You are low on cash this month and, as luck would have it, something else is wrong as well. It could be that your car has just broken down as well, or perhaps, you have some minor home repairs that you need to fix right away, or perhaps, your loved one has just been injured and needs to go to hospital. You need some urgent money, so you are seriously thinking about a payday loan. You’re looking around on the internet and many of them ask you if you have a bank account.

Why do you need a bank account if you want a payday loan?

1. For you to receive money
   
   • Many payday loan lenders want to transfer funds directly into your bank account. Many lenders do not have a lot of physical cash at hand because most of this is in their bank accounts.
   
   • Having a bank account means that you are more likely to have a job, more likely to have a stable address, that you are more likely to be financially stable. The payday loan lender is more likely to lend to someone they trust because they would like this money returned to them later on.
   
   • Having a bank account is good for you because it means the money that is lent to you remains in a safe place right from the beginning.
   
   • Once money has been transferred to you, it is important for you to check that your payday loan lender has placed the right funds into your account. Let them know if something is wrong.


2. For you to pay your payday loan lender back
   
   • When you give them your bank account number so that they can deposit funds into your account, they will hang on to this number until repayment day. On that day, they will just withdraw the money you owe them from this same bank account number. Therefore, by having your bank account number, the lenders are assured that you will pay back on the assigned date.


3. Can you get a loan with no bank account?
   
   There are some lenders who are willing to lend you money even if you don’t have a bank account. If you don’t have a bank account, apply here for a guaranteed 100% approval account.

Why are you being asked for your bank’s Routing and Account numbers?

All lenders require this information so that your money can be transferred to your bank account. Your Routing number is the name and address of your bank, in “bank-speak”. Your Account number identifies your account in that bank. Every bank account has a Routing and Account number. Please contact your bank to ask them if you do not know your Routing or Account number.