Having a bank account is typical nowadays, but not all of us have one. Lacking a bank account can be a liability, since you may not be in a position to have proper saving facilities and you'll will lose out on the advantages provided by using a transactional account.
In a developing country like Nigeria, there is still a substantial chunk of the population that continues to be unbanked. This really is slowly changing, as improved technology, along with the penetration of the mobile market into the African continent has established a range of opportunities.
Can you receive a loan without any bank account?
Although it may be challenging, the straightforward answer is yes, you are able to.
You will most likely discover that you are only able to gain access to higher interest loans, since you are thought to be a high risk individual. This is because the lending company doesn't have way of guaranteeing that you could repay the loan amount.
A banking account is usually required since it is an easy way for lenders to ensure that you've a regular income and they also can draft the repayment funds when they're due. If you don't have a banking account, lenders may require a lot more information of your stuff to become in a position to verify your earnings.
In many instances, without having a bank account, chances are that you will possibly not have a good credit score either. So lenders could be more likely to depend on your affordability to decide whether or not to grant a loan without any bank account or not.
An alternative route of getting a loan with no banking account for most people is by approaching pawn shops or micro lenders who specialise in the supply of secured loans. These lenders will frequently require collateral by means of an automobile or another valuable asset or proof of income. These lenders could also allow you to choose a payment method that will be easiest for you personally.
Ensure that you only get cash loans from micro lenders who're registered using the National Credit Regulator.
