Getting a loan is already a pretty hefty task, let alone getting one approved with no bank accounts or credit check. Then it transcends the easy stage and goes to the point where only a handful of options can help you. But these options will really help you, with a condition. Whereas you have a limited say in setting the terms and conditions of a regular loan, you will have to prepare mentally and financially for very stringent conditions and unfavorable terms that will differ from the terms and conditions of a regular loan in a not-so-pleasant way.
However, these loans are considered the last resort for people not having a bank account or not comfortable with a credit check and can mean the difference between turning things around or going completely under. So, getting loans with no bank accounts or credit check is possible, albeit difficult and with very unfavorable terms. Following are seven loans that you can get with no bank accounts and the ARC 90 plan that forgoes credit checks prior to issuing loans.
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Getting Loans with No Bank Accounts
Getting loans with no bank accounts or credit check is possible, albeit with a few restrictions. For one, forget desirable repayment terms and conditions. Since you don’t have an account, no collateral the bank has on its hand and don’t want a credit check, your options are pretty much limited to the loans reserved for felons or other unsavory characters. But these loans have a market too, and can be a great help for when you really need it. Let’s get into loans that you can get with no bank accounts or credit check,
Car Title Loan:
As the name implies, a car title loan is the sort of solution for money-borrowing that lets you keep the car as a collateral against the loan, with the title of the car going to the bank. However, it certainly does not mean that you’ll stand to lose the car. Certainly not, unless you’re planning to fall behind on the repayments, which would result in the car getting almost immediately repossessed. The bank will let you keep the car if you take out a car title loan, but will keep the title since it technically owns it and can repossess it should it be deemed necessary. However, with a car title loan, you can easily get the required money with no account and just a car. A word of caution; wrecking a car with a title loan can get really troublesome and messy quick. Make sure to not do so if your vehicle has a title loan.
Pawn Item Loan:
Sounds weird, right? That’s because it is a pretty unconventional loan as far as collaterals go. A pawn item loan can be issued without a bank account, but you need to have an item in your legal possession that has a certain value in a pawn shop, which the bank will then issue a loan against (up to 60 per cent amount of the value as appraised by the pawn shop). However, a few points to keep in mind are the repayment terms and the interest rate. Pawn item loans require for the person taking out the loan to repay the total amount back within three months; exceeding this time limit will allow the bank to collect the item from the pawn shop. Similarly, interest rates are much high than any other type of loan; but still better than high-interest loans like payday loans. Needless to say, despite the weirdness of a pawn item loan, it is still a good alternative to look for other means or simply going bust.
Payday Loans:
Payday loans are popular and a common way to access short-term loans. They are most suitable for people who want a loan but do not have collateral. What’s more, they do require credit checks, but if your credit rating is terrible, they will still accept you. The money can be collected as cash or sent via money transfer. But you should expect to pay high-interest rates within a short period. When choosing where to apply for a payday loan, you have to consider the amount you want. For over $1000, go for the conventional payday loan. This means you repay it in full when due. However, in some states, payday loans are not allowed, and where they are, every state has its own laws and regulations to avoid exploitation among desperate borrowers.
Peer-to-Peer Lending:
A simple lend and borrow transaction that you can partake with your friends, family or co-workers. Not having an account or having zero credit history does not matter because these types of loans are given by people to others they know, meet and interact with. However, there are several types of peer-to-peer lending which involve online transactions: such loans do require sort of a ‘guarantee’ and a guarantor that do as advertised. Rest assured, they have no requirements and certainly do not ask if you have a bank account and do not check credit history.
Bitcoin Loans:
Relatively new and owing their existence to the popular cryptocurrency Bitcoin, these loans are, much like the currency itself, not regulated by government fiscal authorities, thereby, have no security guaranteed by either a bank or the Federal Reserve. They are available via peer-to-peer platforms online. You do not need a bank account to apply for one. If you qualify for one, it is funded, and you can access the money. A bitcoin loan comes with a few risks, such as that cryptocurrency is not regulated by any government currencies. This means there is no way you hold a lender accountable in case the deal goes wrong. Besides, bitcoin fluctuates a lot, and you might end up paying more than you expected when you borrowed the loan. This is one of the reasons leading to increased default rates in bitcoin loans compared to standard bank loans.
CDFI Loans:
Loans borrowed from Community Development Financial Institutions are called CDFI loans. While they do ask for bank details, an account is not necessarily required to get a loan. CDFIs aim at surviving people living in economically disadvantaged areas. The organization is non-profitable, and therefore, the loans are affordable. The only problem with these loans is that they are hard to come by and will take too long to get the loan. This is why most people opt for expensive options to save time and meet their urgent financial needs quickly. However, if you have the time, the wait is worth every second when you eventually get the loan.
Debit Card Loans:
In this loan, you do not get any cash; instead, the money is funded into a special card with the borrower’s name. However, you will have to prove a bank account before you can get this loan. The only difference here is that the loan is not deposited in a bank account, especially if the borrower doesn’t want that. These debit cards allow repeated borrowing and help you build credit ratings for easy future loans. Some allow borrowers to earn some credit card-like rewards. However, the loans are strict and expensive because payday lenders mostly offer them.
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ARC 90 Plans:
ARC 90 plans are the premier loan plans that do not require credit checks regardless of the financing type: be it getting a loan for a gun, for a car, house or even a multi-purpose loan. Any financial institute which is ARC 90 certified will provide loans, regardless of your credit history and its status.