Monthly Archives: December 2016

What Type of Installment Loans are Tied to Your Bank Account or Assets

Normally, you need to have a checking account when applying for a traditional bank loan. It is very easy to apply for a bank account but there are some people who do not yet have a bank account. It could be because they have to use up all their income to meet the monthly expenses and cannot come up with the minimum deposit to open a bank account. You don’t have to worry about cannot get a loan if you don’t have a bank account. Nowadays, there are a lot of alternative loans that do not require a checking account. Most of these alternative loans that do not require checking accounts are secured loans.

An example is payday loan which does not list checking accounts as a necessary option. If you don’t have a bank account, you can go to the payday loan shop to collect the funds. Some payday loans shops will charge extra fees if you want to collect the funds at their shops instead of having it wired to your bank account. Payday loans is ideal when you don’t have any money on hand to meet the emergency expenses for example home improvement. When you get the payday check next week, you can submit the repayment for the loan.

Car title loan is a type of small secured loan that allows you to borrow against the value of your vehicles such as cars, trucks and motorcycles. With a car title loan, you can borrow up to 25%-50% of the value of your vehicle. You can be eligible for a car title loan if you have a lien free car title. There is a small fee that you have to pay when you apply for a car title loan. The loan term is usually 30 days and failure to pay by the due date will cause your car to be repossessed. They will send people over to your place to evaluate the car before approving the car title loan. The process can take as little as 30 minutes for them to evaluate the car and release the funds to you.

If you search for no checking account loans or similar keywords on the web, you will find that there are a lot of websites that offer loans for people that do not have any checking account. Your income proof is the only thing that they want to see. The monthly salary that you are receiving must be more than the amount that you are borrowing. They will not be performing any background check or look at your credit report to determine whether you are qualified for the loans. Besides, you also have to be a US citizen and be at least 18 years old to qualify for the loan.