In need of cash but don't have a
checking account? You are not alone. These days, more and more people are being
rejected for a new account - and the rejection is not for the reasons you might
think (see below).
The taking out of short term loans
is on the rise due to many people finding themselves in a cash pinch. The
economy, personal misfortune, or just bad planning are all possible reasons why
you may be running short on cash.
Here are 5 things you should know if
you are interested in short terms loans without a bank account:
1. The vast majority of short term
lenders require that you have a bank account:
Most short-term lenders require that
you have a bank account. There are three main reasons for this:
a. usually, the lender will want you
to write a post-dated check to them so that you can pay them back on your next
pay day. And, a check requires a bank account!
b. having a checking account is a
symbol your being a responsible person who can pay back the loan
c. possessing a checking account
also allows the bank to establish your identity, which builds trust
2. Some lenders do not require an
account:
There are some lenders who do not
require that you have an account. However, these lenders will usually want you
to put up some type of collateral in order to potentially cover any risk that
your loan represents. And, that is not always easy to come up with.
3. Not having a checking account is
frustrating for other reasons, as well:
Lacking access to your own checking
is frustrating for many other reasons, besides not being able to get qualified
for a loan. For example, having an account allows you to have a safe place to
keep your money. It also allows you to write checks and make debit charges at
almost any store, gas station, and service provider anywhere.
Not only that, but checking accounts
also allow you to manage your money through online banking. And, of course, it
gives you access to your money through a network of ATM machines located
anywhere you go.
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