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How To Borrow Money With No Checking Account Needed

by Financier on Tuesday, May 10, 2011

For folks who are looking to get a loan with no checking account needed, what are some of the ways in which you could borrow money when you do not have a bank account statement?

In my professional life as a credit adviser with a finance company, i am frequently asked this question. Some of my clients have never owned a bank account before and when they are faced with a cash flow problem, most of them are clueless as to where to borrow money without checking accounts. If you are in a position where you say to yourself I need to borrow 2500 dollars quickly but i have no bank account, hopefully you will find this article useful.

Without a checking account, it can be difficult to get a short loan from payday loan companies. These direct payday lenders usually require borrowers to have a bank account with direct deposit so that they can claim back the principal sum plus interest due in a more efficient way through debiting the monies from the borrowers' accounts. This is done to safeguard their business's interests by eliminating the risk of defaults from people who repeatedly delay payments. As such, if you want to borrow money with no checking account from payday loan lenders, chances are low, and you would be better off looking at others ways to get cash with no bank account needed.

At the risk of sounding condescending, people who need to borrow 2500 dollars do not have to rely on finance companies as it is relatively a small sum of money which you may be able to avail with the help of friends and family members. Admittedly it may be embarrassing, but a friendly loan from a close contact is quite possibly the best way to borrow money fast with no interest. It is likely that your friends will not demand to charge interest and there is also much more flexibility in repaying the loan. But, of course, you need to be accountable for it unless you wish to lose the trust of the person.

However, if this is not really an option for you and you would still prefer to find some commercial lender who can lend you money fast with no checking account needed, one solution is to turn to a pawn loan lender with no credit check. A pawn loan allows you to borrow cash with a collateral and large pawn companies like Pawn1 or EzPawn have several pawn stores spread over the country, making it easy for you to walk in and request for a short term loan with no bank checking account by presenting the item/s you intend to pawn off in exchange for money.

Exercise caution when dealing with these collateral lenders as they tend to have interest rates which can be rather expensive and when you are taking out a secured personal loan for 1500 dollars, the risk is that you stand to lose your collateral if you are unable to keep up with the repayments.

Therefore if you are asking where can I borrow money with no bank account and have no credit history, you may want to consider some of the options presented here for your credit needs.

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