I Have A Savings Account, Can I Still Get A Payday Loan?

Yes, you can obtain a payday loan even with a savings account. Most payday loan companies now offer savings account-based payday loan services in addition to their regular payday loans that operate via a checking account.

While there are no advantages of a savings account over a checking account where payday loans are concerned, you should be aware that there are disadvantages. Some savings accounts do not support the electronic money transfers the payday loan companies online rely on. More and more offline payday loan companies are switching wherever possible to electronic money transfer for security reasons too.

ACH (Automated Clearing House) or EFT (Electronic Funds Transfer) payment are the most common methods used to get funds into a borrower's account. Check with your bank if the company offering you a savings account payday loan wishes to pay directly into your bank account. You can normally also tell if your account support these types of cash transactions by examining one of your bank statements for an ABA number.