How to Get a Payday Loan with No Banking Account
Do not take out a payday loan unless absolutely necessary., Check to see if your state allows payday loans to be issued to those without bank accounts., Use your savings account if you have one., Be aware that lenders may charge you higher fees to...
Step-by-Step Guide
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Step 1: Do not take out a payday loan unless absolutely necessary.
As mentioned above, payday loans are often called debt traps because the lenders charge insanely high rates that often result in the borrower falling deeper and deeper into debt.
If you can borrow the money from a family member or friend, do so.
Other ways to avoid payday loans include:
Asking for more hours at work.
Taking on a second job or gig until your expenses are covered.
Taking out a loan from a more reputable source, like a credit union.
Setting up a credit card to use.
To read more about alternatives to payday loans, click here. -
Step 2: Check to see if your state allows payday loans to be issued to those without bank accounts.
Some states do not allow payday lenders to issue loans to people who do not have a checking account.
Run an online search to find out what your state’s laws are.
Some states will allow payday lenders to issue loans to people who only have savings accounts, rather than checking accounts. , Many lenders require that you have a checking account so that they can cash your check and get the money you owe them.
However, some companies are fine with you only having a savings account.
If you do have a savings account, look for a company that will use it, rather than a company that does not ask for a bank account at all. , This may in part because they run a higher risk of not getting their money back, since they cannot take the money out of your bank account, as they would a regular payday transaction.
Because of this, they may hike up their fees.
Compare the fees that you have been presented with to the fees that a person with a bank account would be charged.
If you are paying much more in fees, you should consider an alternative method of getting money. , Do as much research as you can about the company you are considering using.
Read online reviews to find out what other people have to say about that particular company.
Check websites like the Better Business Bureau (BBB) that list companies and their ratings, as well as whether or not they can be trusted. , Once you have found a company that you would like to use, call them or go into the office and make sure that they will actually give you a loan, despite the fact that you don’t have a bank account.
It is important to check to see that their policies haven’t changed before you commit to using a certain company. -
Step 3: Use your savings account if you have one.
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Step 4: Be aware that lenders may charge you higher fees to get a payday loan without a bank account.
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Step 5: Scrutinize the payday loan company and make sure they will treat you fairly.
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Step 6: Confirm with the company that they will give you a loan without a bank account.
Detailed Guide
As mentioned above, payday loans are often called debt traps because the lenders charge insanely high rates that often result in the borrower falling deeper and deeper into debt.
If you can borrow the money from a family member or friend, do so.
Other ways to avoid payday loans include:
Asking for more hours at work.
Taking on a second job or gig until your expenses are covered.
Taking out a loan from a more reputable source, like a credit union.
Setting up a credit card to use.
To read more about alternatives to payday loans, click here.
Some states do not allow payday lenders to issue loans to people who do not have a checking account.
Run an online search to find out what your state’s laws are.
Some states will allow payday lenders to issue loans to people who only have savings accounts, rather than checking accounts. , Many lenders require that you have a checking account so that they can cash your check and get the money you owe them.
However, some companies are fine with you only having a savings account.
If you do have a savings account, look for a company that will use it, rather than a company that does not ask for a bank account at all. , This may in part because they run a higher risk of not getting their money back, since they cannot take the money out of your bank account, as they would a regular payday transaction.
Because of this, they may hike up their fees.
Compare the fees that you have been presented with to the fees that a person with a bank account would be charged.
If you are paying much more in fees, you should consider an alternative method of getting money. , Do as much research as you can about the company you are considering using.
Read online reviews to find out what other people have to say about that particular company.
Check websites like the Better Business Bureau (BBB) that list companies and their ratings, as well as whether or not they can be trusted. , Once you have found a company that you would like to use, call them or go into the office and make sure that they will actually give you a loan, despite the fact that you don’t have a bank account.
It is important to check to see that their policies haven’t changed before you commit to using a certain company.
About the Author
Jeffrey Collins
Enthusiastic about teaching cooking techniques through clear, step-by-step guides.
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