How To Get a Payday Loan Without a Checking Account

September 26, 2019


When it comes to getting a payday loan, having a bank account is paramount. In recent times, however, there has been a new financial trend in obtaining loans among lenders. This financial shift has led many individuals to cope with their financial situations and emergencies. Today, one can obtain a payday loan even without a checking account. What has brought a change of heart among lenders? 

A checking account was a basic measure to gauge an individual’s level of creditworthiness. Today, however, there are various ways for lenders to check an individuals’ paying capabilities, such as their source of income. This means that an individual doesn’t necessarily have to show their checking account. A borrower can show their savings account or a salary statement from work as proof of income, among many other methods.

In the following section, we’ll further discuss why a checking account is required for payday loans and what you can do if you don’t have one. Keep on reading to find out more.


Why do lenders require a checking account for payday loans?

When accessing a payday loan, you may still encounter a checking account in the list of basic requirements. A checking account clearly shows how much money you have to indicate a clear picture of your paying capabilities. As mentioned, it used to be a black-and-white tool used to make a decision when reviewing a borrower’s application. Here are other reasons for lenders to require a checking account.

  • Money Transfer: It’s much easier for lenders to transfer cash directly to your account if you have a checking account. This process is more convenient and less time-consuming for you and the lender.
  • Financial Health: Lenders want to determine your financial health to assure them of your paying capabilities. A checking account clearly shows your financial situation as well as your capabilities to pay off the loan.
  • Income Source: A checking account is a valid source of income. It reflects your current financial situation, including the amount of your minimum wage.


What can one do if they don’t have a checking account?

Having a checking account is no longer a mandatory requirement, which means that you can also provide and submit other alternatives. However, it continues to be listed as one of the requirements. If you don’t have one, don’t worry and follow the steps below:

  • Submit a valid ID or driver’s license.
  • Submit documents proving you own a car, motorcycle, or any other vehicle.
  • Start the application procedure online or live.
  • Get the approval and visit the lender’s location to get your cash or prepaid debit card.


Ultimately, obtaining a payday loan without a checking account is now possible. However, the downside is that you may be incurred a higher interest rate. Though this may be a less than pleasing option when compared to other traditional loans, this is still a better option if you are in a bad financial situation. 

If you’re in South Africa and want to take out a personal loan at affordable rates, feel free to contact Hoopla Loans today to see what we can do for you!