Though direct lenders follow easy eligibility criteria for the disbursal of instant loans, not all borrowers successfully meet it. Many borrowers fail to finance their needs because of no bank account. Chances are you receive your salary in cash or you had to close your account due to financial trouble. What if you need money and your account does no longer exist?
Most of the direct lenders will deny you lending money. However, it is still possible to take out a loan. You can apply for 12-month loans for bad credit. You just have to apply for the loan online and an agent will visit your home to hand over your money and collect funds at scheduled date of repayment.
Loans that do not require a bank account
Direct lenders do not provide all short-term loans such as payday loans without a bank account. These loans require neither collateral nor guarantor, so lenders look over your financial statement to ensure the regular flow of income. Further, bank accounts help set up an easy payment schedule. As you receive your salary, the whole amount of the debt is debited. However, you can take out cash loans even without a bank account.
Instant installment loans are disbursed to finance your short-term needs. The term of these loans may vary from 3 to 12 months depending on the policies of lenders. However, the disbursal limit is always less than payday loans. Instant loans are very tempting, therefore you should be wary enough while putting in an application. Some lenders may charge outrageously high-interest rates if you do not have a bank account. Study the market carefully and enter into an agreement with a lender offering it at a reasonable interest rate.
- Doorstep loans for unemployed
Doorstep loans for unemployed do not call for submission of the financial statement. As long as you are able to generate income from a part-time job or an asset or govt benefits, you can take out unemployed loans. An agent will call on your home, analyze your income sources to decide on the disbursed amount, and repayment schedules. For collecting funds, the agent will visit your home on the scheduled repayment date.
How to apply for quick cash loans without bank account
First, you will fill the form online and submit documents like income sources and a copy of your residential address. The lender will assess your reimbursement capacity and then the loan will be approved. However, remember that it may take some time. So do not put in various applications. Otherwise, it will be difficult to have the loan approved.
Be cautious when you apply for instant loans without a bank account
It is not surprising if a fraudulent lender swindles you. When you have a bad credit history or you are unemployed and you are looking forward to taking out a loan even without a bank, you prove that you are in dire need of money. In such a case, some lenders may disburse funds at very high APR to earn profits.
Just because you need money at once, does not mean that you will catch the first offer. Make extensive research and contact a lender who offers loans at the affordable rate of interest. Ask your friends and colleagues about trustworthy lenders; look for reviews of borrowers on the lenders’ websites. Ask your lender if you have any doubt or query and you must go through all the terms and conditions of the loan agreement as it may have any hidden fees.
You can get instant loans without a bank account if you prove your capacity to pay back the whole of the debt on time.