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Can You Borrow 1000 Dollar Loans With No Bank Account?

If you are someone who is unbanked, can you get a short term personal loan with no checking account? For reasons not clear to me, there are many people who are looking to borrow money without a bank account and try as you might, it is probably unlikely for anyone to get cash if they do not have a bank account. Of course, you could argue about getting a friendly loan from a friend or family member but that’s digressing from the topic discussion here.

When you borrow a 1000 personal loan with monthly payment, you will be asked to submit your personal information such as address, employment history, citizenship, etc. Along with that, you are also required to have a checking account. Not just for verification purposes and adhering to anti-money laundering regulation, most licensed lenders have this requirement so that you could write them a post-dated check as a collateral for their cash loans.

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If you need to get around a loan without a bank checking account, you should, at the very least, have a savings account with check writing. Yes, many licensed lenders accept accounts with direct deposit instead.

According to this website – Dollar Loan Center provides payday loans alternatives; a signature loan that don’t need checking account or collateral. We had a look at their online loan form and when it came to the banking information part, we were required to select either savings or checking account, which goes some way to prove that they do actually such. There is a caveat though. There is a subtle suggestion that using a savings account to get a 1000 dollar direct loan may not have a higher success rate.

There is a lot of misinformation about no checking account loans, whether bank statements are required etc. As from our own experience, the majority, if not all direct payday lending companies may not give personal loans that way. Getting a bank account isn’t very difficult because even if you are from the lower income group, there are many banks that offer new account opening with no minimum deposit. Similarly, you could also try a credit union savings account as they have some of the low fee around.

The bare fact is that you do not need a checking account for unsecured loans as using a savings account with direct deposit is usually sufficient, albeit with lesser loan options. Instead of trying to look for lenders who can give you a $1000 loan without a bank account, it is far better for you to get a bank account first.

Posted June 20th, 2011. Filed under General Personal Loans

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