If you are in need of a payday loan, but do not have a credit history, you may be wondering if it’s even possible to get one.
The answer is yes, however, the process will be more difficult for those without a track record of paying back loans on time. If you’re willing to put in some extra effort and look at alternative options to traditional payday loans, there are ways to get your hands on that cash quickly with no credit check required.
Get A Prepaid Debit Card
If you don’t have a credit history, prepaid debit cards can be a good option for getting payday loans canada and unlike a traditional credit card, prepaid debit cards are not tied to your bank account and they don’t require an application.
You just buy the card at the store or online and load it with funds by using an ATM or writing checks against your balance.
Prepaid debit cards come in many different form and the main difference between these different kinds of prepaid debit cards is how much money you can load onto them at once; some allow you to load more than $500 while others only let you add up to $250 per day from an ATM machine and whether or not there are fees associated with loading cash onto them.
Get A Secured Credit Card
● Prepaid debit cards are great for people with no credit history
● Secured credit cards are good for people with bad credit
Secured credit cards require a security deposit, which is usually equal to your credit limit on the card for example, a $500 secured card requires a $500 deposit.
This deposit gives you access to more funds than prepaid debit cards do and can help improve your financial situation in general but it also means that you’ll have more debt if you use the card irresponsibly or don’t pay off balances each month in full by their due dates.
Because of this risk, most secured cards charge higher interest rates than unsecured ones; however, they’re still better than payday loans because they won’t cost thousands in fees over time like payday loans might and sometimes will.