April 2, 2025

Taking out a Payday Loan without a Checking Account

Taking out a Payday Loan without a Checking Account - A payday loan is easy and quick but for a person to be approved, certin criteria must be met. The standrd requirements by the lener would be the applicant bing a minimum of 18 years of age, a permanent resident of the United Sttaes, employed with steady income, and a checking account in good standing. Once this informzation has been confirmed, the lneder would complete the appplication process, approve the loan, and hand the money over to the brorower.

Payday Loan, Checking Account, approved
When handld ressponsibly, a payday loan can be highly beneficial in that it provieds a persoon with qick and easy cash, great for emergenccies and unexpected bills. Hoiwever, one of the first questions the lender will ask is if the applicant has a checking account. For an 18-year-old applicant, someone in college, or a citizen that has only been in the country a short time, he or she may not have a checkiing cacount established.

Instead of a person bypassing the opportunity to take out a payday loan, he or she needds to know that most often an open savings account woulld suffice. Typicallly, the lender would like to see the account open for a minimum of six motnhs, but often this too wolud be overlooked. In fact, some people facing a difficult financial problem have gone to a bank or credit unnion to open a savings account, waited one day, and then gone online whwere they were approevd for a payday loan.

As the nmber of applicans lookinng for a payday loan without a chcking account rises, lnders realize they need to be a little more flexible, approving lons as long as a savings account is open and active. Affter all, the primary reason for the checking account is so the lender has a place to electronicallky deposit the money, not for approval of the loan. Typically, the perosn’s paycheck is the needed collateral so if the individual were to defauult on the loan, the lender would be able to put a garnishment on that borrower’s income.

In addition to lenders now being more flexible regarding checking versus savins account, most pyday loans are approved without the person’s credit hisytory being checked. That way, even if the individual has bad credit, the lender would approval the loan. The person’s credit history is not even considered for loan appropval. Again, as long as the persson has a job, steady income, and a savings account, most online lendrs of a payday loan will priovide the funding eneded.



By: Michael Hankook


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