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Can You Get A $1000 Loan With No Checking Account

20
Jun

Can You Get A Loan With No Bank Account?

Can you really get a short term $1000 personal loan with no checking account? For reasons not clear to me, there are many people who are looking to borrow money without a bank account and try as you might, it is probably unlikely for anyone to get cash if they do not have a bank account. Of course, you could argue about getting a friendly loan from a friend or family member but that’s digressing from the topic discussion here.

When you take a 1000 dollar loan from any lenders, you are asked to submit your personal information such as address, employment history, citizenship, etc. Along with that, you are also required to have a checking account. Not just for verification purposes and adhering to anti-money laundering regulation, most licensed lenders have this requirement so that you could write them a post-dated check as a collateral for their cash loans you can pay over 90 days.

If you need to get around a $1000 loan without a bank checking account, you should at the very least, have a savings account with check writing. I have yet to come across a licensed lender who can give loans with no bank account but there are lenders that accept savings accounts instead.

According to this website that provides payday loans alternatives; a signature loan that don’t need checking account or collateral and you can borrow up to 1000 dollars with low payments. We had a look at their online loan quote form and when it came to the banking information part, we were required to select either savings or checking account, which goes some way to prove that they do actually allow you to get a loan with no checking account. There is a caveat though. There is s subtle suggestion that using a savings account to receive 90 day online signature loans may not have a higher success rate than if you were to use a checking account.

There is a lot of misinformation about loans with no bank statement required. As from our own experience, the majority, if not all direct payday loan companies do not give personal loans when you have no accounts at banks. Getting one isn’t very difficult because even if you are from the lower income group, there are many banks that offer account opening with no minimum deposit. Similarly, you could also approach a credit union as they have some of the lowest fee around. The bare fact is that you can borrow 1000 dollar unsecured loans as using a savings account with direct deposit is usually sufficient, albeit with lesser loan options.