Online Payday Loans That Accept Savings Accounts From a Direct Lender – Get up to $5000!
When you strapped for money, and unexpected emergencies are staring at your face, it is not possible to pay out of pocket. Most people find it challenging to make ends meet with their paycheck, but sometimes there are unforeseen expenses you cannot ignore.
This type of situation pushes people to start looking for suitable credit options that can lend short-term loans to fill in the gap. However, bad credit score and lack of proper medium to get a direct deposit can narrow down the options and make it hard to find one.
If your credit history is poor, most of the traditional banks will not lend you money, and this when direct payday loan lenders come to the rescue. However, to get an instant cash flow, most direct lenders require the borrowers to have a checking account.
In case you do not have one, start looking for direct lenders that also offer payday loans to people having an only savings account. Although this may be slightly difficult, you can still find a good number of lenders who will be willing to adjust to this scenario and even approve your loan application. Let’s get started to find out more about it.
What to Know About Payday Loans That Allow Savings Accounts
When you opt for pay loans that allow savings bank accounts, the format of short-term loans stays the same. The borrower applies online for a quick instant loan, which may range anywhere between 100 and 5,000 dollars (sometimes even more) with an understanding that he will repay on his next pay date.
The entire application process from filling up the form to disbursement of the funds takes place online. As there is no credit check or documentation required, the loan is usually approved much faster than a traditional bank loan.
The borrower may get the money on the same day or next business day, usually within 24 hours. However, when you have only a savings account, expect the process to take a bit longer. Your account may also be under strict supervision to ensure that you spend wisely.
The interest rates for payday loans may be slightly higher than any conventional method of short-term loans. Despite this, this type of loan is in demand for the quick application process and direct deposit to a bank account.
The period of time given to repay the loan is usually compact and short, like any payday loan. It may range from two weeks to 30 days, generally until your next pay date. As a result, some people find it difficult to pay back on time and feel pressure next month.
To ease this out, you may look for installment loans offered by cash advance lenders. In this case, the loan amount can be repaid in smaller installments spread across a specific period of time, usually 3, 6, or 12 months.
Who Is Eligible for Payday Loans With a Savings Account Only
Payday loans are opted by people who have poor credit but at least have a deposit account to receive funds. Although a checking account is preferred, some direct lenders may offer cash loans to people who only have a savings account.
If you have a savings account with a bank, it indicates that you have a cordial relationship with the financial institution, and they have not barred you from their service. So, it also serves as an indicator of how reliable you are and increases your odds of getting a loan.
In case you do not have a savings account, we suggest that you apply for one as soon as possible. Unlike the checking accounts, their savings counterparts do not come with extra fees or costs. You may not be required to maintain a minimum balance in the account. However, you will need to ensure that the balance does not go into negative.
How to Apply for Payday Loans Online With a Savings Account
One of the most significant advantages of getting a payday loan is that you can apply for it online without having to visit any traditional bank or financial institutes personally. You also do not need to answer the questions of the bank representatives.
As the direct lender sites such as Massat Loan are operational 24/ 7, you simply need to visit the website when you are free and fill out the online application form. There are some necessary details that you need to fill in the boxes, and this is just to give lenders an understanding of how likely you are to repay the loan on time.
However, please bear in mind that filling out the online application does not mean you will get approval for the loan. The lender has all rights reserved to reject the application or grant less than what you request. Here are a few details that you need to fill out to apply for cash online:
- Full name, age proof, and physical address
- Valid email ID
- Checking a/c
- Employment proof (PayPal receipts, pay stubs, and client invoices)
- Source of steady income for self-employed
- Reason for taking a loan
- The amount of loan needed
- Social security number
Frequently Asked Questions
Can You Get a Payday Loan With a Savings Account?
Yes, if you are looking for payday loans with a savings account direct lender, you can find many businesses willing to lend you money. These direct lenders only need to ensure that you are an adult, have a valid email address, be a citizen of the country, and have a steady income source.
Can I Get a Payday Loan With a Prepaid Account?
Another alternative to get a payday loan is to look for lenders that send money directly to prepaid debit cards. The lender will add a certain amount of money to the prepaid card, and the borrower may also use it to make repayments.
Can You Borrow Money Against Your Savings Account?
Yes, if you don’t have a checking account (which is preferred) for a cash advance, you can still get money to your savings bank account.
Where Can I Get a Loan With a Prepaid Debit Card?
Many direct lenders are willing to send money to prepaid debit cards to allow you to use the cash to pay quickly at the merchant outlets.
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