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Payday Loans Without Bank Account

Owning an active bank account in Canada can hasten up the process of applying for a payday loan. But, do you know that it is possible to apply for loans without having a bank account? As unbelievable as that sounds, it happens.

In Canada, over 10 million individuals are unbanked and underbanked; they have no access to basic banking services and products. But still, people that fall under this category can be eligible for payday loans.

You might be wondering how possible this is, but if you fall under this category of persons, have no worries. Here, you will learn how you can apply for payday loans.

Canadian borrowers with no bank account often get loans that are referred to as “no bank verification” loans and it is crucial to note that these loans are usually more expensive than traditional bank loans.

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Written by: Big Piggyy

Rating

3.3/5

Loan Term

14 days -60 months

Est. APR

% 390 - 445

Loan Amount

$100 - 15,000

Rating

3.3/5

Loan Term

14 days - 60 months

Est. APR

% 173.81 - 495.36

Loan Amount

$50 - $10,000

Rating

3.9/5

Loan Term

12 - 60 months

Est. APR

% 46.93

Loan Amount

$100 - $15,000

Rating

4.3/5

Loan Term

90 -150 days

Est. APR

% 26

Loan Amount

$500 - $850

Rating

4.8/5

Loan Term

6 - 60 months

Est. APR

% 19.99 - 36.99

Loan Amount

$500 - $15,000

What Exactly is a “No Bank Verification” Loan?

To put it simply, a no bank verification loan is the type of loan where the lender does not need documentation for verification. With a no bank loan, a lender does not need to see any paper regarding your bank statements, your assets, or your finances to fund you.

Although this type of loan has very limited options, it comes in pretty handy for a lot of Canadian masses.

 

Is It Possible to Apply for a Payday Loan With No Bank Statement at all in Canada? 

Yes, it is very possible to apply for a loan without a bank statement in Canada. 

Payday loans can be gotten instantly without a bank declaration however, their rates come pretty high. You will have to pay a higher interest rate than you would normally pay if you possessed a bank statement. 

To get a lot of options and the best deals around from lenders, you must have a solid credit history. If you have a good credit history, your loan obtaining process will be done as seamlessly as can be without having a bank account.

 

Getting Loans Without a Bank Account 

There are several options for getting a loan without a bank account in Canada. The major ones are debit card loans, pawn shop loans, bitcoin loans, auto title loans, and payday loans. 

Our main focus here is the Payday Loans.

Payday loans are super popular for individuals that don’t own a bank account and need quick funding. These loans are usually the go-to for individuals who are not eligible for personal loans due to incomplete eligibility requirements or bad credit.

The amount of money you need will determine the type of payday loan you will apply for. Payday loans are usually short-term loans, and the maximum amount of this loan is usually $1500 (it can go higher sometimes). These loans provide quick funds and borrowers can get them in a short a time as 24 hours.

Without having a bank account, to get the fund from a payday loan, you have to find a lender that will pay the loan through prepaid or cash.

 

Eligibility Requirements Necessary to Apply for Payday Loans without a Bank Account 

The exact requirements differ from lender to lender, but some general requirements must be met before you can apply for a payday loan without a bank statement:

 

Basic requirements 

  • You must be at least the minimum age of majority in your province.
  • You must be a Canadian citizen or a permanent resident in Canada.
  • You should have a car title in your name.
  • You should have consistent proof of income.

 

Maximum loan amount

The maximum loan amount that can be collected is $1500. In some cases, it can be more or less. 

 

Loan Rates

The loan rates are dependent on the rules of the province. It is usually between $15-$25 for every $100 borrowed. 

 

Loan funding time

The funding time can be as short as one day.

 

Is it Possible to Get a No Bank Verification Loan with Bad Credit?

Honestly, no. If you have a bad credit rating or no credit and don’t want your lender to pull your credit, you need to provide your bank statements. Without having a bank account, this is quite impossible to achieve.

Lenders can’t take the risk of giving out money under such a condition because they don’t want to give out money that might not be refunded. For lenders to give out unsecured loans, they need some sort of assurance that that loan will be paid back. 

Since a bank statement is not available, the next best thing for lenders is to use borrowers’ credit reports to assess their ability to refund loans. A credit report gives an outline of a borrower’s credit utilization and payment history. This enables lenders to know the type of people they are about to do business with.

 

Advantages and Disadvantages of Payday Loans You Can Get Without a Bank Account

 

Advantages 

A no bank verification payday loan has several advantages. The major ones are:

  • They are easy to apply for. Because documents are not necessary when applying for this type of loan, the loan application process is smoother than that of regular loans.
  • There is no income level required since there is no bank verification required.
  • The approval time for payday loans you can get with no bank account is relatively shorter and quicker than that of regular loans.
  • The process of applying for this loan is not very tedious.

 

Disadvantages 

The major disadvantages of payday loans you can get no bank account are:

  • You can’t get a large amount with this type of loan. If you are looking to get a loan for a large amount like say $5000, a no bank account payday loan is not for you.
  • The interest rate for no bank account payday loans is very high. Lenders usually charge high-interest rates for this type of loan because it is more difficult for them to assess borrowers’ risks.

 

Conclusion 

It is possible to get a payday loan without a bank account. And although good, you might want to consider opening a bank account because the option of no bank loans is reasonably limited. Many lenders in Canada usually prefer their borrowers to possess an active bank account to verify finances and see legal documentation.

Big Piggyy

"Show me the MONEY!!!" – Jerry Maguire

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