Getting a bad credit personal loan with no bank account
Anybody who has ever tried to apply for a personal loan has probably been told that they will need to open a bank account in order to qualify. This is even truer if you have a bad credit score and need a personal loan.
If you are wondering, “Can I get a bad credit personal loan with no bank account?”, it is important that you know all of the facts. Here are the answers to 3 frequently asked questions (FAQs) about your situation:
1. Can I qualify for a bad credit personal loan with no bank account?
A: There are two main types of personal loans: secured and unsecured. The main difference is that, with secured loans, the lender requires you to put up some sort of collateral to get the loan, usually in exchange for a lower loan interest rate.
In the case of a secured personal loan, you may not be required to have a bank account. However, for an unsecured loan (whereby collateral is not needed), a bank account is often required in order to qualify.
2. Bank account is necessary in case of payday loans which is also a kind of personal loan and in order to get the cash you have to make a signature in a future paycheck to provide it to the lender including the fee.
3. It would not be serious if you presently do not have a bank account ,the reason behind not having bank account may be because your saving account in the past have been rejected. Well in order to have a bank account with bad credit is that you opt for second chance checking bank where the bank decides not to make an enquiry regarding your links with bank customer of high risk which is also known as Chex system which clarifies that you need to get an signature by them without taking in to consideration of your credit score.