While most payday loan lenders require a checking account, and often an established one, you may be able to get a payday loan without one. Typically, payday lenders opt to use a checking account for both deposits and payments. This paperless system is both more efficient and reliable, and allows for additional income verification. You may be able to get a short term loan with just a savings account, depending upon your bank. Regardless of the lender, you will need verifiable proof of income in order to get a cash advance loan. Typically, this includes bank statements, pay stubs and more. Income limits may vary from lender to lender, but all want to know that you can repay the money borrowed. If you are trying to get a loan without a checking account, it will be more difficult and may take some amount of shopping around.
If you need cash quickly, but do not have a the typically required 90 day old checking account, you should start looking for a cash advance loan locally. Most towns and cities have a number of lenders and you may find that one is willing to work with you without a checking account. While there are a number of services on line that offer short term loans, these do require checking access to deposit funds and collect payments. Many lenders will accept a savings account in lieu of checking, if you have this available. You should expect that borrowing without a checking account, if you can find a willing lender, will incur even higher interest rates and fees than is typical of the short term loan industry.
Some short term lenders offer loans based on car titles as collateral. These loans are more likely to be an option without a checking account. You should keep in mind that if you fail to repay a title loan, your car may be seized. This is, however, another option if you need cash but have no access to credit.
Before you consider a payday, cash advance or title loan, explore all other options. Can you borrow money from friends or family, ask your employer for a cash advance or talk to creditors about getting more time to pay a bill? If so, any of these options will be less expensive than trying to get a cash advance without a checking account. Do prepare yourself for the high costs of a payday loan. When factored out as an annual percentage rate, many payday loans have interest rates above 400%. Borrow only as a last resort, take the smallest amount you are able and pay it back as quickly as possible to avoid difficult long term financial issues.