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Wednesday, May 26, 2010

How do I get a loan if I don't have a bank account, but get money monthly?

You don't need a bank account to have a loan as long as you have proof of income. Just go to any financial institution and ask for the loan you need.



How do I get a loan if I don't have a bank account, but get money monthly?

Payday loan places seem to be able to do this, since some of their customers are illegal immigrants and don't/can't get bank accounts. However, these people get screwed over with hugh interest rates (who can trust them to pay the full amount without disappearing?). My advice is to bite the bullet and get an account and start saving! No putting stashes of money under your oh-so-flammable mattress or wet freezer or being tempted to spend your entire check.



How do I get a loan if I don't have a bank account, but get money monthly?

Do you have a credit card? Do you pay utility bills? Do you own any property, or vehicles that could be used as colateral? Do you have a freind who works at a bank or savings and loan that could help guide you through the process?



How do I get a loan if I don't have a bank account, but get money monthly?

Might be hard to get a loan even though you get money monthly.



You need some sort of proof of assets/income. That would be bank accounts.



Credible lending institutions don't want to risk lending money to poor risks. Not saying you are, mind you, but you need to start a savings or checking account and get some banking history going. You can usually get a better interest rate if you have an account with the financial institution you want to borrow from.

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