How to get a Payday Loan with no Bank Account

There is a good chance that if you source a payday loan with no bank account that you find yourself struggling financially. It can have a significant impact on your life. This is whether you are paid from your job with cash or have lost your account after getting into financial difficulties. As people ask us regularly about this, we thought it a good time to look at a specific issue. Namely, how to get a payday loan with no bank account.

The Options

Some employers insist that you have an account to be paid into. In many instances it is a lot harder to borrow money – almost impossible, in fact, without an account. So, Moolr are here to help, by explaining some ways you can get a payday loan with no bank account.

Pros & Cons

So, what if you don’t currently possess a bank account that you can have your payday loan paid into? Well as we just mentioned it is possible to get a payday loan with no bank account. However, that doesn’t necessarily make it a good idea.  In fact, it could be incredibly dangerous to your long-term financial health. More so if you decide to take up an offer from a company that does provide loans to people without bank accounts.

These types of loans are known in the trade as “doorstep” or “home collection” loans. These loans are typically small and are completely unsecured. People who use them often have a bad credit history and can’t borrow any money from any other source. This is because they do not possess a bank account.

Doorstep Loans

It is entirely reasonable to say that these doorstep loans are a very different beast to the average, run of the mill payday loan. They work in completely different ways to payday loan companies and banks. So, you can decide for yourself whether you believe that taking out a doorstep loan would be the best idea for you. Personally we would urge you to find other resolutions to be able to help with your issue other than a doorstep loan.