There are thousands who look for payday loans online every day. Half of all borrowers need a few hundred to help tide them over until payday, and it’s often a simple way to borrow. In a way, payday loans are a cash advance and that’s a concept most borrowers love. Cash advances are essentially a loan, but, what happens if you don’t have a bank account? Will it be possible to get a cash advance then? That’s when the problems start because while it might seem like a simple task, it’s not always the case. So, can you get a cash advance without a bank account?
Yes But No
Cash advances come in a variety of forms and there are several lending streams which will offer a cash advance without the need of a bank account. For example, your employer, if they pay by check or cash, could offer an advance and they don’t have to worry about a bank account. However, payday loans and lenders might be a little more skeptical. Some cash advances aren’t going to be possible because there is no bank account to tie it back to. Why does that matter? Lenders will use the bank account to recoup their money if you don’t pay it back within the specified timeframe. However, if a lender offers a cash advance and there isn’t a bank account available, they have a major problem. So while it’s possible to get a cash advance without a bank account, it’s very difficult to obtain. Check here!
Secured Credit Cards Are Slightly Different
However, it might be possible to obtain a cash advance when you don’t have a bank account, through the use of a secured credit card. These are slightly different than loans in terms of that they are secured so there is some form of security in place should the borrower default. However, these aren’t always available and you need to find a lender that will offer this. Even with payday loans online, you may still need a bank account so that’s a sticky point as well. Sometimes it can be easier to have a bank account just to help get loans and cash advances.
Explore All Cash Advance Options
Getting a cash advance without a bank account is going to be extremely difficult, even with a secured credit and debit card. Even some prepaid cards aren’t going to be eligible for a cash advance. The trouble is that without bank accounts, things are a lot more complicated and confusing and that’s why you have to get some advice. You should talk to a number of lenders and look at all options available so that you find the one that suits you best. You might find a payday loan is something you want to look into, but again, you need to find a lender that’s willing to offer a loan without a bank account.
Know Your Choices
Bank accounts are useful. While you might not have much money in them, they can often enable you the ability to obtain loans and cash advances easier than you think. It’s strange that a simple bank account determines your ability to get a cash advance because you probably have the intention of repaying the advance, but of course, lenders can’t take the risk. That doesn’t mean to say lenders won’t, but, you’ll have to find them first. Maybe payday loans online can be a useful cash advance option, but if that’s the route you want to take, you’ll need to find one that offers one without a bank account. Click here for more information: https://smallbusiness.chron.com/business-loan-credit-15112.html