A cash advance or payday loan is a loan that is written out on a short term basis for borrowers who cannot or do not wish to borrow money in a traditional format. A payday loan is payable when the borrower gets their next paycheck. Traditionally, only those borrowers who had an active checking account could apply for and be approved for a payday loan - but that is no longer the case.
Fortunately, for many borrowers who do not qualify to open a checking account due to bad credit or other reasons, there are payday loan servicers who will approve their payday loans regardless. This is wonderful news for those who have difficulty borrowing money, usually because of past credit mistakes that were made when they were younger and less responsible, or that were made because of a job loss or layoff.
Only A Savings Account Needed To Qualify
To qualify for your payday loan without a checking account, you will need to open a savings account and provide the savings account routing number to the payday loan servicer in lieu of a checking account. Opening a savings account is much easier than opening a checking account - there are no credit checks to do so with most banks. And opening a savings account requires very little cash up front.
In fact, most savings accounts can be opened with less than $50. The reason that these lenders offer a payday loan for those without a checking account but require that they have a savings account is to expedite the release of your loan proceeds, and also so that they can be paid by electronic funds transfer from your savings account when your payday loan comes due. In addition to having a savings account, you must also meet the other requirement of receiving a payday loan - income. Your income (whether from wages, Social Security, retirement, etc.) must be sufficient enough to pay the lender when the loan becomes due.
No Credit Check, No Checking Account Loans
Because there is no credit check involved in getting this type of loan, nearly all borrowers who qualify will be approved. You may be asked to send in various forms of documentation to support your application. Some of the documentation that may be asked for in order to approve your no credit check/no checking account loan include: proof of income (in the form of a pay stub or statement from your employer, or proof of income from your Social Security or retirement), picture identification (in the form of a state issued driver license or other identification card), and your banking information. Some lenders will also ask you to list several references (usually three). Your references can be anyone that can contact you to leave a message if the lender tries to reach you and cannot.
Online Application Is Fast And Easy
Applying for your no checking account needed payday loan is fast and easy when you use an online lender. Online applications are submitted via an encrypted server that protects your information but allows you to submit your application in the most expedient manner. Because of the streamlined process of application, many borrowers can receive their loan money in just a couple of hours, deposited directly into their savings account for immediate access.
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