When you apply online for a payday loan with instant approval, you will often be asked to submit your bank account information. The reason for using your checking or savings account to get online payday loans is to ensure that the money can be directly transferred to you on the same day and also for the lenders to debit the money owed to them on your pay day.
As such, many payday lenders will require that your pay is received through direct deposit. However, if you need to borrow money but do not have a bank account or you do not get your salary from direct deposit, you may want to know where to apply for loans with no direct deposit requirements.
Before you apply for an instant online payday loan, you should first inquire with the signature cash lenders whether it is possible for you to get a cash advance with no direct deposit. Although some faxless lenders may state on their website that having a checking account is a pre-requisite, they may allow borrowers to arrange for alternative payments, such as writing a check or paying by cash instead.
Having a bank account has many benefits. There are some national banks with low deposit requirements and they are easy to apply and maintain. If you wish to get direct loans from private lenders like those payday loans for long term and other low income loans, having a bank checking or savings account will come in very useful. Therefore, instead of looking for fast payday loans with no direct deposit, you should try to get yourself a bank account first, as it will come in handy when you need to borrow direct cash quickly.