Why payday lenders ask for your bank account details
Couple on laptop at kitchen counter getting payday loan

Why payday lenders ask for your bank account details

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Here’s the reason payday lenders request your bank account information.

There aren’t many payday lenders that don’t require your bank account information. This can be frustrating when you’re trying to find a quick loan to cover an unexpected expense, but there’s good reason for it. If you’ve been wondering why nearly every short-term lender asks for your account and routing numbers, our brief guide below has the answers.

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  • Max. Loan Amount: $1,000
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  • Loan Term: Varies by state
  • Must have a checking account, have regular income and be 18+
  • No security deposit needed
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    Why do payday lenders need your banking details?

    Payday lenders request your bank account details — generally your account number and routing number — for a number of reasons. One reason is to verify that you’re eligible, since most loans require you to have an operating bank account to qualify.

    A lender will use this information to deposit your loan funds, and when it’s time to repay your loan, the lender will then debit that same account for your payment.

    Just about all online lenders will require you provide your bank account details. Otherwise, they wouldn’t be able to transfer funds. If you’re applying at a store location, you may be able to give the lender a post-dated check. Though be aware: your check still contains your account and routing number on it.

    You may also have to provide copies of your actual bank statements. If you do have to perform this step, the lender will likely contact you and tell you how you need to submit these statements, whether you need to upload them directly to your user account or if you need to email them to the service team.

    What bank account information do payday lenders require?

    Here’s a list of exactly what bank account details top payday lenders will ask for.

    Beyond bank account information, most lenders will require you to meet some minimum eligibility criteria before you can apply. In most cases, you should be at least 18 years old, a citizen or permanent resident of the US and reside in one of the provider’s serviced states.

    Requests bank account information?Details requiredOther eligibility requirements
    LendUpYes; checking account onlyYour account number and bank’s routing numberProof of income and a Social Security number
    CashNetUSAYes; checking account onlyYour account number and bank’s routing numberRegular source of income
    Check Into CashYes; checking account onlyYour account number and bank’s routing numberAt least 21 years old (19 in Alabama)
    Ace Cash ExpressYes; checking or savings accountYour account number and bank’s routing numberRegular source of income
    Not currently in bankruptcy
    OppLoansYes; checking account onlyYour account number and bank’s routing numberMeet the minimum income requirement
    Paycheck deposited into a checking account
    Blue TrustYes; checking account onlyYour account number and bank’s routing numberMeet the minimum income requirement
    Not currently in bankruptcy
    Paycheck deposited into a checking account
    MaxLendYes; checking account onlyYour account number and bank’s routing numberRegular source of income
    Not currently in bankruptcy

    Is it safe to give out banking details?

    Yes, if you’re applying with a reputable lender. Reputable short-term lenders will not store your login details and should have a secure, encrypted page for you to submit your bank account numbers along with your other personal information.

    However, this doesn’t mean there aren’t scams out there. Here are some quick tips to spot a bad lender:

    • The company requests your login details over the phone or through email.
    • The login page or application page is unsecure, and your browser shows a warning symbol.
    • The company claims you need to pay a fee before applying.

    What other information do payday lenders usually ask for?

    Beyond your checking account information, payday lenders will often require you to provide other sensitive personal details. This can include your full name, date of birth and Social Security number. Many providers will also want information about your employment or income, your current residence and how to best contact you.

    These questions are common with most loan applications, and because they reflect your unique financial situation, you should take care when applying. Make sure your lender has a secure application page with “https” in the web address.

    If you’re submitting your information through a matching service, be sure to only provide your banking information or Social Security number to companies with limited sharing policies.

    Available options if you don’t want to use a bank account

    Unfortunately, there aren’t many payday lenders out there willing to extend loans to people without bank accounts. You’re unlikely to find a lender that doesn’t at least require a bank account to confirm your financial status, but that doesn’t mean there aren’t options. As long as you can prove your income, you may be able to find a lender that wants to work with you.

    • Provide collateral. An auto title loan or pawn shop loan can be easy ways to get small amounts 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 items can result in repossession if you fail to repay.
    • Visit a store location. If you’re able to visit a payday loan store location, you may be able to receive your loan as cash or as a check by simply providing pay stubs or other verified proof of your income.
    • Use your savings account. Some lenders issue loans to people who have a savings account but no checking account, such as ACE Cash Express.
    • Request a prepaid debit card. You may be able to find a lender that offers loans that can be loaded onto a debit card without request bank account information.

    Bottom line

    Most payday lenders ask for your banking details in order to transfer your loan funds into your account and debit your payment when it’s due. But you should still be wary of lenders that don’t have secure websites or request a fee to fill out the application. If you aren’t comfortable providing your bank account information, your loan options are limited but you do have alternatives to explore.

    Frequently asked questions

    Kellye Guinan

    Kellye Guinan is a writer and editor with finder.com and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

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