The savings account payday loan phenomenon is a large one. It is estimated that these loan services provide over 65 million payday loans each year in the United States. For the millions of families who rely on these funds to provide emergency support, understanding the way the system really works is of the utmost importance. Savings account payday loans can refer to two different things. One type of loan simply requires a person to have a certain amount in savings in order to qualify. These advance loans will allow a person to borrow against a greater percentage of their monthly income than a standard payday advance loan. The second, more popular form of savings account payday loans will transfer money directly into a person’s savings account. If a person has an impending withdrawal, he can quickly have an advance made to cover it. These loans are less common than checking accountpayday advances and the fees tend to be higher.
Where to Go for Savings Account Payday Loans
Before a person looks to secure a savings account payday loan, he should determine if he meets the requirements. Different services will have different approval criteria, so if a person is rejected by one he might still be approved by another. All advance services require a borrower to be 18, and they do, of course, require a person to have a savings account. Extremely quick advances can be granted online. While there are physical locations one can visit to secure savings account payday loans, services on the Internet are generally much faster. A person can monitor the transaction online, and within 24 hours he should know if he has been approved. If a person’s bank has online services, he can follow the entire process electronically. Loan rates and durations will differ among online sites, as will processing fees.