How to Get a Payday Loan with no Bank Account

While it is possible to take out a payday loan with no bank account, doing so can negatively impact your long-term financial health. Most banks and loan companies will require customers to hold a bank account and debit card before approving an application, in order to assess their affordability and provide funds. Loan companies will use your previous bank statements to corroborate that you have a regular income and to check that wages are regularly deposited into your account. Reputable lenders will also need to carry out a comprehensive credit check before approval, in order to accurately assess risk as stipulated by the Financial Conduct Authority (FCA). The FCA is the conduct regulator for the financial sector and requires loan providers to assess the competence, capability, integrity and affordability of applicants before approving a loan. When applying for a payday loan with no bank account, you should be wary of any companies that offer guaranteed approval with no credit check, as they are likely unregulated and potentially illegal. Possessing a bank account also allows lenders to easily deposit funds in your account, either by direct debit or standing order, and ensures that there’s a record of how many instalments you’ve received. There are a number of other requirements lenders may need before processing an application. Most may stipulate that customers are a UK citizen with a valid contact number, while others may need you to fill out an online form detailing your financial history, provide confirmation of current bankruptcy status (if applicable) and display information on any defaults.

And it’s not just when it comes to lending that it’s beneficial to have a bank account. Having somewhere secure to store money means that you’re better protected against theft and can safely transfer money to others. Storing money in a bank account also means that you can earn interest and are protected against the declining value of money. If you’re able or willing to open a bank account, you’ll have access to a wider range of lending options. Possessing a bank account also allows lenders to easily deposit funds in your account, either by direct debit or standing order, and ensures that there’s a record of how many instalments you’ve received. There are a number of other requirements lenders may need before processing an application. Most may stipulate that customers are a UK citizen with a valid contact number, while others may need you to fill out an online form detailing your financial history, provide confirmation of current bankruptcy status (if applicable) and display information on any defaults. And it’s not just when it comes to lending that it’s beneficial to have a bank account. Having somewhere secure to store money means that you’re better protected against theft and can safely transfer money to others. Storing money in a bank account also means that you can earn interest and are protected against the declining value of money. If you’re able or willing to open a bank account, you’ll have access to a wider range of lending options.