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Why Do I Need a Checking Account?

“Do I need to have a bank account now? Any way to get a loan when I don’t have one?”

–Hector, Texas

This week Hector asks why he needs to have a bank account to get a quick cash loan. Do you know the answer?

Can I Get Cash Instead of Direct Deposit?

When you go to a local cash advance place, you wait in line, you talk (or yell) at a nasty clerk, and maybe you get approved for a loan. They’ll give you a check to cash or give you a debit card (like a gift card) or deposit money into your account. If you pay an extra charge, they may give you some money in cash. You could lose up to $35 before you even walk out of the store.

When you work with TCL’s lending partners, everything is done online. No finding a store, no waiting in line. You may not even need to fax any paperwork, especially if you’ve taken out a payday loan with the company before. Just check your email and follow the instructions to complete your paperwork online. No hassles.

Of course, someone can’t just come to your home and drop off a wad of cash. That’s why you get the money sent to your bank account. It’s safer and more secure. You also get a record so you can track when you got the loan and when the payment is due.

Then you can go to any ATM and withdraw what you need. Or you can do online bill payments and send the money directly to your creditor. It’s fast and easy. You may be able to get up to $1,000 in as little as 24 hours.

Can I Use a Debit Card Instead of a Bank Account?

Direct lenders use your checking account to deposit your money. They also use the account to take out the payment when it’s due, usually within seven to 14 days. Loan companies can’t load funds directly on your debit card, but they can send the money to your bank. Then you can use your debit card like normal.

Why Do I Need a Checking Account?

When you’re filling out a loan interest form, you will often be asked for your checking account routing and account numbers. Some lenders will take a savings account instead, but you’ll need to ask first.

First, routing number. Then account number. Finally, check number.

To enter this information, take out a check. Look at the bottom.

  • The first numbers between the dots is the routing number. This is a nine-digit code for the bank.
  • The next set of numbers is the account number. This identifies your money at the bank. Account numbers can be up to 17 characters long, but most are eight to 10.
  • The final four numbers are the check number. They should match the number at the top right of the check.

Trust Cash Loans never asks for your financial information. Make sure you have a secure connection with your loan company before sending any banking details.

How Do I Get a Bank Account?

If you don’t have a checking account, don’t worry. First, drop by your local credit union. They’re usually fast and friendly and offer good rates. If you don’t have a credit union nearby, try a local bank. You’ll probably make less interest on your account (if any), but they’re used to opening new accounts. Watch out for fees: many banks charge you $10 to $25 per month if your checking account drops below a certain amount. You can also try an online bank if you don’t have any local institutions.

Opening a free checking account can take a few days, so give yourself some extra time. You don’t want to be waiting for slow people when you need emergency cash.

 

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