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Choosing Savings Account Payday Loans

Jul 28, 2008
There's a lot of things you can do without a checking account. If you have a savings account payday loans, as an example, can be in your future... really, you can get payday loans with just a savings account!

What are the details and how can you really get a payday loan without a checking account in the first place?

What Is This Thing?

Well, it's commonly called a savings account payday loan, and it's the simple process of acquiring a payday loan, and having them deposit your money into your savings account, instead of a checking account. While it sounds simple, there is a bit more.

For instance, you might find that your bank does not allow this, meaning they will not let money be credited to a savings account from a loan of this type. While this seldom happens, it could. Therefore, before you apply for any loan, check with your banking institution to make sure savings account payday loans are accepted. Even then, you need to determine fees involved.

There's nothing different with the payday loan itself - you're able to get an advance of your paycheck, anywhere between $100 and $1500, depending no where you go, and you can use that money towards anything, like unexpected bills or emergency travel expenses (Like if a family member passes away, and you need to fly somewhere).

The only real difference is that the money gets put into your savings account. Then when you get paid, they can take the money out of the savings account or you can send it to them another way.

Sounds easy, right? There is no stress and no hassles that you will have to deal with. You also get your money now instead of later, which may be too late and cost you more in the long run.

Downsides

When you are comparing savings account payday loans to other payday loans, you probably are not going to notice that many differences. There also are not any other downsides that you may have to deal with, just the same ones that would be with any other payday loan. You will just get your money where it needs to be at.

Of course, remember than an annual percentage rate applies, as well as some fees. Therefore, always read the information carefully before making any decisions. Because of this, it is important to look at a number of options before diving head first into a loan. For instance, some places will only charge a $10 fee while others charge $50 or more. The more you can educate yourself the better loan you will find.

To conclude

So you should consider a savings account payday loans when you are in a pinch, you can get your money right now.
About the Author
Payday Loans Online with Instant Approval offers savings account payday loans with low fees, and a low APR - they also have great service, and they're really dedicated to getting you the money you need now.
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