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Short-term Loans with a Savings Account

When you log on to the internet, you will find that many online lenders offer short-term loans in the form of a payday loan. Before, this type of loan used to be issued only to individuals with a checking account. Nowadays, people who need funding can get access to a loan much easier. Many customers can even take out a loan with just a savings account.

Man looking at a bar graph showing his bank account gains.

Payday Loans with a Savings Account Only

People who don't have a credit card or an emergency fund may be able to apply for an advance. Also, people with bad credit who fail to get a personal loan from a traditional financial establishment or a credit union may still find funding this way.

The loan term is around two weeks, or by the borrower's next payday. Payday loan companies may agree to work with individuals who have bad credit and those who only have a savings account.

Some companies provide their loan services online, and the application process is relatively simple. You will need to fill out a form, which will ask for some personal information and proof of employment. You may also need your bank account information, proof of income, payslips, and photo identification.

Typically, a cash advance loan is funded through direct deposit. In the case of loan approval, the payday lender will wire the money directly to the applicant's bank account. In this case, they will make a direct deposit into the person's savings account.

If a person doesn't have one, they sometimes can apply for a payday loan with a prepaid debit card. The creditor may provide eligible candidates with the PIN and the routing number of the debit card.

When it's time to pay back the money, clients transfer the funds from their savings account instead of having it withdrawn from their checking account.

Why Consumers Choose Payday Loans with a Savings Account

It is not always possible to pay for costly emergencies and other unforeseen expenses. When looking for credit options to help bridge the gap, many consumers naturally gravitate toward short-term lending.

Medical payments, utilities, repairing or replacing essential appliances, and other financial requirements can present themselves at inopportune times. Even more regular expenses, like gas, groceries, and rent, can become unmanageable. Even those with a substantial budget and a healthy savings account can find themselves in need of a payday loan.

Short-term funding tends to be used as an alternative to a bank loan when the applicant cannot qualify for traditional financing. Those who cannot receive credit from a financial establishment may also not have a bank account. While securing a savings account is possible for a broader range of customers, alternative financing options are essential for those who may not qualify for a checking account.

Advance loans are small, short-term loans that you are expected to pay in full once your next paycheck arrives. Providers might consider credit score and payment history when determining loan eligibility but may put less weight on this data. Many with a troubled credit history have been known to find funding through shorter-duration lending.

Benefits of Payday Loans with a Savings Account

Tree growing out of a book that is on a table with other books.

Payday loans offer many advantages to those wanting to borrow quick cash. Below are some of the main benefits of paydays loans with a savings account:

  • The most important advantage would be that if a customer doesn't have a checking account, they may still qualify for an advance.
  • The second advantage, as mentioned before, is the easy application process. Most pay loan lenders require minimal documents.
  • If a client has a bad credit score, they may still be eligible for a loan. Unlike a credit union, a payday lender may give funding to the person with the bad credit, as long as they make enough money to pay back the debt and the finance charge on time.
  • Another benefit of a cash advance is that people can request a loan online or in person. Online banking is considered more convenient for some people because they can fill out the loan request from the comfort of their homes. Some companies also have a cash advance app to request a payday advance using the mobile application.
  • Also, people can use their loan proceeds to finance anything they may need. They can pay their overdue bills or shop for new clothes.
  • Finally, the Consumer Financial Protection Bureau helps regulate the industry, helping make the product safer.

The Trouble with Finding Funding Without a Checking Account

Many U.S. consumers have trouble meeting lending requirements because they are underbanked and do not have access to an ABA Routing Number. Some companies may not be willing to work with you if you lack a checking account.

Typically, bank accounts are required because they illustrate your ability to pay back the loan. Without an account, a creditor cannot make an automatic withdrawal when the credit is due. As a result, proving that you are a suitable partner can be difficult.

A New Risk-Assessment Model

This issue has become so common that lenders are beginning to adjust their risk-assessment models. Some companies may be willing to provide you with more flexible requirements and payment timetables. Similarly, they can provide you with methods to receive your loan that forgoes traditional electronic bank accounts.

If you have a savings account, your odds of finding a suitable financing partner are already higher than they would be otherwise. While a checking account is preferred, a savings account shows financiers that banks haven't barred you from service.

Sign Up Now for a Savings Account

Word chart showing verbiage having to do with a savings account.

If you don't have a savings account, you should open one as soon as you can. Usually, they do not carry additional costs or fees. Likewise, you may not need to have a minimum amount in the account. Banks generally have a requirement to keep one open and make sure your balance does not become negative.

You can prevent this by setting overdraft protection and telling your finance company to turn off overdrawing functionalities. In most cases, overdrawing functions are when banks agree to cover expenses drawn from your account with the understanding that you will pay a small interest fee. If you leave overdrawing on and your account goes into the negative, the financial institution may consider you delinquent if too much time passes.

What to Know About Payday Loans That Accept Savings Accounts?

The standard functionality of a short-term loan will remain the same whether you use a savings account or a checking account: you borrow a small amount of money for a short period with the understanding that you will pay back the loan proceeds.

This type of financing may be significantly more straightforward to obtain than a credit card or a personal loan. When requesting a credit card or a personal loan from the bank, the employer may run a credit check to assess the applicant's credit score. A credit score may be calculated by one of the major bureaus, Equifax, Experian, and TransUnion. These credit bureaus consider five main factors to calculate a credit score:

  • the number of accounts that the applicant holds
  • the type of accounts that the applicant has
  • the applicant's used and available credit
  • the length of the applicant's credit history
  • the applicant's payment history

It's important to keep in mind that all lending companies run credit checks to determine the customer's credit score.

