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It's the primary question asked by more first-time payday loan applicants above all others. That is that they want to know if they need to have a checking account in order to qualify. The problem here it seems, is that reliable information on the topic is just too hard to come by, and all you have to do is look online to see that. Read one article and you can come away with the notion that you don't need to have a checking account. Then read another article, and it will tell you the exact opposite.

So now another good question that's worth asking, is why all the confusion the first place? After all this really isn't a very complex topic. The answer here it turns out lies in your local community. It's community-based payday lending franchises that don't do business online. All of them as part of their requirements for obtaining a loan insist that the borrower leave them a post dated check in the amount of the loan. So of course what this means is if you have no checking account, you're out of luck.

So then your next question may be "do online lenders ever ask for a post dated check"? The simple answer there, is it would be logistically too troublesome, however, many lending sides do require that an applicant have a checking account that has been valid for a minimum of 90 days. The reason here, is that while they don't do credit checks, by requiring that applicants have a checking account, it means that they've at least been cleared by the bank when they applied for it. Even so, more online lenders today are only required a savings account.

In fact as more time goes by more lenders are adapting to this new policy, and there's good reason why this is so. That reason is the lagging global economy that has worked to leave more people who live check to check without a checking account. People who nonetheless occasionally do need to borrow money to get them through to the end of the week. Then a lot of lending sites are still retaining their requirement for a checking account but are dropping the 90 day requirement.

So this means that if you at least have some type of bank account, and a job or any other type of verifiable income, odds are that you qualify for an online loan today. However, due to the ongoing recession a growing number of people out there finding themselves with neither a checking or a savings account. Folks who nonetheless have an income and occasionally find themselves in need of a loan. So in response a growing number of online lenders are now offering to wire borrowers the money they need.

So the bottom line here, is that more lenders than ever are adapting their policies to accommodate people who don't have a checking account, and even those who don't have a checking or a savings account. People in need of loans. However, it's important to be aware of one thing though. That one thing is that where you stand regarding bank accounts works to determine your risk level. If you have a checking account your a lower risk and will see better terms.