What is the best way to get a loan without having a checking account?

Answer 1

If you have no credit at all, this may be difficult. I would suggest if you have a savings account, open a checking account at the same bank or credit union and then get a secured credit card from the same. A secured credit card is when you deposit a certain dollar amount towards your credit balance. For example, you would deposit $500 and have a $500 spending limit. In time, say several months, you would be more prone to a loan approval. If it is an immediate need, I wish you well. I got a 17K car loan at 18 years old without any credit cards and a savings account. My interest rate was outrageous, but I got my car! Good Luck!

Answer 2

It depends on how much money you need. If you need a small amount, say under $5000, I would check out a reputable payday loan office. Every office is a little different. Most of the time all they want to see is your last pay stub or two for income verification. If you have something of value that you own free and clear, say a car, then perhaps you can use it as collateral to get the money you need. Payday loan interest rates are rather high, but it is better than nothing. Another place to try is a credit union, some, not all credit unions are a little more flexible about loaning money, as long as your credit history is good. They may require you to open an account to receive funds, not a bad thing. The last place I would go to would be a large bank. I used to work in loans/credit department at a large bank. It is hard to get a loan at a bank without a checking or savings account.

Answer 3

You don't need one, I know someone that never had a checking account and had several loans. However, she did have direct deposit so I guess it was a savings account, ( I will add she never had any money in the account!), You can have a checking account without ever writing a check. She just used the account for direct deposit and she sent her creditors all money orders. Try to avoid getting a loan and paying all that interent back. Howevewr, it would be good to get one of those credit cards that you put 300.00 in it and use it and pay it right away back before the interest accures. This will help build your credit. Otherwise talk to a credit conselor. You will need credit in the future for a home, etc. Don't mess this up. Goiod Luck.

Answer 4

It is not always necesary to have to have a checking account. But I might suggest that you to really look around before getting a loan. Watch out for the tricks when getting a loan. And really watch out for that high interst rate. I might suggest checking with capital one bank There pretty good. I got a car loan through them And my rate was only 6.99 % and I really do not even have all that great of credit. Now not sure that will work for you but just a suggestion. I hope that I could be of help to you. And what kind of loan are you looking to get if you dont mind me asking.

Answer 5

If you have no credit at all, this may be difficult. I would suggest if you have a savings account, open a checking account at the same bank or credit union and then get a secured credit card from the same. A secured credit card is when you deposit a certain dollar amount towards your credit balance. For example, you would deposit $500 and have a $500 spending limit. In time, say several months, you would be more prone to a loan approval. If it is an immediate need, I wish you well

Answer 6

As a matter of financial health you should NOT attempt to get a loan if you can't obtain or maintain a checking account. Any good lender will see this as a red flag and avoid you. Any lender that chooses to deal with you will automatically raise your rate. Why?

If you can't save your money or maintain an account that demonstrates your ability to manage money - the chances that you are going to pay them back are slim. In fact, they HAVE to assume that the reason you don't have an account is that you have either already mismanaged all your money to date or you are barred from opening a new account from FICA, in which case you are extremely high risk.

Be wary of anybody that tells that not having a simple checking account is no big deal. They are about to bury you in more debt. I guarantee it.

Answer 7

It's NOT the best....but IS the riskiest way to snag a loan without opening a bank checking account. And this is where the truest bond between family and/or friends comes in--and this way to get such a loan has been known to destroy such close bonds.....

Loan co-signment: Have someone co-sign the promisory legal contract that basically says they eat the loan repayment should you up and decide to skip town, state or country. This type of "legal contract relationship" is akin to signing a marriage contract: if you leave/betray the co-signer, THEY painfully absorb the loss.

Answer 8

I had no credit, but I had a steady job. I joined a credit union (similar to a bank) and on the same date that I made my first deposit, I asked for an application for a new car loan. Since the car was collateral for the loan, I was approved!

The type of loan you are looking for is important. There has to be some collateral or surety behind it. A personal loan (or signature loan) is hard to get.

Answer 9

Your credit will be checked,no matter your relations with the bank,etc.Loans are at a better rate,the better the credit.You could get an unsecured loan,although the risk for bank is greater.Credit,credit,credit..this is looked at mostly,and it seems to be the hardest thing to perfect these days.Put your collateral up for a loan(car titles,financing statements for equipment,machinery,etc)..and be careful with any mortgage as collateral...you want to have enough built up in your equity(amount paid already towards principal)..to get your money's worth when selling home.You could end up paying on all interest only,not a good thing,be wary of lenders who have a clause indicated this way if payments are not made as initially stated in your agreement on loan.

Answer 10

You could try to get someone with credit to co-sign with you. You really should get a checking account, but learn how to balance the checkbook and try to have savings to use as over-draft protection. Without taking steps to establish credit, or without a co-signer or something to secure the loan, you will probably have a hard time getting a reputable lender to issue a loan. Anyone who will lend money without these criteria, will probably do more damage than good (whatever you do read the fine print, and try to have someone knowledgeable with you; often less reputable lenders will have clauses written in that will be costly for you). Keep in mind that the banks are trying to protect their assets, and that is why this is so hard.
Regardless of what you do, I wish you the best of luck.