First of all, getting a payday loan without a checking account is not impossible but it’s not easy either. Here are the options that you have.
1. Use a savings account. Many lenders will now accept a savings account if you don’t have a checking account.
2. Get a debit card that features a payroll direct deposit. These are fabulous new financial products that give you all the benefits of a checking account without actually having one. How it works is you will be provided a debit card and account number and routing number. You will be required to have your paycheck direct deposited into the debit card company’s account. You then can use the account number when you apply for a payday loan. Now you are applying as if you have a checking account.
3. Use a brick and mortar payday loan store. They are much more flexible than an online lender. They may be able to work with you, especially if you have a previous relationship with them. Some of the brick and mortar even have their own debit card product.
4. Use an auto title lender in your area. If you are lucky enough to have the title for your car, and your car has some value, than this may be your best option. Title lenders usually will work with you if you don’t have a checking account. They will give you cash and you provide them your title to your car. If you default, they will come get your car as collateral for defaulting on the loan. Generally you do not need a checking account for these types of loans.
Speedy payday loans are financial products that require you to make payments on every payday. Generally, you will pay back the principal plus the finance charge on the due date. Most lenders offer you the option of rolling over the payday loan to your next payday if you pay the finance charge only. Cash advances usually carry the highest APR because they require no collateral should you default. Most online lenders require that you are at least 18 years old, have a checking account and are employed. First time loan amounts are generally around $300, so if you are new to payday lending, you may not get $1500 the first time you apply. If you show good payment history, your lender may allow you to re-apply for larger loan amount in the future.