Payday Loans without Checking Account: A Possibility

Friday, June 7, 2013

Payday loans are usually given for a short period of time to people who have a steady job, so that they can take care of their financial needs in times of crisis. It is seen that one of the most important criteria for availing such loans is that the applicant needs to have a checking account. Payday loans are generally given for small sum of principal. Payday loans can financially uplift the lives of many people, due to its consumer friendly structure. Payday loans without checking account have proved to be tremendously useful for people who stayed away from these loans as they lacked a checking account.

Checking Account details

A checking account is basically an account through which a person can handle his financial transactions through a bank. These accounts are important transactions related to salaries; check payments, etc are done through this account. Details of the checking account of an applicant are sought by lenders, so that they can assess the spending habit as well as the income of an applicant. The lenders also need checking account details because the loan funds are directly transferred to these accounts. Another reason due which checking accounts plays an important in the entire payday loan process is because it provides a certain kind of security to the transaction that has transpired between both the lender and borrower. Checking account is also necessary for the proper repayment of the loan. Usually post dated checks are used by the lender for loan repayments, and dearth of a checking account might hinder the repayment procedure.

Payday Loans without Checking Account

Even though a checking account is required for availing payday loans, there are many lenders who provide loans to applicants without a checking account. It is very simple to get payday loans without a checking account. One needs to check the list of lenders online and preferably pick a lender from the same residential area. While searching for lenders online, one needs to specifically enter their zip code so that search results are relevant. Once you have chosen a lender, then the application form should be completed and submitted online or in person at the office of the lender. The lenders check the pay slip of an applicant and also visit their employer in order to confirm about the income of the applicant. Once all the facts are verified, then the payday loans get approved despite the lack of a checking account. After the loan gets the necessary approval from the lenders, the funds can be availed by the borrower through a bearer’s check issued by the borrower.

The convenience provided by payday loans without checking account has encouraged a lot of people to make use of this opportunity to deal with their financial woes. Payday loans have a short period for repayment and borrowers can easily pay off debts with their next paycheck. Payday loans as a product have been quite successful due to their quick approval process and almost everybody can enjoy the benefits of these loans.