Running short on cash and need a loan? This is an all-too-common situation for millions of people today. The economy is unstable at best, and jobs offering good pay are scarce. Piled on top of that is the fact that the expenses we all have to pay in life vary quite a bit from month-to-month. For most of us, expenses just seem to come up each month that we didn't expect – and we find ourselves needing a loan to cover them.
If you have been on the prowl for a money lender but have had trouble getting loan approval because you do not have a bank account, you are not alone. This is a common problem with so many people. It is very hard to get a loan without having a bank account – even if you have good credit.
If you are looking for a money lender without a bank account requirement, here are 3 things you should know:
1. Unless you are willing to put up collateral, 99% of the lenders you meet will require you to have a bank account: The hard truth is that having a bank account is a requirement for almost all lenders out there. Unless you are able to put up collateral for your loan (such as at a pawn shop), it will be nearly impossible for you to get approved for a loan.
2. There is a reason most banks will not grant you an account: The reason you have been rejected for a new bank account has nothing to do with your credit score. Rather, it is because your name has been referred to something called Chex Systems. This is a database for people who banks think are "risky" bank customers. Bottom line is: if your name appears in Chex Systems, you will not be able to get approved for a bank account from most banks.
3. The silver lining: getting a bank account is easier than you think: There is a silver lining to this dark cloud, however: it is something called second chance checking. These are banks that specialize in offering checking accounts to people who have had trouble getting approved for an account elsewhere. Second chance checking accounts will never even look at Chex Systems when processing your application. How cool is that?
In fact, second chance checking banks allow you to apply online, from the comfort of your own home. The application process takes about 15 minutes in most cases. They will ask you a few questions in order to prove your identity (that you are who you say you are). And, then – you're approved!
Just think: with access to a second chance checking bank, you can literally apply online today, get approved, and then apply for a loan from any lender later the same day.