How Can I Get A Payday Loan Without A Bank Account?
3 Min Read
If you’re wondering how to get a payday loan without a bank account, you’re not alone. It’s true that many lenders require you to have an active account with them to get a quick cash loan. But there are some lending companies that have payday loans without checking account requirements. But the interest charges for these services are incredibly high (up to 395% APR).
Table of Content
- What Lenders Don’t Require a Bank Account?
- The Pitfall of Loans with No Bank Account
- How to Borrow Money with No Bank Account Safely?
- What to Know If You Still Choose These Loans?
What Lenders Don’t Require a Bank Account?
The first step will be finding such services that won’t request you a bank account. These companies offer payday loan options and other financial services to people who don’t have bank accounts (be it a checking account or savings account). They offer short-term loans of up to $1,000 (the loan amount limits depend on the service), which can be approved within minutes. All you need is an active email address and a phone number.
The Pitfall of Loans with No Bank Account
However, you should be aware: if a loan provider lends you a short-term loan without a bank account, it isn’t concerned about you repaying the loan on time (your next paycheck). In other words, the lender might make more money if you don’t cover the no checking account loan on the due date.
This practice is called “rollover” and it allows you to extend the repayment period. The rollover fees vary by lender and allow them to earn money even for borrowers who don’t have a bank account. At the same time, the non-payment of fees and interest rates make consumers enter debt cycles which worsens the financial situation.
How to Borrow Money with No Bank Account Safely?
There are a few things you can do to get around this problem and make sure that you’re able to get the money you desperately need.
- Borrow money from your family members and friends.
- Sell something that you don’t need.
- Try pawn shop loans, but only as a last resort.
What to Know If You Still Choose These Loans?
In most cases, lenders will require you to have at least one active checking account for the past six months. If you don’t have a bank account, you might be able to find a way around this requirement by applying for a payday loan online and getting approved for a small advance of cash.
If that doesn’t work for you, another option would be to fill in the loan application form in person at a storefront location with lenders who provide these services for people with no bank account.
The best way to avoid problems with taking loans with no bank account is to open a checking account with a bank or credit union. The main benefit is that it provides you with more financial security. You’ll be able to deposit checks, a credit card cash advance, and send money electronically with ease! In addition, many banks offer low-interest loans and other perks to help you better manage your finances.
Don’t let unexpected expenses catch you off guard. Apply for a payday loan today!Apply