Instructions

1. Determine how much money you need to borrow. Most payday lenders are only legally allowed to lend up to $500. It's in your best interest to keep your loan amount as small as possible because interest rates (APRs, or Annual Percentage Rates) can be as high as 500 percent.

2. Ask for referrals to a reputable establishment. The business of payday lending came under serious scrutiny in the early 2000s. Some companies have questionable ethics. The best way to find the most advantageous loan is to find someone who can recommend a company. Ask friends, relatives and colleagues.

3. Locate several companies that offer payday loans without employment verification. These can be brick-and-mortar branch offices or online companies. There are an inordinate number of lenders in the U.S. Research the reputation of each lender at the Better Business Bureau. Choose the company with the best reputation on the BBB website. You can also find many other online consumer ratings regarding lenders.

4. Create a repayment plan before you sign the paperwork. These loans often trap borrowers in a cycle of "re-upping"--the process of adding more funds on top of existing payday loans. Make a short-term budget to ensure the loan will be repaid as quickly as possible.

Tips & Warnings

• Payday loans are notoriously unfair. Payday lenders are known for targeting the poorest and most vulnerable members of society. Think very carefully before signing a payday loan. Perhaps a small amount of money can be borrowed from another source, such as a friend or family member.

References

• Bankrate: Online Payday Loans: Borrower Beware
• Bankrate: Banks Offer Small Personal Loans
• Better Business Bureau