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Whether or not you need a checking account to secure a payday loan is the topic of more debate than perhaps any other subject related to online lending. All you have to do is check out some of the informational material you can find posted online to see where a lot of the confusion originates from. Too much of the published material states unequivocally that "you simply must have" a checking account in order to qualify.

So why so much confusion the first place if it's really such a simple matter? The answer it turns out stems from the fact that in order to be approved from a "community-based" payday lender you must have a checking account. These would be lending franchises that are "not" based online, and there's a good reason why they require that you have a checking account. That is that they demand a post dated check in the amount of the loan.

But using a post dated check is out of the question when you're borrowing online. It would take too much time which would eliminate too many qualified applicants, so online lenders do business differently. What they require, is that you have a bank account from which they can work. An account where they can deposit the money once you're approved, and then to withdraw money from when your payment comes due. A lot of them do require that it be a checking account.

Still changing economic times and climate have also meant changing policies at online lending sides, so each day more venues are changing their stipulation that requires a checking account to a savings account. Also, each day more sites that are sticking with their checking account requirement are no longer requiring that the checking account be a minimum of 90 days old. A brand-new checking account will do.

So then what if you have neither a checking or a savings account? Perhaps you have a verifiable source of income that's enough to qualify you for a loan but you simply don't have the account. As it turns out there is in the solution here, and it comes in the form of lending venues that will actually wire you the money. Then when it's time, for you to make your payment, you simply wire the money back to them.

Do be aware though that arrangements like this do carry with them some of the worst terms you will find, and there's a reason for it. That is that the further away you get from the basic checking account requirement, the most high risk you will be deemed. So try to plan ahead and get yourself set up with a checking account at or for sure a savings account at your local bank before you apply for any online loan.