Not having a bank account can pull you out of the race to get loan approval. This is one of the basic criteria, and you will be disqualified if you are not a bank account holder. Even though the lender processes your application, they will have no place to transfer the loan money.
Because of this reason, a person lacking a bank account is considered eligible. Now, you might want to ask if there is some way to get a payday loan without a bank account. The reason could be that you are yet to open an account but have an urgent necessity to meet.
These are ideally short-term financing options and are also offered by traditional and online lenders. Now, payday loan are offered when you are stuck between paycheck to paycheck. These loans are provided to borrowers who earn from direct employment.
For this reason, they must have access to a bank account. Now, if something has happened and they have been denied access to the account temporarily, this will be a different issue. In that case, they must look for alternate financing options that might be accessible with direct lenders.
Possibility of getting payday loan when you have no bank account
This is a critical qualifying condition when it comes to getting loans ahead of payday. Now, if you are trying to get a
1000-pound loan for bad credit from a direct lender, you can opt for doorstep delivery. This will enable you to receive the loan money at your doorstep after approval.
This is a typical short-term loan, and if the lender is offering such a facility of delivering funds to the doorstep, no bank account is needed. However, you must understand why having a bank account is of the highest importance while getting loans.
Checking of affordability
Now, lenders conduct these soft checks to understand your ongoing financial situation. For this reason, they will extract information from your bank statements. They will try to review how you earn and save money in order to acknowledge if you will be able to make it timely payment of loans.
If you do not have a bank account, these checks will be disrupted. The lender will not be able to validate how you are handling your finances currently. Even if you are managing payments with hard cash, you need to show bill payments.
Besides, by studying your bank account, the lender can determine the amount of money you are earning and spending on essentials. Statements generated from a bank account are seen as an authentic source by the lenders.
They can verify if there are other loan payments you are dealing with at the same time. A complete overview can be drawn when you have a bank account. Such checks can be hampered in the absence of a bank account.
Making loan payments
Paying back loans is effortless when you manage it with a bank account. Once you receive the monthly salary, you can separate the designated amount. Above all, you can send the payment online and within seconds.
You can even opt for direct debit options so that the money gets transferred on time. All you need to make sure is to have the necessary amount ready in your bank account. Now, think how complicated it can be to repay loans when you do not have a bank account.
This problem has been solved with special features offered with loans that promise doorstep delivery. In this case, a loan agent from the lender’s side will pay a visit to your home to collect the loan amount. This same thing will keep repeating every month till loan payments are complete.
Receipt of loans
When you are in a rush to get quick access to external funds, you cannot wait longer. With a bank account, you can speedily receive the loan money once the lender gives a nod of approval. You do not have to stretch the payments till you receive the loan money at your doorstep.
Thus, a bank account can make life smoother even at the time of getting loans. Besides, you do not have to manage with limited options as not all lenders will come up with a facility to offer loans without a bank account.
Applying for loans
The application procedure is going to be slightly different. However, with loan options facilitating financial help without a bank account, you can have a guide to help you at the time of applying. You can complete the online application in the presence of a loan agent.
This might complicate the process as you will have to work according to the schedule of their visit. On the other hand, when you apply for loans online, you will be under no compulsion to apply at specific times. You can send out the loan request whenever you feel convenient.
With a stable internet connection on your mobile, you can complete the applications with this gadget as well. You can even receive a quick notification on receipt of the application. Above all, you will not have to wait to receive a response from the lender.
You will be free to complete the application form at any time when you realize the need. There is no need for you to wait for the loan agent. At times, they might demand manual application, which can turn out to be a time-consuming process.
The bottom line
A bank account can make it easy for you to get loans with additional facilities. You can try getting
instalment loans from direct lenders in the UK. This is because the lender can go through your financial history with your bank statements.
The best thing about getting these loans is that you can enjoy instalment payments. You do not have to pay back loans at once, as payments break down into small portions. These small amounts can easily be paid back over months without hampering the monthly budget.
Therefore, you do not have to compromise some features because of no bank account. On the flip side, borrowing can still be possible with options like doorstep loans, provided you find a relevant lender.
