Is It Possible To Get A Loan Without A Bank Account?
If you need urgent cash but don’t have a bank account, then your borrowing options might be more limited. Don’t worry, though, because you can still get a loan without a bank account in Arizona! We here at Southwest Title Loans offer vehicle title loans to you without you needing a bank account. You will need your driver’s license or state-issued photo ID, lien free vehicle title, and your car itself for a brief inspection – but you won’t need a bank account. In this article, we’ll talk more about this loan.
Find Out If You Need A Bank Account For A Loan
In most cases, yes, you will need a bank account to take out a loan. More specifically, any type of loan that is unsecured will usually require you to have an active bank account. Unsecured in this context means that there’s no collateral at stake put up by the borrower to protect the interests of the lender. In these cases, lenders will generally ask to see a checking account statement from an active bank account in your name.
With secured loans, however, you may have better luck if you are trying to get a loan with a bank account. Some lenders do still require bank account information, but in the majority of cases – like with us at Southwest Title Loans – the asset you put up as collateral – which would be your lien-free car title in the case of vehicle title loans – serves to mitigate the risk lenders undertake during the loan process.
How Southwest Title Loans Can Help You
If you need to get a loan without a bank account, then we here at Southwest Title Loans can help you out with vehicle title loans. Title loans use your car’s title as security for the loan, serving as an asset you put up as collateral. Doing so strong incentivizes you as the borrower to repay the loan, while offering comfort to the us that our investment will pay off. When you take out a title loan, we place a lien against it, a legal claim of ownership, until the loan is fully paid off.
Once you’ve fully paid off the loan, we will promptly remove the lien from the title and safely return it to you. Of course, during this repayment period, you can continue to operate the vehicle as you would regularly. We are using the title as collateral – not the vehicle itself. While this concept may seem a little daunting, it certainly works in your favor if you’re trying to take out a loan without having a bank account.
What Do I Need For A Title Loan?
Now that you know you can get a loan without a bank account from us, you’ll need to know what you need to show us in order for us to let you know if you qualify. While we don’t require you to have a bank account, that doesn’t mean we don’t require you to show us nothing before we give you an answer. We have a list of required items you’ll need to be familiar with. Here is what you’ll need to get through our process:
- Driver’s license or state-issued photo ID – It’s important for us to verify your age and your identity before we can tell you if you qualify for approval.
- Lien-free car title – As mentioned, we will place a lien against your vehicle when you take out a title loan. If there’s already a lien on your car’s title, you can’t use it for this loan.
- Your vehicle for inspection – Your car’s condition allows us to determine how much we can lend you. This means we will inspect the make, model, mileage, and overall maintenance.
How To Get Started
Once you’ve familiarized yourself with the requirements to get a title loan, all you need to do to get started is head straight to the online inquiry form on our website. Fill it out and your basic information will be sent to the nearest title loan location so that you can connect with a loan associate who can assist you. They will schedule the vehicle inspection either at the store or at another location for you.
Either way, bring along your required documents, as well as your car, to the vehicle inspection. The associate will carefully review them and your vehicle to determine if you qualify for approval and how much we can lend you. Should you be approved for a vehicle title loan, all you have to do is finish the simple paperwork and you can get the money either that same day or the next bank business day at the latest!
Get Your Vehicle Title Loan Without A Bank Account!
Although your loan options are more limited, you can indeed get a loan without a bank account using vehicle title loans through Southwest Title Loans. Our fast, easy title loan process takes around half an hour in person, making it a quick way to secure urgent cash for life’s biggest emergencies. If you’re left without conventional financial resources for a sudden calamity, then either call directly or fill out the online form to see if you can get a vehicle title loan today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.