It’s popularly believed that payday lenders require the borrower to have a checking account. It’s true with many lenders who receive a post-dated check that they can cash at a specified date that was agreed upon between the lender and the borrower. Not all lenders however want to secure their loan against the borrower’s check. After all, the payday loan is an unsecured loan based on the promise on the part of the borrower to pay back the loan in the future. The lending involves a certain amount of risk, for which the lender is compensated. Some lenders want your business and are willing to take even more risk involved in the transaction by offering payday loans for people who don’t have a checking account.
A bank account is a must, because the lender can be headquartered in a different state separated from the borrower by a thousand miles. The lender can’t make a trip to the borrower’s location, but instead, he/she wants to make a money deposit in the borrower’s account. This may be a regular savings account, where money is going to be transferred if the lender approves the application.
1500onlineloans.com provides an instant access to a large number of lenders, who accept applicants with savings accounts.
If you decide to take out a loan, you can file an online application, which is two pages long. It asks you to provide your personal details that are later submitted to the lender for verification. Based on the details and credit verification, the lender makes a decision regarding whether to approve your application or to deny it. Some lenders are willing to take a risk of lending money to people with bad credit, even approving them for loans with monthly payments. They do that at their own discretion.
An online application is free of charge. A potential borrower can submit it to the network and see what will happen.