loan_wzrd
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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! |
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Sophie B
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Remember when Mom said you should go visit Gramma more often instead of running around with your houlligan friends?
Well, this would have been pay-off time if you had followed her advice.
A loan from our bank requires a job you have worked at for a year, and achecking or savings account at our bank.
You didn't say how much you need to borrow or what it is for......
This is important to know. Small loans are best borrowed somewhere other than a bank.
Do you have access to a credit union where you work?
Join if you do, they are the best value out there. |
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matt s
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The best way to get a loan without having a checking account is ,having a good job history and good credit history. |
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staci33182
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First ask yourself if you really need a loan. If your credit is bad and you have no collateral but you have a job, you'll be stuck with the only option of getting a payday advance. It is very easy to get hung up in loop of payday advances. If you have collateral but bad credit you could probably get a loan through some financial institution but you'll still be hit with high interest rates. Maintain a good credit history and you can get a loan from just about anyone. |
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Rhettski
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get a checking account and you won't have to worry about it. They're free! |
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vie
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First, and for most you should have a checking account.
This is the first step you make your self sounds a legitimate person in the mind of lender. |
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WindowLicker
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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. |
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REnate
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Put up something for collateral. |
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Mike T
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Credit unions are usually more flexible than banks. |
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jgurl45
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call up suze orman |
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re57martinez
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Try prosper.com its a group of people lending people money. its awsome. |
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Virgo
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Well, if you apply a loan, the lender will definitely check your credit score(FICO score). Most lenders don't care about whether you have a checking account or not. All they care is your FICO Score !!! |
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toddk57@sbcglobal.net
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Well: the best effort is get an "Finance started first" |
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racefan01
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It's more important to be able to prove you're credit worthy by having a steady job and by paying off your debts on time, e.g. credit cards, utilities, etc. A checking or savings account helps round out your profile when they make a decision to lend or not, but bottom line is they don't care whether you pay them by check, cash, money order, whatever, as long as you pay them back. |
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Rebecca K
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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. |
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nodded out
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The only way to get a loan without a checking account is either by getting someone to co-sign with you or somehoe secure the loan with something of value(equity) such as a car, home, boat..etc...I've done banking for 13 years now and know this one for sure...Good Luck!! |
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debnettlenote
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with any kind of a bank account you would be surprised on what kind of rules banks have and why they have to dot the i's and cross the t's it is all regulated and when they dont do what they need to do the banks get fined and not small fines either.The best thing to do is check out the banks in your area,decide which bank that you like the best and start at the bottom open a savings account or a free checking account(a no frill account that does not charge a fee but you must keep the balance above 1.00 to avoid over drafting your account) Develop a credit history with your band and you would be surprised on how far they will work with you after you have developed that relationship. |
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Not To Touch The Earth
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It all depends on what type of a loan you want. With a mortgage if your credit scores are high enough (usually with subprime the cut off is approx. 580 which is actually pretty low) you can do what is called a stated loan where you state your income and assets but do not have to provide any documentation. |
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stopccdebt
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Not all lenders require a checking account. The best action is to research several lenders to find what the differences are.
Sometimes you can get smaller loans without necessarily having a checking account. |
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srbunce
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prosper.com |
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Dolly
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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. |
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Richard H
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Get a co-signor to guarantee the loan. |
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Mr. Wizard
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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. |
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Neil
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Ask yourself.
What for? Not $1 Million to buy car and house and vacation and retire and groceries and college. Does not work.
If you take out the loan, give it directly to the car dealer, college, or house seller... dont let it sit in your bank account. Some interest rates are taxable over $18.00 or $20.00(1990).
Buy a book on it, even financial planning.
Do not listen to rumors rumors rumors especially from relatives or friends, see it in print from a brochure you can call. Maybe its a sales pitch setup. Rumor financial plan...
A junior college at $5 a unit means $15 a college class and a $45 book. Thats good at $5.25 (1989) minimum wage with a health plan at $25 per 2nd week.
A car at $12,000 or $20,000 with a person earning $45,000 thats only 1 or 2 years of saving. |
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AuntTater
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sweet talk your dad |
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TweetyBird
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By having a qualified co-signer or by having sufficient collateral. |
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snvffy
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No matter who you go to or how you get this loan, I URGE you to read Dave Ramsey's book The Total Money Makeover www.daveramsey.com
This book tells you how to get out of debt and how to become wealthy with the power of your own income. Please get to the library or book store today !!!
Good Luck |
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sunshinejusht
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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 |
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Walking on Sunshine
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Perhaps a line of credit so the loan is paid directly to the lender -they may ask you to open an account and maintain it for the length of the loan - but they will usually accommodate. |
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sunflower
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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. |
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