Do I Need a Bank Account for a Loan?

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Depending on the loan you are trying to get, you may need a bank account that could provide proof of income or is investigated as part of the process (credit check, credit history look-up, and employment income).
Here is a comprehensive chart of different kinds of loans that do not require a bank account, require a bank account, or the requirements depend on other factors of the loan itself (state, company, etc.).

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Looking at the chart, most loans typically require a bank account to provide some information you need to get a loan from them. However, what are some of these qualifications besides a bank account that you need before even being considered for a loan?
Before we at Max Cash Title Loans lets you know these qualifications (besides a bank account) you should know the difference between an unsecured loan, and a secured loan.
For a secured loan, the loan could be given to a borrower regardless if they have good or bad credit, if they have something for collateral. This collateral could either be car or even property.
Examples of these types of loans include car title loans and mortgage loans. If you were to fail to pay your monthly payments on these loans, or default on your payments, then the lender may have the authority to repossess the property or car.
An unsecured loan is the exact opposite. In an unsecured loan, a lender is determining their choice of who to lend money based on a borrower’s ability to pay off debts. Thus, if their credit score is low, they may likely deny them a loan.
So why are we telling you this? Put simply, most unsecured loans would probably require you to have a bank account to boost your credit score or even recognize that you have a proof of income, employment, etc.
You’d be in more of a disadvantage if you didn’t have a bank account when getting an unsecured loan, and that’s the real difference between the two.
But now, let’s talk about what other qualifications, other than a bank account, that a loan might need from you when you apply for their loan.

What do I need for a loan?

Based on our list of the kinds of loans that might (or might not) need a bank account, here are the other qualifications that they might also need during their application process. Remember, extra documents may be necessary depending on which lender you are going to, so always ask questions to your potential lender about all the necessary materials you need for loans.

Mortgage Loan
Home loans typically requires a lot of your information so that the borrower understands that you will be able to handle the payments on time.

  • Identification like a state ID or social security car.
  • Proof of income, which could include pay stubs or deposits from your bank account.
  • Employer contact information, as well as your own contact information.
  • Most recent tax returns (some lenders may ask for several years’ of said tax returns).
  • Proof of assets that relate to ability to pay.
  • Completed mortgage application.
  • Information regarding your credit and bank account(s).

Auto Loan
Auto loans tend to ask for different qualifications, but a bank account could be required depending on your lender.

  • Identification.
  • Proof of income.
  • Employer contact information, and your contact information.

Personal Loan
A personal loan is considered an unsecured loan, and may require specific documentation, which includes things like a bank account.

  • Identification.
  • Proof of income.
  • Employer contact information, and your contact information.
  • Most recent tax returns.
  • Proof of assets that relate to ability to pay.
  • Information on all your credit and bank account(s).

Car Title Loan
One of the examples of a secured loan, car title loans is one of the only loans that provides fast cash, and usually does not need any information that you would need from a bank account!

  •  The physical, clear title of the vehicle with your name.
  • A vehicle that qualifies.
  • Proof of residence.
  • Contact info.
  • Driver’s license and registration.
  • Proof of income, which is not limited to bank statements for a car title loan!

Payday Loan
With high interest rates and short terms, we at Max Cash Title Loans does not recommend this type of loan. With that said, they would need you to have a bank account, along with the following.

  • Identification.
  • Proof of income.
  • A check from a valid bank account.

Whether you like it or not, a lot of these loans tend to ask for a lot of things, many of which would require a bank account. However, the one outlier we like to address are car title loans. What are they?
They are a type of secured loan that uses your car as a collateral, meaning lenders don’t look at good or bad credit. If you own a clear title under your name, then you are ready to get one. And that’s where Max Cash Title Loans can help you get the fast cash you need without a bank account.
Why should I get a title loan and how can Max Cash Title Loans help?
We are proud to say we have years of experience with car title loans, and we are willing to help you for the low price of zero. That’s right! We don’t charge you a cent as your car title loan broker. With a good staff and a big catalog of connections in car title loan lenders, we hope that we can help you get fast cash as soon as possible.
Call us now or apply on our online application so we can get you choices in car title loans in your area, and don’t worry, will get you ones that don’t require you to have or use a bank account!