The Steps to Acquiring A No Bank Account Payday Loan

September 26, 2019

If you’re looking to apply for a payday loan but do not have a banking account, don’t worry! Although there are specific requirements to get a payday loan, it doesn’t include the need for you to have a checking or banking account. Want to learn more about no bank account payday loans? Keep on reading.  

Who Can Use No Bank Account Payday Loans?

Anyone can opt for the loan. The great thing about this type of loan is that it doesn’t take into consideration a bank account or credit score. It will not prevent anyone from getting cash when they need it.

A no bank account payday loan is perfect for those who do not have a valid bank account or for those who are consistently rejected by banks. Anyone with a poor credit score can also benefit from this type of loan as it is still accessible to them. 

The prepaid cards given to individuals who utilize this loan are usable instantly and are usually issued by Visa or MasterCard. What this means for the borrower is that he or she can withdraw money at any ATMs around the world and use it in brick-and-mortar or digital stores. Also, the card will still work even after paying off the debt, meaning it can be used for any future no bank account payday loans.

Steps to Apply for No Bank Account Payday Loans

Prepaid cards are considered the best way to get a no bank account payday loan, and are the only way for anyone to do so without a bank account. They’re quick and straightforward to attain, requiring fewer documents and paperwork to be submitted. Best of all, lenders don’t need to look at an individual’s financial health to check whether they’ll be able to pay off the debt. All they need to do is to examine the individual’s work statement along with monthly wages in a certain period. 

Here’s how you can apply for a no bank account payday loan: 

Step 1. Go Online

Although there are live outlet stores, the best place you can go to is the internet, since more and more lenders are moving online to make the process quicker. All you need to do is search on the web for a company that will fit the bill.

Step 2. Compare and Contrast

Once you have yourself a list of possible lenders, it is time to compare and contrast them to find the best rates, terms, and timeframes. Do note that debit card loans are only available short-term.

Step 3. Prepare the Necessary Information

Once you have yourself a lender of choice, prepare your information, and ready all the application and documents. It is recommended that you check with the lender about what you need to present.

Step 4. Receive Your Card

Once you’re approved, you’ll get a prepaid card with the cash inside. Keep in mind that it may take up to 24 hours before you’re provided with the card. It can be received either through the mail, phone, or a visit to the lender to receive the card personally.

Getting your hands on a payday loan is a lot easier these days. Just remember that it comes with discipline and responsibilities, so you must pay it back on time. 

If you’re in South Africa and want to take out a personal loan at affordable rates, feel free to contact Hoopla Loans today to see what we can do for you!