{"id":740017,"date":"2018-06-27T21:21:28","date_gmt":"2018-06-28T01:21:28","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=740017"},"modified":"2026-03-09T18:36:37","modified_gmt":"2026-03-09T22:36:37","slug":"payday-loan-internet-banking","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/payday-loans\/payday-loan-internet-banking","title":{"rendered":"Why payday lenders ask for your bank account details"},"content":{"rendered":"<p>Most payday lenders, whether online or in-store, will likely require your bank account details. This can be frustrating when you\u2019re trying to find a quick loan to cover an unexpected expense, but you don\u2019t want to share your bank account details. If you\u2019ve been wondering why nearly every payday lender asks for your bank account and transit number, our brief guide below has the answers.<\/p><h3>Why do payday lenders need your banking details?<\/h3><p>Payday lenders request your bank account details \u2013 generally your bank account number and the bank transit number \u2013 for a number of reasons.<\/p><p>One reason is to verify that you\u2019re eligible, since most loans require you to have a working bank account to qualify for the loan. A lender will also use this information to deposit your loan funds, and when it\u2019s time to repay your loan, the lender will then automatically withdraw from that same account for your loan repayments.<\/p><p>Just about all online lenders will require you to provide your bank account details otherwise they won\u2019t be able to transfer the funds or receive the borrowed amount back. If you\u2019re applying at a store location, you may be able to give the lender a post-dated cheque. Although, be aware your cheque still contains your account and transit number on it.<\/p><h3>Income and employment verification<\/h3><p>Another reason why lenders may need access to your banking is to verify your income and employment. <strong>Legitimate lenders will never ask for your login credentials<\/strong>, but their loan application might have an online banking verification step.<\/p><p>With online banking verification, you log in through an encrypted portal and authorize your bank to send the payday loan lender electronic copies of your statements. Examples of portals you may encounter include Flinks and Inverite.<\/p><p>If the lender does not have online banking verification, you may have to upload your bank statements yourself into your account with the lender or email them to the service team.<\/p><p>Never give out your bank account username and password to a loan company. If a lender is asking for this, it\u2019s most likely a scam.<\/p><h3>Is it safe to give out banking details?<\/h3><p>Yes, as long as you\u2019re applying with a reputable lender. Reputable payday lenders should have a secure, encrypted page for you to submit your bank account numbers along with your other personal information. They will also not share your information with third parties.<\/p><p>However, this doesn\u2019t mean there aren\u2019t scams out there. Here are some quick tips to spot a bad lender:<\/p><ul class=\"list-3\"><li>The company requests your login details over the phone or through email.<\/li><li>The login page or application page is unsecure, and your browser shows a warning symbol.<\/li><li>The company claims you need to pay a fee before applying.<\/li><\/ul><h3>What other details do payday lenders usually ask for?<\/h3><p>Beyond your bank account information, payday lenders will often require you to provide other sensitive personal details including:<\/p><ul class=\"list-7\"><li>Your full name<\/li><li>Date of birth<\/li><li>Phone number<\/li><li>Email address<\/li><li>Home address<\/li><li>Social Insurance Number<\/li><\/ul><p>These questions are common with most loan applications, but you should make sure your lender has a secure application page with \u201chttps\u201d in the web address, like below.<\/p><p><img decoding=\"async\" class=\"size-full wp-image-907344 alignnone\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/2017\/10\/Screen-Shot-2017-10-16-at-9.53.55-AM.png\" alt=\"example of a secure website https\" width=\"172\" height=\"38\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/2017\/10\/Screen-Shot-2017-10-16-at-9.53.55-AM.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/2017\/10\/Screen-Shot-2017-10-16-at-9.53.55-AM.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/2017\/10\/Screen-Shot-2017-10-16-at-9.53.55-AM.png?fit=516 516w\" sizes=\"(max-width: 516px) 100vw, 516px\" loading=\"lazy\"><\/p><h3>Available options if you don\u2019t want to use a bank account<\/h3><p>Unfortunately, there aren\u2019t many payday lenders out there willing to extend loans to people without bank accounts. You\u2019re unlikely to find a lender that doesn\u2019t at least require a bank account to confirm your financial status, but that doesn\u2019t mean there aren\u2019t options. As long as you can prove your income, you may be able to find a lender that wants to work with you.<\/p><ul class=\"list-10\"><li><b>Provide collateral. <\/b>An <a title=\"Auto Title Loans\" href=\"https:\/\/www.finder.com\/ca\/personal-loans\/car-title-loans\" target=\"_blank\" rel=\"noopener noreferrer\">auto title loan<\/a> is an easy way to get a small amount of cash to cover an emergency debt without providing your bank account details. However, keep in mind that securing a loan with your car or other vehicle can result in repossession if you fail to repay. You usually have to outright own your vehicle in order to take out an auto title loan.<\/li><li><b>Visit a store location. <\/b>If you\u2019re able to visit a payday loan store location in person, you may be able to receive your loan as cash or as a cheque by simply providing pay stubs or other verified proof of your income. You can then possibly repay your loan in the same manner.<\/li><li><b>Request a prepaid debit card. <\/b>You may be able to find a lender that offers loans that can be loaded onto a prepaid debit card, which means you won\u2019t be asked for your bank account information.<\/li><\/ul><h3>Bottom line<\/h3><p>Most payday lenders ask for your banking details in order to transfer your loan into your account and to automatically debit your repayments when they are due. You should still be wary of lenders that don\u2019t have secure websites or request a fee to fill out the application. If you aren\u2019t comfortable providing your bank account information, your loan options are limited, but you do have alternatives to explore.<\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">Can lenders see your bank account?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>A lender cannot see how much is in your bank account without you providing them bank statements for your accounts. For example, payday lenders may ask you to supply recent bank statements showing your account balance in order to prove you have enough money to repay a loan. Otherwise, lenders should never ask for your login credentials to see your bank account on their own.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">What happens when my loan is due?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>When your loan is due, the lender will automatically withdraw the payment directly from your account. Make sure you have enough funds in your account to avoid fees.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">How do I know if a web page is not secure?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Page security is the first thing you should look for when browsing a lender's website. There should be a small lock in the address bar that indicates the page is secure, as well as an \"s\" after the http. Additionally, the lender should have information on the encryption service it uses easily available in its FAQ or on its privacy policy page.<\/p><p><img decoding=\"async\" class=\"size-full wp-image-907344 alignnone\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/2017\/10\/Screen-Shot-2017-10-16-at-9.53.55-AM.png\" alt=\"example of a secure website https\" width=\"172\" height=\"38\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/2017\/10\/Screen-Shot-2017-10-16-at-9.53.55-AM.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/2017\/10\/Screen-Shot-2017-10-16-at-9.53.55-AM.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/2017\/10\/Screen-Shot-2017-10-16-at-9.53.55-AM.png?fit=516 516w\" sizes=\"(max-width: 516px) 100vw, 516px\" loading=\"lazy\"><\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Find out why payday lenders request your bank account details and what your options are if you don&#8217;t want to share that information.<\/p>\n","protected":false},"author":367,"featured_media":740847,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"nicheCode":"","productId":"","enableOptimizely":false,"_persistent_nav_menu_items":null,"blockTemplateId":"","_post_hreflang":"en","related_url":"\/payday-loan-internet-banking","footnotes":""},"categories":[5506],"tags":[],"asset_tag":[],"class_list":["post-740017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-payday-loans"],"apple_news_notices":[],"yoast_head":"<!-- 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