08 Jun 2020, Author:

I hate to make this assumption, but the chances are that if you don’t have a bank account, you might not have accumulated a lot of wealth over the years. However, living from one paycheque to another is not something to be ashamed of. It is a very proud feeling to be able to fulfil ends in this economy. However, as everything is not sunshine and rainbows, there are times when things get out of hand, and you may be left wondering how to make everything normal. No matter how much we think we are in control, there may be situations that arise out of nowhere. For instance, you might have to deal with an unfortunate situation like a broken car, a medical expense, or some other incident which might require you to spend some cash out of your monthly paycheque. 

In times like these, getting a loan can solve a lot of problems for you. But, getting a loan becomes very hard if you don’t have a bank account. Your options of getting loans become very narrow as most lenders tend to require that a person have a bank account. It might seem like an uphill task, but it is still possible to get a loan without having a bank account. It doesn’t matter if you have a business related need to raise some quick money or household needs to make ends meet, these are the best loans for you that you need to consider. This article highlights five types of loans that you can get without the need of a bank account. 

 

Instant Guarantor Loans

We all have had our fair share of problems in the past, however, these should not prevent us from having a bright future. It doesn’t matter if you are suffering from a huge debt or want to pump some money into your business; instant guarantor loans can save the day for you. Just as the name suggests, an instant guarantor loan relies on a guarantor who can be a family member or friend. If you don’t have a bank account, you can use this guarantor as a frontman to get a loan. All you have to do is find someone who has a bank account and can take a loan on your behalf. It is important that you find someone you can trust as if you fail to meet the payments of the loan, your guarantor will have to step in settling the matter. 

 

Credit Card Loans

Now you might be confused as credit cards work from a bank and ATM machine, but, you will be surprised to know that if you want to get a credit card, you won’t be asked to provide any bank information. You can easily get a credit card if you don’t have a bank account. Secondly, you also need to understand that every time you purchase something from a credit card, you are virtually getting a loan as you are borrowing money from the card-issuing bank, with the understanding that you will repay them when the time comes. So, a credit card loan is one of the safest and quick ways you can get a loan without much trouble. 

 

Cash Advance Loans

Also known as short-term loans, cash advance loans are one of the best ways to get a non-bank lender loan. A cash advance loan is much like a credit card transfer, but it is different in some subtle ways. First of all, you will be charged an additional fee for taking out a cash advance loan. Secondly, these loans don’t have anything like an interest grace period as typically the interest starts adding up 30 days after you have taken the loan. And finally, it is an unsecured loan, so you won’t be putting anything of value as collateral. Despite all its back draws, a cash advance is still one of the fastest and secured ways to get a loan if you don’t have a bank account. All you have to do is to file one using your credit card, and you will most likely be approved for a substantial amount of interest rate. 

 

Payday Loans

These are the best kind of loans for people who live from one paycheque to another. If you are someone who doesn’t earn enough money to keep it in the bank, the chances are that you don’t have an account. However, that shouldn’t stop you from getting a loan when you might need one. Payday loans are an excellent alternative as these lenders won’t ask for a bank statement. All they are going to need is proof that you have a particular income source every month like a payslip so that they can trust that you will pay the money back. Moreover, payday loans don’t require anything as collateral, and you won’t even be required to go through a credit check. 

 

Car Loans

While car loan lenders often might ask you for a bank statement before agreeing to give you a loan, you should know that it is more like a chore rather than a requirement. You can simply come to an agreement and make the lender understand that you can’t provide him with a bank statement and most of them will agree to give you a loan nonetheless. When you are getting a car loan, you must shop for the right auto loan as it is just as important for your new car. Most dealers don’t care what your income is or where it is coming from as long as you can provide them with proof that it is there. Also, the best thing about a car loan is that you can put the car itself as the collateral so you can get away with getting a loan without needing a bank account.