Interest Rates

The annual percentage rate of advance loans can be higher than those of conventional financing methods. They are also distributed in a short timeframe. This means you will have less time to pay for your loan, even if your next paycheck is not enough to cover the balance. As a result, some consumers find it necessary to catch up on late payments and accumulated interest, which can be an arduous task.


Also noteworthy are rollovers and the payments that accompany them. If you cannot pay off your loan on time, your financier may let you extend the due date for an added fee. These fees can add up over time.

That's why it is best to pay back the borrowed amount on time and even before the end of the term. Most creditors accept early repayments without any penalties.

You may also want to consider working with a credit counseling company if you find yourself trapped in a cycle of debt. Working with a credit counselor may help you better manage your money, build an emergency fund, and most importantly, get out from under the debts that you have collected.

Best Practices

Calculator on top of graph paper.

When borrowing capital, you should focus on financial responsibility and distributing funds wisely. If applied with care, you can use these loans to enhance your quality of life.

With only a savings account, the application process will be marginally more difficult for you. You should expect the loan request process to take a little bit longer than usual. You may also be under strict monitoring of how you spend the money. If a person has a bank account, the funding process may be faster.

Even though there are some delays and restrictions, only having a savings account may increase a person's chances to receive a cash advance.

Payday Loans with Savings Account Direct Lender

Creditors use applications as a way to gauge the likelihood of you repaying your loan on time. While these outlets make much of their profits on interest payments, they still need you to pay off your balance at some point. If you can prove to a payday loan lender that you can do this, then your chances of approval should increase significantly.

When filling out the loan application, make sure to include all your revenue sources because the underwriter will pay very close attention to your annual income. By mentioning all your income sources, you may increase your chances of being approved for a loan.

Understanding the Application Process

It's essential to make sure that you are working with relevant and reputable outlets to increase the likelihood of a positive outcome. This step is especially crucial if you need the money quickly to pay for a pressing expense or medical emergency that needs to be addressed as soon as possible.


Make sure you have a valid government-issued ID when beginning the application process. Likewise, tax forms and invoices from large payments can be useful as well. And most importantly, you need to have proof of steady employment or income. In many cases, the higher the monthly income, the higher the chances of getting a bigger loan.

If you are a freelancer or self-employed, you should have evidence that you have a regular influx of cash. PayPal receipts and client invoices should be sufficient for your payday loan lender. Your current income is a significant factor concerning your approval. It shows them that you have a paycheck to cash when your due date comes. But if you have no income or a job, consider payday loans for the unemployed.

Two suit-wearing men shaking hands.


Next, with only a savings account, financiers may require you to have multiple means of communication. Agents may want to call you. They may also check-in if you are unable to pay back the loan. Typically, they ask for your email address, cell phone number, and home address. While this can be stressful, it may be required. You may be able to increase your chances of being approved by providing more information to your creditor. Ultimately, it will depend on the company you choose to work with.

The lending company may even ask you to provide them with your employer's name and contact information as well. It can help give them the confidence that you receive a steady income.


In some cases, outlets may ask you to put up some form of collateral to secure the loan. This is extremely rare for payday lending. However, if you end up using an alternative such as a title loan, installment loan, or a cash loan from a pawn shop, it may be the case.

The collateral can be any possession that a company can repossess to recoup the cost of your unpaid balance. The most commonly requested collateral is a vehicle. Since this can impair your ability to seek gainful employment, however, it is recommended you save this as a last resort.

Consider putting up luxury appliances, like televisions, game systems, and smartphones, before using your vehicle.

While most will prefer you to use a checking account in connection with your loan, you may be able to find funding utilizing a savings account instead. Ensure you have valid identification, tax forms, and proof of employment before applying for a cash advance to make it through the request process as fast as possible.


Can I get a payday loan if I only have a savings account?
Applicants who only have a savings account have a chance of getting funding.
How can I get a payday loan with only a savings account?

Applicants who want to apply for a savings account payday loan must present a government-issued ID, proof of income, and savings account number. Some lending companies may also ask for other documents.

Usually, upon approval, the creditor wires the money into the borrower's bank account. In some cases, they will wire the funds into the applicant's savings account. On the debt's due date, the person pays the financier back from their account.

What is another loan option?
An installment loan can be a great payday loan alternative. When applying, lenders may ask for the same documents. However, the standard loan amount is about $1,000 to $5,000. The term is around one year. Recipients need to make payments every month to pay back the loan; however, paying the loan back early can save some money.
Should I secure my loan with collateral?

Although a payday loan is an unsecured loan, in some cases, lending companies may ask the applicant to secure the loan with collateral.

Usually, applicants who don't have a bank account or have bad credit are asked to secure their debt.

Who regulates the payday lending industry?
State and federal legislation help to regulate the short-term loan industry. The Consumer Financial Protection Bureau also helps make the product safer for the consumer.
What is the typical repayment term?

The typical repayment term is around 14 days. However, each state has its own rules and regulations regarding the term, the amount, and the interest rate.

It is best to check your state's official website to get more accurate information.

Can I go to jail if I default on my loan?

According to the Consumer Financial Protection Bureau, failing to repay a short-term loan should not result in criminal charges.

Sometimes, people who fail to pay back their loans on time may extend the due date for an added fee.

If possible, applicants should aim to pay back their debt before the due date to avoid paying unwanted charges.

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