How Does It Work To Get A Loan Without A Bank Account?
If you don’t have a bank account, then chances are your loan options are limited. Here’s how you can get a vehicle title loan without a bank account through one of Auto Cash USA’s vendors.
With this type of loan, your car title serves as a form of collateral, allowing you to secure a loan without a bank account. To get started, complete the form online and wait for a phone call from a loan associate who will guide you through the loan process.
Now that you understand the basics of secured loans, let’s take a more in-depth look at how to get a loan without a bank account.
Where Can I Get A Loan Without Needing A Bank Account?
If you choose not to have a bank account, your loan options will likely be more limited. That’s ok, though, because some lenders offer the capability to use other assets or assurances to protect the loan.
The Auto Cash USA vendors, for example, allow you to use your car title to secure a loan, instead of providing statements from your bank account or anything of the like.
How Does My Car Title Work As Security?
A vehicle title loan is a type of secured loan, and in this case, your car title serves the purpose of collateral. When you take out the loan, your lender will place a lien on your title, allowing them to have a legal claim to your vehicle until you repay the loan in full.
While this may sound a little concerning, rest assured that you can still drive the vehicle as you normally would as you’re paying off the loan, and Auto Cash USA’s lenders will remove the lien when the loan is paid in full.
Using your title as a form of collateral incentivizes the borrower to pay their dues and protects the interests of the lender.
What Do I Need To Apply For A Loan Without A Bank Account?
If you want to apply for a loan without a bank account, then you’ll need to make sure you have the following items:
- Your driver’s license or valid government-issued ID – Auto Cash USA vendors will need to verify your identity before approving you for the loan.
- Your lien-free car title – If your car title already has a legal claim by another party, whether it is the dealership, finance company, or another lender, then it doesn’t serve much good when used as collateral on another loan. Pay your debts and have your lienholder take off the lien before you apply to get a vehicle title loan.
- Your car itself for a brief inspection – Lastly, your car’s condition plays a part in the amount you qualify for since it’s a direct representation of what you’re putting at stake to take out the loan. Newer cars and cars that are well-maintained will usually allow for larger loan amounts.
How To Apply For A Loan
Now that you’ve got everything you need, you’re ready to apply through Auto Cash USA’s trusted network of lenders. Doing so takes a matter of minutes, and you can get started online using the convenient inquiry form provided on the webpage.
Once you’ve completed it, you’ll be connected with a licensed loan specialist from one of our vendors. Soon after you will receive a call from one of their loan representatives to discuss the process, the amount you can qualify for, and what your monthly payment schedule will look like.
Next, you’ll set up an appointment with an agent to meet in person. You can opt to visit a store location near you or a convenient place of your choosing, such as your home or office. At that time, they will inspect your vehicle and verify the title and VIN. Once done, the loan amount will be confirmed and the documents emailed for your e-signature. You will receive the money the same day or the following business day.
Title Loan FAQs
Can I Apply With Bad Credit?
You don’t need to have excellent credit to be approved for a title loan; just make sure you keep to the repayment schedule outlined in your loan agreement.
Do I Need To Be Employed For A Title Loan?
No, you neither need a bank account nor employment status to get a title loan. As long as you have a source of income that enables you to repay the loan, you’re all set.
Apply For Your Title Loan Today!
Now that you know you can get a loan without a bank account, you’re well on your way to getting the money you need in a financial emergency. Title loans aren’t always the right choice, but if you feel like they’re the right call for your situation, then get connected with one of our vendors today!
The fast and easy title loan process can get you the emergency money you need as soon as today, so there is no need to worry!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.