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Obtaining Payday Loans Without a Checking Account

Payday Loans Without a Checking Account
Usually, the requirements for loan application of any payday loan company are as such: a full name, physical address, proof of employment ,and a checking account. If you do not have a bank account, you have very little chance at approval. However, there are payday loan lenders that release payday loans without a checking account required from the applicant.

Payday loans without a checking account are good news for payday loan applicants with no checking accounts to their names. All they need to do is comply with the other requirements, especially the proof of employment document. For some companies in the payday loan industry, a proof of income (particularly if the applicant is self-employed) will suffice.

The typical payday loans

The norm is checking account payday loans because the average payday loan company will ask for your checking account number. There is also an advantage here as the company can transfer the cash advance, once your loan request is approved, directly to your bank account. It translates to less hassle for you.

Also, the company you are requesting a loan from will ask for a proof of your income, usually employment. The payday loan company may do a credit check on you, to check, for example, if you had loans before and if you paid them diligently. The background check will show if you are a reliable payer of your payday loan.

Once your loan is approved, the company will wire the cash to your bank account. Usually, this can take a few days or less. However, some lenders will claim the release of your loan to be within one hour.

If you do have a bank account, you may want to give your account number when it is part of the requirements the payday loan company asks for. I you do not have a checking account, your best bet may be payday loans without a checking account required instead of the usual checking account payday loan.


There are scammers posing as legitimate payday loan companies out there, especially online payday lenders. One way consumers protect themselves is to avoid giving personal information that can lead to identity theft or defrauding of money. Payday loan lenders that ask for your credit card account number, and not only your bank account number, should be avoided.

Even some consumers are wary of payday loan lenders asking for a bank account number alone. This fear is not unfounded, so for checking account payday loans, consumers are advised to deal only with companies they know for sure are legitimate.

Unknown lenders, especially those offering a direct payday loan, are suspicious. Do not give your checking account number to them. In this case, payday loans without a checking account required may be a good option for you.

Cash and Coin
Even if you are applying for payday loans without a checking account, make sure that you are dealing with a competent loan company. You can check the reputation of payday loan companies through third-party credit rating firms. You can also look at expert reviews or ordinary user reviews in the Internet.

Bank account debits

Some companies issuing payday loans without a checking account required do require the submission of your bank account number once your loan has been approved since that is where they will be sending you your loan.

Once your loan and the corresponding interest reach the due date, these payday loan companies usually automatically debit the amount due from your bank account. In such cases, make sure you have sufficient funds to pay the company because you can get fined twice over – first, by the payday loan company, and second, by your bank.

If you are cash-strapped and do not know if you will have the full amount to pay when the due date arrives, do not take out a loan that requires your checking account in any of your transactions. Go for companies that accept payment through money order, and other means.

An alternative

If you are in bad financial straits and you do not know whether you can pay a payday loan on time, regardless if they are payday loans without a checking account or not, then do not take out a payday loan. As you may know, the interest rates for payday loans are high, so you might find yourself in deeper debt quickly.

Always look for other alternatives, like a cash advance from your credit card company, or a request for an overdraft in your bank. Learn about other alternatives to payday loans without a checking account required.

If you do see the need to apply for payday loans without a checking account required, then exercise caution and make sure you are dealing with legitimate companies. Also make sure you have enough money in your bank account to pay your loan come due date. That way, you will be able to take advantage of payday loans without a checking account required and not find yourself in deeper financial trouble.

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