How to get a payday loan with no bank account
As previously mentioned, while it is possible to get a payday loan with no bank account, doing so can be detrimental to your long-term financial health. It involves a local representative visiting your home to consider your application and regularly deliver funds as your main point of contact. As these loans are often taken out by individuals who can’t opt for traditional lending due to their poor credit history or lack of bank account, they often carry high interest rates and sizeable penalty fees for missed payments.
These high interest rates are offered over a short lending period, meaning doorstep loans often end up far more expensive than other forms of credit. Because doorstep loans are a non-traditional form of borrowing that doesn’t require good credit, the sum of money available is often considerably smaller than those that are offered by traditional lenders.
While borrowing from a bank or other well-known financial institution means that there’s less to worry about in terms of reputability, there are unregulated companies that will try to take advantage of customers looking to get funds quickly with no bank account. It’s incredibly important to learn how to distinguish between legitimate and unregulated lenders – otherwise you never really know who you’re dealing with.
Before applying for a payday loan, you should always check that the provider is regulated and authorised by the FCA. The FCA makes payday lending fairer for customers by placing a cap on interest rates and enforcing stronger guidelines on affordability checks. Lending from an unregulated company means that you could end up borrowing more than you can afford to repay, increasing the likelihood of falling into debt.
Before applying for any cash loan online, it’s important to remember that short-term loans are not designed to rectify long-term financial difficulties, as they typically have high interest rates and additional fees for missed repayments. When applying, you should only request to borrow the amount you need to meet an unexpected expense, and only when absolutely necessary.