Companies that do not require you to have a bank account may ask you for much more detailed information than payday companies that require you to have a bank account. This information may include:


Proof that you are over 18.
Proof that you are an American citizen.
Proof of your employment (such as a payment stub).
Your contact information.
Your employer’s contact information.
Your social security number.
 Make sure to clarify:


How much the interest will be when you get a loan.
What fees will you be charged for getting a loan.
What the repercussions are if you do not pay the loan back.
When you will have to pay back the loan.
Any other questions you may have.
 Payday lenders generally ask you to fill out an application so that they have all of your information in one place. It is very important that you read every detail of the application so that you can spot any added fees or other ways that the payday loan company may be trying to trick you. Read the document thoroughly before you sign it.


This can either be done in the payday loan office, or online.
 Once you have been approved for a loan, work with the lender to outline a payment plan, including when your payment day will be. Payday loans are generally paid back on your next payday.


If you think you will not be able to pay the loan back until two paydays from now, negotiate with the lender to set up a payment system in which you will not have to pay higher interest rates for renewing the loan until the following pay day.
 Some payday loan companies that do not require a bank account will require collateral. This collateral may include things of value that you own, such as a car or a house. Again, it is very risky to give over your property as collateral, as most payday loan companies are out to turn a profit, no matter what.


However, some payday loan companies will not ask for any collateral. It is important that you clarify this when you are getting your payday loan.
 The payday lender will schedule a date on which you will have to pay back your loan. Because you do not have a bank account, you will most likely be asked to pay back the loan in cash. However, the way that you repay your loan will depend on the company’s policies.


Make sure to pay your loan on time, or else you will be charged a late fee. This is how people fall into the payday loan ‘debt trap’. Each day, new late fees will be tacked on, and you will get further and further behind in your payments. Thus, it is very important that you pay your loan back on time.
Gather all of the information the company will need to give you a loan.
Ask the lender any questions you may have before you apply for a loan.
Fill out the application.
Create a payment plan with the payday loan company.
Assign your payment collateral.
Pay off your loan as soon as possible.
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