This is a question we hear all the time: Can I get a loan even if I don't have a bank account?
Here's the short answer — "no". Or, more accurately, you can't get an online payday loan directly deposited to your account if you don't have a bank account. Also, many prepaid debit cards cannot be used for direct deposit payday loan purposes either. Here's the reason – if a payday lender is unable to: (1) deposit your loan funds into a bank account using ACH, and (2) withdraw the fees that are due by directly debiting your bank account using ACH, then most online payday lenders will not allow you to get a loan without a valid bank account.
Many prepaid debit cards do not allow lenders to directly debit your debit card account using ACH. As a result, if you fill out a loan application and enter in your prepaid debit card bank account information, you will likely get denied a loan, as the payday lenders check to see if your account is the kind that they can directly debit using ACH.
If you have a prepaid debit card account, and really need a loan, you can check into prepaid debit cards that have loan features as options (for example, you can check out the excellent AccountNow Prepaid MasterCard which has an optional credit line many people can qualify for).
Comments on this entry are closed.