Comparing creditors that don’t need a checking account
If you don’t have a savings or current account then the loan alternatives may be at a scarce for you. However the options one could have as a helping hand for financial support in absence of a bank account do exist. So no need of worrying when you are need of money/funds but fall short because of not having a bank account. Below mentioned are the payday loans without bank account
Is it possible to get a loan without a bank account?
The answer to your question is yes, but the catch is it will be a little more costly than a normal loan. This is because majority of your alternatives come into the category of what we know as short term loans. These loans are known by the names of payday, auto title, pawn, debit card and signature loans and so on. Well of course there is always a way out and so there are deemed as no bank account loans.
(1) Pawn Loans
Instead of selling and buying back the same items or personal belongings, there are handful pawn shops that allows you to have a loan in turn of some valuables as a collateral. A pawn loan can help you to get a specific percentage of the valuables value. In normal cases it is seen that one is allowed to have 25%-60% reimbursing it in cash, right after the items are reverted. Charges will learn to be quite soaring and relies entirely on the states regulations and laws as your bond with the shop and shopkeeper. Normally one will have a few months time to pay back. Hence an efficient type of payday loans without bank account.
How Pawn shop functions?
- Eligibility Criteria: An individual should be of legal age and an item that has a decent resale value just like electronics and antiques.
- Peak loan:- About 60% of the item’s actual price
- Standard APR:- Changing hugely by state, as its normally less costly than a normal loan.
- Time required:- Normally not more than one day.
(2) Loan on debit card
These are way different than the typical loans provided just by crediting amount in the bank account. Rather, the creditor loads up the amount by pushing it into a prepaid debit card that’s on the individuals name. This can be received by mail. One will just need any proof of a bank account to get over with it. The ease with this method is one will be not requiring any funds consolidated in or from a bank account if you don’t wish to. This has led to the rise in repetitive borrowing , providing a much easier method of being eligible for future loans. Therefore this sums up to the conclusion that you can avail no bank account loans.
How to get loan on debit card?
- Eligibility Criteria:- The person needing the debit card loan needs to a citizen of the respective country and of a legal age
- Max Limit: Depends upon the creditor and financial status
- Standard APR:- Anywhere between 200%-700%
- Time required: Not more than one day
(3) Bitcoin loans
Not having a bank account is okay as other alternative existing to payback the term of loan completely in bitcoins. Thanks to the contributing platforms such as Btcpop. Investors fund the loan and recollect on reimbursements instead of a bank. Do you think you have enough information about bitcoin? Then you’ll be able to point out the differences as compared to a rookie. Else this is not something you might be looking for. It is more of a digital currency that appears to be illegal in the US. As its value changes every day, hour, minutes, seconds. It is an unstable digital crypto-currency. Though being a cryptocurrency it is still a form of money and one can have it as a no bank account loans.
How to get going with Bitcoin?
- Eligibility: An individual should have an identifiable ID
- Max LImit:- Depends upon the creditor
- Standard APR:- Depends upon the creditor
- Time:- Not more than one day
(4) Payday loans
Payday loan has become the centre of attraction when there is need of a short term loan independent of any collateral/security. Ideal for the people who do not meet eligibility criteria for loan. If applied personally one can opt to repay the funds by money transfer or cash. Payday loans are in some places illegal while in some states it is legal. This is because of the law in each state or foreign city might be differ from one place to another. An individual just needs to look for lenders with the help of payday loan directory. Yet another unusual but very much real sort of payday loans without bank account.
How does it work?
- Maximum threshold:- Normally between 400$-500$ for basic payday loans.
- Standard APR:- Between 200%-700% varying the lender.
- Time:- One day or less
(5) CDFI loans
A few Community Development Financial Institution that provide payday loan options that are independent of a bank account. To be precise CDFIs are Non-profits with a motive to help the economically weak class. So a person who is not that economically firm or weak are entitled to an affordable loan than an ordinary one which has a high rate of interest. On the contrary it is tough to look out for and requires more time than a costly lender/creditor. As it is just a local institution or NPO it is available in a few states. Nevertheless a loan is a loan and this is a no bank account loans.
How can CDFI loan be of help and how it differs from other loans?
- Eligibility:- Residing in a state that is eligible to be entitled to CDFI loan. A stable income (irrespective of having a job). And lastly a card that can receive transfers from bank.
- Max Limit:- Uptil 2000$
- Standard APR:- Between 10% to 30%
- Applying for CDFI:- Lookout for aCDFI in your locality or they can be found online.
- Time needed:- Some business days.
So from the above options one comes to know that for a loan bank account is not at all mandatory. The only thing to be considered and given a first look is the criteria and other important requirements as one can see in any of the above loan options. However one needs to thoroughly go through the bank account alternatives before applying. The aggressive lenders ask the borrowers to have an active current account. This is so that the finances could be verified and have a place for both repayments and deposits. Hence above are the payday loans without bank account.