It’s impossible for them to limit their spending on their wages. We all know that you can easily take a loan if you have a bank account. These types of loans are called unsecured loans. You don’t have to give any kind of security on them.
The lender will give you money on the behalf of your bank account and unfortunately if you fail to return the loan, they will have the power to get hold of your account and cease them to retrieve their money.
Is it really possible to get loan without Bank Account
It seems like an unfathomable idea to get a loan without having a prior bank account. At least that is what we have known for the better.
Surprisingly, that is not the case. It is definitely very hard to get loans without having a bank account. This is because your bank credit deems you worthy of getting a loan or not. This does not mean that you can’t get any loan without having any bank account.
It’s not mandatory. You still have the chance to get the loans. However, there are some more rules and regulations regarding this whole idea.
Following are the ways to do that:
1. Secure loan:
Secure loan is the type of loan in which you have to give some kind of security for that loan.
Secure loan is the type of loan in which you have to give some kind of security for that loan.
This means that the bank is no longer held responsible in case of any mishap. You have to give your security by yourself and it could be in the form of your property papers or the company’s shares.
That depends upon the worth of the loan. If you fail to return the loan, lenders will have the right to cease your property and get their money back by selling it.
2. Payday lenders:
Many people live on paychecks to paycheck basis. There is no shame in admitting to that. You can always get a loan from a payday loan if you do not have a bank account.
Many people live on paychecks to paycheck basis. There is no shame in admitting to that. You can always get a loan from a payday loan if you do not have a bank account.
Most payday lenders require only that you have some proof of stable income and they provide you loan on the basis of that.
3. Auto loans:
You would think that getting a car loan would require you to have a bank account because you would be taking a loan amount in thousands if not more.
You would think that getting a car loan would require you to have a bank account because you would be taking a loan amount in thousands if not more.
Well, surprisingly if you have a proof of a stable income, then you can get a Car Title Loan from some banks. The interest rate on such a loan will most probably be much higher and the borrower will have limited options in this whole deal.
In case of on repayment of loan, the lender can re-claim the car.
4. Student loan:
Although you do not have a bank account, you can still get a student loan. The interest rate of this loan will be higher than that of the loans which are given to people who have a bank account.
Although you do not have a bank account, you can still get a student loan. The interest rate of this loan will be higher than that of the loans which are given to people who have a bank account.
