Personal loans for people with bad credit without checking accounts are very possible. In fact, youll have multiple options at your disposal where you can get cash quick, despite youre poor financial history and lack of checkbook account. In this article, Id like to go over some of the options youll have when you need money now, but have bad credit and no checking. Personal loans and cash options are still out there for you.
Where to Borrow Money with a Bad Credit Score
Peer to Peer Lending: Youll have to search to find a lender that will borrow you money without a checking, since many of them ask for EFT for monthly installments on their promissory notes. Still, if you look around, you might find some that are willing and able to borrow you cash fast.
Pawn Shops: This is short term, generally 90 to 180 days, and you have to put up something as collateral. You put up the item and you can borrow against its value. Interest accrues monthly, generally at 10% per month, making the APR pretty steep. Its still a possible option to consider if you have a collateral item of value and you just need a short term personal loan and prefer not to go to a bank. While this might not always be the best idea for many, it is an option.
Online Lenders and Banks: With no checking accounts, if you have a savings account that payments can be drawn from, you might be able to get approved. High risk lenders are out there, some that even claim guaranteed approval, even with bad credit, but youll have to be realistic in your search. Few will offer competitive interest rates.
Increasing Approval Chances
In order to increase the odds of having your application approved from the lender, youll want to check out some of these options.
Can Someone Co-Sign?: If you have someone willing to sign the contract for a loan with you, if they have a decent credit score, you might be able to have a better chance of approval.
Open Bank Accounts: Many only require a small deposit to get started with savings or checking accounts, and some will even give you a small amount of money just for opening the account. It could increase the chances of approval and improve the terms of repayment.
Collateral: Youll likely need something of value, other than whatever it is you are borrowing for. If you are trying to buy a car, for example, youll need something of value to put down on top of the vehicle.
Decrease Amount: Go for less money when you see the lender. If you can put down a sizable chunk of money on the item you are borrowing for, its more likely to get approved since theres equity built into the loan.
As you can see, personal loans for people with bad credit without checking accounts are possible. Just keep your eyes open as you look around for a really good deal, with acceptable terms and conditions for borrowing money.