Can I Get A Payday Loan If My Bank Account Is Negative?

If your bank account has a negative balance, this could disqualify you from receiving a loan.

However, if the bank statement shows a positive or zero balance, even if the account is currently overdrawn, the payday lender could still approve the loan, since lenders do not normally check the balance of the account.25 Apr 2019

Can I get a loan with a negative bank account?

Depending on which bank you have your account with, you may be charged an additional fee every time you make a purchase while your bank account is negative. Other banks may even charge you a fee per day while your bank account is negative, regardless of if you make any purchase using your account or not.14 Aug 2018

Can you get a loan if your account is overdrawn?

If your bank account is overdrawn, a payday loan may seem like a great way to get your balance back in the black and avoid paying overdraft or non-sufficient funds fees. Such a loan doesn’t involve credit checks and gets you cash quickly – in some cases, instantly. Getting approved for a payday loan generally is easy.

Can you be denied a payday loan?

When You Need Cash In a Hurry

Those who can’t verify their income or have a history of not being able to pay back loans will be in jeopardy of being denied. You could be denied because you have a bad credit rating. In that case, it is possible to get a payday loan.7 Feb 2019

Will a check go through if my account is negative?

Generally, you can only cash at check if the account the funds are drawn from contains sufficient funds to cover the item. However, in some situations banks do cash checks despite negative account balances.