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"I need financial help fast. Where can I get an emergency cash advance with savings account only?" Sounds familiar to you? Many of us do not own a checking account as for the most part, a bank savings account is sufficient to meet our banking needs. But when you need a short term loan that you can borrow money with no credit check, say, a temporary loan till payday, which is commonly available from online payday companies, having a bank checking account is often a prerequisite.
Traditionally, borrowers with bad credit rely on payday loans for short term financial needs. When they walk into a payday lending store to apply for them, they will be required to write a post-dated check to the loan lenders in the full amount of the loan plus fees. Unless otherwise arranged, the lenders will redeem the check on maturity date and it is why a checking account is often required if you need to apply for emergency cash that you can pay back on your next payday.
However if you need to get an easy loan without a checking account, more recently, there are short term loans that you can apply with a savings account. Many online payday loan shops offer them as savings account payday loans with no credit check. Not a lot of difference compared to other direct payday loans with no faxing online, these online cash advance that you can apply with a savings account enables those who do not have a bank check account to get a loan with guaranteed approval.
Requirements For Emergency Payday Loans With A Savings Account Only
You should have a bank savings account in good standing. Direct lenders that make personal loans with savings account may require that your salary is paid through direct deposit. As part of the agreement, the usual way for lenders to secure a 31 day payday loan without writing a check is to receive the payment by debiting directly from your bank account on maturity date. Therefore, you need to ensure that you have a savings account with direct deposit facilities as well.
Other than that, you may have to demonstrate that you are employed for at least 6 months in your current workplace and with a salary proportionate to the amount of money you need to borrow. Think of it as a credit line where you can only borrow not more than 2 times your monthly salary. Emergency loan lenders with savings accounts personal loans may have a minimum salary requirement of $800-$1000 but from what we've have witnessed, it is the lenders' discretion to approve loans with a savings account for people with low income.