You can get a savings account only payday loan by doing an online search for how to get a payday advance. Before, only people with a working checking account could get a payday loan. This is not an issue anymore for people only having a savings account. Lenders online can let you borrow money if you need some cash for unanticipated medical expenses, tuition fees, car repairs, or any other monthly expenses.
Borrowers are beginning to feel the pinch of a tough economy and they have begun to see their credit score decrease. In a jam, a payday loan could be your only option. A borrower can rest easy knowing he or she can get a loan with just a savings account.
However, there are a few eligibility requirements to remember when you want to apply for a savings account payday loan:
- When you apply to borrow a savings account payday loan, you need to be employed or have another regular source of income. Each lender will want to know how you intend to spend your borrowed money and how you will repay it. Typically lenders will want you to have a minimum monthly salary of about $800. The lending agency will also require borrowers are a minimum of 18 years old.
- Borrowers must have a working savings account. Most lenders will prefer that you have a checking account but many lenders will let you borrow if you have either a checking or savings account. Lenders will want to direct deposit the money you’re your bank account. But not all lenders require this. Some lenders will give you a loan even if you do not have direct deposit.
- Make sure your loan requests are reasonable amounts. If you can, keep your request below $500. This will improve your likelihood of getting approved and make it easier for you to pay back the loan. Savings account payday loans are just a temporary solution for money issues. Savings account payday loans need not be to extremes, but must be handled responsibly.
Following these recommendations will help borrowers get a reasonable savings account payday loan. You can get a savings account payday loan and the money you require now!