We theoretically study the stability of a trapless dipolar Bose-Einstein condensate (BEC) with temporal modulation of short-range contact interaction. For this aim, through both analytical and numerical methods, we solve a Gross-Pitaevskii equation with both constant and oscillatory form of short-range contact interaction along with long-range, nonlocal, dipole-dipole (DD) interaction terms. Using variational method, we discuss the stability of the trapless dipolar BEC with presence and absence of both constant and oscillatory contact interactions. We show that the oscillatory contact interaction prevents the collapse of the trapless dipolar BEC. We confirm the analytical prediction through numerical simulations. We have also studied the collective excitations in the system induced by the effective potential due to oscillating interaction. PACS numbers: 03.75.-b, 05.45.-a, 05.45.Yv, 03.75.Lm