Although the rule of most payday advance companies is that you must have a bank account to qualify for a loan, there are still some that will allow alternative ways of guaranteeing funds. Often they opt for a savings account and a debit card instead of dealing with the hassle of checks. This has led to payday advance companies not requiring a post-dated check as they did in the past.
When you applied for and received a payday advance in the past, you were required to leave a post-dated check with the company that they could cash when the loan was due. This was their assurance that they would get their money. With the advent of online payday advances, it is not necessary to send them a post-dated check.
You can simply give them authorisation to debit your account on the date that your advance is due to be repaid. So, this eliminated the need for a checking account. A savings account will do just fine. The only thing is you will need to be sure the money is available for repayment when it is due, because if not, you could incur some very high charges when the payday advance company cannot get their money. This can come from the payday advance company as well as your bank.
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