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It is possible to get a payday loan with no bank account as we mentioned in the introduction section.

How come banking institutions and loan providers require you to have a bank-account? Evidence of earnings

There are numerous main reasons why banking institutions and pay day loan organizations would like you to own a banking account before lending you some funds. It’s an easy and efficient means of checking you’ve got a regular earnings, for a start. All they should do is check always your final statements that are few corroborate whether you’ve got wages going into the account – and that is having to pay you.

Easier repayments

Additionally, and much more notably, it allows them to create a effortless repayment routine via direct debit, standing purchase, or whichever of the numerous different ways they prefer to receives a commission they choose. All loan providers want to restrict their dangers, the truth is, therefore it is reasonable from their viewpoint to just provide to people who have bank accounts.

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