So now another good question that's worth asking, is why all the confusion the first place? After all this really is not a very complicated topic. The answer here it turns out lies in your local community. It's community-based payday lending franchises that do not do business online. All of them, in the framework of their requirements for obtaining a loan insist that the borrower leave them a post dated check in the amount of such loan. So of course what this means is if you're no checking account, you are out of luck.
So then your next question may be 'do online lenders ever apply for a post dated check '? The simple answer there, is it would be logistically too troublesome, however, many lending sides do require that an applicant have a checking account that has been valid for a period of at least 90 days. The reason here, is that while they do not do credit checks, by demanding that applicants have a checking account, it means that they have at least been cleared by the bank when they applied for it. Even so, more online lenders today are only required a savings account.
In fact as more time goes by more lenders are adapting to this new policy. There's good reason why this is so. That reason is the lagging global economy that has sought to leave more people who live check to check without a checking account. People who nonetheless occasionally do need to borrow money to get them through to the ending of the week. Then a lot of lending sites are still retaining their need for a checking account but are dropping the 90 day requirement.
So to cover themselves back then the lenders required people to get a checking account for them to borrow money. If you did not have a checking account you were simply out of luck. They would not lend you a dime.
So this means that if you at least have some sort of bank account, and a job or any other kind of verifiable income, odds are that you are eligible for an online loan today. However, due to the current recession a increasing number of people out there finding themselves with neither a checking or a savings account. Folks who still have an income and occasionally find themselves in need of a loan. So in response a increasing number of online lenders are now offering to wire borrowers the money they need.
So the bottom line here, is that more lenders than ever are adapting their policies to accommodate people who do not have a checking account, and even those who do not have a checking or a savings account. People in need of loans. However, it is important to be aware of one thing though. That one point is that where you stand regarding bank accounts works to determine your risk level. If you have a checking account your a lower risk and will see better terms.