Savings Account Payday Loan

We always try to describe the payday loan process exactly as it is: simple.  The borrower fills out an application online.  When they are approved, the Payday Loan Factory processes a custom-made loan for our borrower.  That loan is directly deposited into a checking account and on the next payday, the Payday Loan Factory takes that money back plus the fees or interest.  But we confused one of our borrowers and we had to tell her that she can also have a payday cash loan set up as a savings account payday loan as well.

Checking or Savings Account Payday Loan Differences

Tatiana wanted to take out a payday loan from a friendly payday loan company.  We did our best to oblige her.  Our application is posted on the website.  Tatiana went to that and filled in her name, address, phone number, and social security number.  She had a pay stub handy, so when she went to fill in her employer's information it was a snap to her.  She just copied the information word for word and was well on her way into the payday loan online application.

However she got stuck on the checking account information.  She paused for while and finally called for help.  Of course we were on duty - the Payday Loan Factory is open all day, every day.  She told us her dilemma.  She had done most of her application.  She was wondering if we had a no checking account payday loan option.  I started to explain to her that she really couldn't do that with us.  If she needed a cash advance payday loan in cash, she would need to go to a local store.

Fortunately, I asked if she had a savings account.  She did, and I told her about our savings account payday loan option.  A savings account payday loan is the same as a checking account payday loan.  The only difference is that a savings account payday loan is deposited and withdrawn from a savings account rather than a checking account.

A savings account payday loan has the same benefits as a checking account payday loan.  The money is directly deposited and most of the time is available immediately (though that part is up to the bank) .  It's FDIC Insured, so your money is save with governmental assurance.  If anything happens, the government will make sure you get your money.  A savings account payday loan is also repaid the same as a checking account payday loan. The money is withdrawn - along with the fees and interest - from the customer's savings account.

Caution for a Savings Account Payday Loan

Most of the time there's no difference between a checking account payday loan and a savings account payday loan.  The differences are mostly on the bank's side. But I wanted to caution Tatiana to make sure she had the right things in place.  Most of the time someone applying for a cash advance loan needs an instant payday loan - they don't have time to wait.  There's an electric bill that needs paid, groceries that need bought, or a home's heater that needs repaired.  If a customer wants to get a savings account payday loan they need to make sure they have access to this money.  Most of the time, it's through a debit card - where a customer walks up to a machine, puts his card in a slot, punches some buttons and some instant cash.  Tatiana said she had that card, so I wasn't worried about her.  She'd have instant access to her loan and it would be tucked safely in her savings account - far away from the reaches of the thugs in our city.

Tatiana thanked me for clearing up the issue and went on her way.  It always makes me feel good to help our customers - whether they get a checking account payday loan or a savings account payday loan.

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