Yes, you can use your savings account to get a payday loan.
Even though payday loan lenders typically advertise that they'll send the money to your checking account, many of them will accept a savings account as a valid option for getting your funds.
Learn: Where can I get a payday loan?
Getting a payday loan with a savings account works pretty much the same as using a checking account. Lenders will usually require a government-issued ID, proof of income, and bank account information for loan approval. In this case, you're simply providing a savings account number instead of a checking account number. 🤝
After your loan is approved, the money will be wired to your savings account and you'll get it via direct deposit. The money usually lands in your account in less than 24 hours.
Of course, you'll also pay back the money from your savings account when it's time to pay off your loan (usually in 2 weeks or by your next payday).
That being said, not every lender offers the option to use your savings account to take out a payday loan online. Double-check when researching lenders to make sure that they accept savings accounts.
Learn: Can you get a payday loan with a debit card?
⚠️ One danger of using your savings account for a payday loan comes from the repayment process. If your savings account goes negative when trying to pay off your loan, you could be hit with extra fees from your bank. And, if you stay in the negative, the bank could close your account.
When combined with the high interest rates of payday loans, this can be a problematic double whammy for your finances.
