As often happens, we need a small amount of extra cash to quickly solve a little problem, pay a bill, or pay off a debt. But, many people think that in order to take a cash loan you must have a current bank account.
Particularly, this may be true, but not in all cases. There are many different types of loans and some require a bank account with a borrower. But there are also several types of loans for which the presence of an open bank account is not a requirement.
Examples of such types of loans are secured personal cash loans, payday loans and others. We offer here to read more information about those loans for which you do not need a bank account.
Why is a traditional bank loan not suitable?
Traditional unsecured bank loans always require a lot from the borrower. Before approving your loan, the bank will conduct several comprehensive checks on your data and your financial condition. He will definitely conduct a strict check of your credit score and history, the status and history of your bank accounts, your personal data, the history of your work and perhaps some other checks.
In such conditions, it is quite difficult to meet the numerous requirements of banks, moreover, all these checks take a lot of time, do not guarantee success and have a negative impact on your credit score, which decreases every time lenders conduct a strict check of your credit.
What type of loan to apply for?
There is secured cash loan that allow you to do by meeting a much smaller list of more lenient requirements for the borrower. Such loans usually offer more interesting terms and a lower interest rate.
Any of your valuable property can be used as collateral. From jewelry, car or even home appliances to your home or land, depending on the amount of money you want to borrow. To approve this type of loan, the lender is not required to conduct a credit check or a check of your current bank account status.
The risks of the lender are compensated by the value of your property, which will be used by him if you do not return the borrowed money to him. Therefore, you must carefully weigh your ability to pay the loan on time, so as not to run the risk of losing your property.
Also, your savings account, if available, can serve as cash loan collateral. Many people do not use a bank checking account to make payments and receive salaries, but have savings accounts, wanting to protect themselves from the vital and financial storms in the future.
Even if you have some money in your savings account, it is still an effective tool for securing cash loans. Of course, you also risk your own savings, as in the case of using other property as collateral for a loan, so you should also carefully evaluate the possibility of timely repayment of obligations to the lender.
In any case, a secured loan carries the risk of losing your assets, but it provides you with the possibility of quickly obtaining a loan in cash without having a bank current account, credit and other checks from lenders. The absence of a strict credit check will not allow your credit rating to decline and, in general, will save a lot of time.
Talk to professionals
When you quickly need to get a loan without a bank account, there are several options for this. You need to weigh your opportunities and risks in order to decide on the right choice of type of loan and find a reliable lender.
Some questions can be quite difficult for a person who is not a financier or lawyer, so you should contact professional credit counselors to be sure of your choice and that your property will end up stay with you.
You can find a lot of useful information on this topic in our financial blog, as well as write us if you have questions. Our experts will be happy to help you apply and select the type of loan that is most suitable for you and a most reliable lender.
Having submitted an application for a loan through the form on our website, you will be able to receive in response offers from several lenders at once. Then you will only have to opt for one of them.