When looking to borrow money, an individual can take out a personal loan if the individual has a bank account. Having a bank account allows a person to make credit and debit card purchases, make use of online banking, qualify for mortgage and other loans, and possibly earn interest on his or her money. Most personal loans are unsecured meaning the lender does not require the borrower to put up any collateral. The lender will require that the borrower has a bank account.
So what is a person to do when they need to borrow money but do not have a bank account? There are a few options available for those without a bank account. The first, of course, is borrowing from friends and family. The problem with borrowing from friends and family is what can happen to the relationships with those people if a person cannot repay the loan.
Another option is to head to a pawn shop. If you have some items that have some value, you can visit a pawn shop. The pawnbroker will appraise your items and allow you to borrow money based on the value of the items that you pawn. If you wish to get the items back, you will repay the pawn shop plus interest, of course.
It is possible to obtain a credit card without a bank account. A person can borrow, essentially taking a cash advance, from the credit card company. The interest rates from a credit card company are usually pretty high.
A great option for borrowing without a bank account is a car title loan. Any person that owns a vehicle that is completely paid for and has no liens on the title can qualify for a car title loan. The loan is based upon the value of a vehicle that is used as collateral.
Since the vehicle secures the loan, there is no need for many of the things associated with traditional loans. A credit check is unnecessary. A title loan company, like Embassy Loans of Florida, is not as concerned with a borrower’s employment or bank account information as it is with the value of the borrower’s vehicle.
Once the value of the car is determined, the loan can be finalized. The process of obtaining an auto title loan usually within minutes. The car title loan is a great option for someone who does not have a bank account and who needs to access cash in a hurry.