Payday Loans For People With No Bank Account

by Jim Hughes   December 5, 2018

Not having a bank account makes it difficult to obtain a short-term loan, as most online lenders automatically charge the consumer’s account when the loan is due.

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Life is great when you belong to a bank. Even during a financial emergency, you can try visiting an ATM to get your funds from there. You can also go inside your bank to cash a check. However, these methods are only applicable if you have a bank account.

If you are among the consumers who do not have a bank account, you know that your options are a lot fewer. Instead of selling your TV or any appliance to get the money you need, you can look for loans that do not require a bank account.

Why is a Bank Account or Statement Required for Most Loans?

If you have already applied for a loan, you know that most lenders need a bank statement before they can approve your application for a personal or business loan. With the bank account, the money you borrow will be sent directly to your account once you get approved. However, for those who do not own one, it can be a bit troublesome for them, which is why creditors do not accept people without bank accounts.

If you do not have an account with any bank, you may have your reasons. Some popular ones include having the old account closed, going through tough financial challenges, or not having the chance to open an account. Unfortunately, banks may not consider your reason for not providing them with a bank statement. It makes them reluctant to let you apply for a personal loan.

After trying to get a loan and getting turned down simply because you cannot give them a bank statement, it’s easy to be baffled with the connection between loans and these documents. The truth about bank accounts is that they are not necessarily for transferring and storing money. What most people do not know is that they serve as reflections of your finances.

For many employees, their salaries go straight to their bank accounts. Plus, several individuals choose to pay their bills through banking options. At this point, you should be able to understand why these financial organizations care about this particular requirement. When they look at the consumers’ bank statements, they see various details, including proof of income and the reliability of the person when paying monthly debts.

Conventional banks impose strict rules, and they do not want to take chances, particularly with people who cannot provide proof that they can afford monthly payments. Thankfully for you, you do not have to commit to opening a bank account to take out a loan because there are alternatives for your situation.

Is It Really Possible to Get a Loan With No Bank Account?

Many people think that it is impossible for them to get approved for a loan – or even apply to one – if they do not have a bank account. For most loans that you may already know about, it is a fact. Lenders will require you to submit a bank statement and an account for their security. Additionally, many lenders will automatically charge the account whenever the loan is due.

Fortunately, several creditors and organizations have recognized the consumers’ need for financial assistance without requiring them to apply for a bank account first. There are now loans that exist that do not require a checking account with a specific bank.

Five Options for People without a Bank Account

When searching for financial help through short-term funding from organizations or lenders, it is best to know the options available ahead of time. This way, you can get the money you need quickly because you already know about the type of loan you can apply for, along with its requirements.

If you do not have a bank account, here are five methods worth considering:

Bitcoin Loans

Some lending platforms now accept term loans, which you can repay through Bitcoin. When you apply for this type of loan, the investor provides funds, and they collect the repayments. In short, you will not be dealing with a banking institution or even an online lender.

Bitcoin loans can be tricky to get as they require some technological prowess, but you can get approved in just a few hours to a few days. However, you should be an expert in crypto or at least have a deep understanding regarding the currencies involved and the loan risks. Otherwise, you should not even attempt to try this borrowing option.

Additionally, Bitcoin is an unstable cryptocurrency, along with the others out there. Their values change almost every minute, and the government treats it like stocks and bonds, which are a type of security. Therefore, it is impossible to get an accurate worth of the coin for tomorrow and the next few days.

Car Title Loans

Perhaps one of the best options for those who do not have a bank account, as well as those with bad credit, is to go for a car title loan. This type of loan is secured because it requires you to provide a clear title of your car. The good thing about this loan is that you can keep using your car because its title serves as the collateral, not the vehicle itself.

It is important to understand though that not all creditors allow borrowers with bad credit to get the loan. Most of the time, they will consider the value of the car first to determine whether or not a consumer can apply for the auto title loan. Cash disbursement is fast since it can take as little as one business day. However, if you do not have a car, it is impossible for you to get a car title loan, which means you have to look for another option.

Peer-to-Peer Loans

This type of loan is particularly easy because peers can involve your family and friends, too. When borrowing from them, they will not ask for your bank statement. The process requires two individuals working together where one is the borrower, and the other is the lender. Peer-to-peer loans do not need a bank to act as the middleman.

On the other hand, if “peer” is someone who does not have a clue about how much you make every month, as well as your reliability with your debts, this person could still ask to see your bank statement. If you cannot provide one, he or she could ask for a payslip so that you can prove you can pay the money you owe. Once you settle everything, you will have to sign a contract with the other person.

There are a few downsides to this type of loan, including the difficulty of finding someone who is willing to let you borrow some money. Also, some of them may also require you to have a bank account, especially if you do not know them personally.

Pawnshop Loans

Pawnshops are where you sell your items, and you repurchase them when you have enough money. Instead of that method, some pawnshops will let you offer your valuables, which will serve as collateral for the loan. The amount you can borrow will depend on the resale value of the item, but it will usually range from 25 percent to 60 percent. After a particular time, you will need to repay the amount in cash, and you can get the items back. However, if you are unable to pay the loan, you end up losing those valuables.

Payday Loans

Payday loans have become a popular choice for those who need short-term loans without providing collateral. This type of loan may not require you to provide a bank statement, which is why millions of people have searched for “payday loans no bank account needed near me” over the past few years.

Payday loans are for those who have a problem with their credit score so they cannot get approved for a personal loan. These loans are also useful for people with a missing eligibility requirement, including a bank statement.

Note that there are payday loans that still need you to provide a copy of your banking details, which is why you should know right away whether or not the lender has such a requirement.

Usually, if you choose to apply in person, you can get the funds in cash right away. Sometimes, you will have to provide a location for the wire transfer if you want payday loans without a bank account. Online loans usually require a bank account, and the funds can be available in as little as one business day.

How to Find Payday Loans Near Me No Bank Account Required

Before you can apply for a loan, you need to locate one first. Searching online can help using this phrase “payday loans without bank account near me” or anything similar. When you find a lender, you will have to meet a few requirements to get approved.

Often, you should be a US citizen or a permanent resident of the country and be at least 18 years old. You will likely need to prove you have a regular income. Some lenders will need to know your monthly salary.

Jim Hughes   OpenCashAdvance Marketing Manager
Personal Finance
Jim Hughes remembers checking his first email on the original BlackBerry 850 nearly 20 years ago. It was spam, and he fell for it. Even so, he’s been on the beat every day since, following the ebbs and flows of financial technology. Look to Jim for insider exclusives on shorter-duration loans, installment loans, and other popular products in fintech today.