Basic Requirements for an Installment Loan
Availing an online installment loan –especially, from lenders like CashUSAToday- has become very easy. The limited requirements for eligibility are one of the reasons behind such a convenience that borrowers enjoy, although the qualification standards are lender specific. Acceptance of all kinds of credit scores has also contributed to this ease. The competition among financing companies to be the fastest, fully automatic, free of paperwork, fax, etc. have made sure the debtors go through a hassle-free process. Irrespective of everything, there are some minimum requirements that almost all the lenders ask for. And they are-

  • A Social Security Number
  • The age of 18- as minors are barred from borrowing such personal loans
  • Valid contact details
  • Bank statements/ pay stubs to make sure you have an income
  • A checking bank account where funds can be transferred

Yes, most of the lenders ask you to have one bank account so the deposit can be done immediately after the loan approval. Repayment through a checking account also becomes easy and automatic.

Can I Get an Installment Loan Without a Bank Account?

Why just installment loans, all most all financial products that you want to avail need a checking bank account. This just helps the service become fast and secure. That is not just true for the online installment loan lenders but also store based lenders. They give you a check which you have to take to the bank and get the amount deposited in your account. This is true for all unsecured loans at least since the recovery of the loan becomes an important question. This is also a viable option for a borrower.
However, sometimes people who don’t have a checking account may also need a loan. It also may be possible that your account is temporarily inactive but you require some emergency cash. In such cases, you can approach a lender that offers a secured installment loan. Remember that, in this case you have to pledge collateral before approval. The interest rates are also likely to be higher than normal. Strictly speaking, this is not an ideal option to borrow money with.

As a considerate and caring lender we’d suggest you open a bank account (it’s very fast) and then apply for an installment loan online to CashUSAToday! We accept bad credit and give you instant approval!