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Many people who want an instant payday loan believe that they need to have a checking account in order to qualify for one of the online payday advances that they see advertized on the Internet. This is not necessarily the case because many online pay day loan companies offer an alternative. That's what this article is about - how to get an instant payday loan without having a checking account.

Even though there are companies that offer no checking account payday loans with a special requirement, all pay day loan companies have a number of similar requirements.

Basic Requirements to Get an Instant Payday Loan

It takes most people fewer than ten minutes to fill out an online application for a cash advance. These applications actually look more like questionnaires and only ask for some very basic information. Since the payday loan companies are more interested in whether or not you can repay your loan than your credit history they will want to know:

(1) Your age. You must be at least eighteen years old.
(2) Where you live. You must have had the same address for the past three months. If you live in the United States you must supply your social security number.
(3) Where you work. You must be employed by the same company for the past three months. You can still qualify for a loan if you're unemployed but have a pension or some other form of regular monthly income. Your monthly income must be at least $800.
(4) Where you bank.

What You Need to Get a No Checking Account Payday Loan

If you do not have a checking account you can open a savings account at your local bank. If you meet the other qualifications, many payday loan companies will offer you an instant payday loan if you have a savings account even if you don't have a checking account.

The reason they require some form of bank account is that they do not send money through the mail. Everything is done electronically. The money you borrow will be electronically transferred into your bank account. When it comes time to repay your online payday loan the cash will be debited from the same bank account.

Because the interest rates are so high most people will only get online payday advances when there is a real financial emergency. And they will also compare interest rates at different companies because they can actually save hundreds of dollars by finding a pay day loan company with lower interest rates.