Cash advances and payday loans for people with no bank account
Hundreds of lenders are ready to provide financial relief. But at the same time, one of the fundamental requirements to obtain a loan even from the most loyal lenders is to have a valid bank account. They are ready to give money even to those people who are refused by other banks, and still, it may be difficult to find a lender that will work with borrowers without any access to a bank account. The more realistic way to get financial help is to get a credit card cash advance, as it requires no bank account. It is not prohibited to try and with a little luck get a so desired credit card.
There are several solutions available for those, who are desperately in need of a payday loan with no bank account. Of course, it may be challenging to get a payday loan and a cash advance. These financial products are not similar as is commonly believed, and here is the difference.
The terms “payday loan” and “cash advance” are used to describe the number of different financial services. A cash advance takes money from a borrower’s credit card limit. In this way any credit card user with an open credit line can take out a cash advance using an ATM. The regular cash withdraws operations are the same as cash advances apart from the fact that annual percentage rates for cash advances are higher than regular purchases on borrower’s credit card. Here is the second pitfall as a cash advance does not come with a grace period. So that the interest will be accumulated from the moment of the first withdraw and the process will continue until the loan won’t be paid back in full.
According to the cardholder agreement signed with your credit card issuer, the costs associated with a cash advance may be various, but the average cash advance APR is about 25%.
Along with interest, you will be charged a cash advance fee; the average fee is about 5 % of the loan or it may also be a set dollar amount, depending on the lender and state.
Another way to get quick cash is payday loan. What is payday loan?
First of all, any borrower is expected to fill out an application form. As this type of loan is unsecured and do not require any collateral so that the lender takes a particular risk and it is essential to provide full personal information.
Payday loans are supposed to be short-term financial solutions and generally range from $50-$1,000 with a 2-weeks repayment period with skyrocket interest rates. In other words, the loan terms for a payday loan are much shorter than a cash advance. If you will be unable to make payments payday loans can even worsen the situation than the one that required you to get the loan. Make sure that you can repay the loan before you take one out to handle unforeseen expenses.
Of course, some lenders offer the possibility to roll the loan over. You will have more time to cope with the payments in exchange for adding additional fees and interest.
Consider getting a payday loan only being sure, that you can repay it on the due date. But is it any use trying to obtain a payday loan without a checking account? To put it shortly, it is possible but inadvisable.
How to get a cash loan without a bank account
Some companies traditionally ask for financial information. A lender will ask for such information as your bank account information to make sure you’re able to repay the loan after taking it out. You may also need to prove that your bank account has been open for a certain number of days. You have to show your current income, to prove that you are able to pay back the loan.
If you don’t have a checking account there are still some options to get cash.
Ready to pay additional fees, try to open a credit account and get a credit card without a bank account. Then use this new card to receive a cash advance.
Contact different lenders to find the one, who will be willing to work with your even without being insured with your financial information.
Use a prepaid debit card to get a cash advance, if there is a lender, offering such an option near you.
How to get a cash advance with a prepaid debit card?
As it was told before, you have to put some effort to find the lender near you that offers such an option. Then you have to apply for the loan and wait for approval. In case of a positive decision, you won’t receive actual cash, but money would be transferred onto your prepaid debit card. What one should be aware of is an obligatory monthly fee that can’t be waived. One of the advantages is that you could use this card to receive money from friends and family who have the same cards.
Need money as fast as possible with no bank account?
It is hard to predict how long it takes to be approved for a payday loan or get a cash advance with no bank account. At least the features of these two options were described; so that you have a general idea of how do they work and can decide which will be more suitable for your situation. Better decision would be to take your time and choose from the options available to you:
- Try to find a credit card provider to receive a credit card with no bank account
- Get a prepaid debit card and apply for payday loan.
- Contact a customer service of a payday lender near you and apply for a loan even with no bank information.
No matter which option you choose, be aware of all of the associated costs before you sign any document, so that you won’t be surprised by additional charges, enormous interest rates, monthly fees, or any other costs.