How to Get a Loan With Bad Credit and Without a Checking or Credit Account

There are several reasons you may need a loan. A medical emergency, unexpected bill, or car trouble are common ones on the list. If you have bad credit, getting a loan can be more difficult, but you can get a loan even without a checking account. If you have collateral or a job, it may be possible to get a quick loan for those emergencies. If the loan is for something specific, such as a car, your proof of employment may suffice. In some cases, you may be able to get a loan if you have someone willing to cosign for you.

Instructions

General Loan

1

Choose your collateral. If you have direct deposit of your paycheck into your prepaid debit card, you can use this to prove that you have steady funds deposited into your account and apply for a payday loan. If not, you may decide to use your vehicle for a loan. To do this, you will have to have a clear title on your car.

2

Gather all the required paperwork. For a title loan, you will need the title to your car. For a payday loan or title loan you will also need paycheck stubs, typically a months worth. You may also need references as well as a prepaid debit card that you can use to get the loan deposited into and funds paid back through. You should also have proof of residence such as a utility bill or lease agreement. If you are applying for something specific, such as a car loan, you will need at least a month's worth of proof of employment, as well as your employer's contact information.

3

Apply for the loan. There are online loan companies as well as those that have an office in most major cities. There are places that offer a no-credit-check loan if you have proof of employment, such as title loan and payday loan businesses. You may want to call ahead and make sure that you have all the necessary paperwork. Once you apply, most places will give you an immediate decision, but some may require that you wait up to 48 hours.

4

Sign all the paperwork and make sure you understand the agreement. A no-credit-check loan is high risk, so you will be charged a high interest. Make sure you know when payments will be drafted from your debit card and when you will have paid your debt.

Loans With Cosigners

5

Find a cosigner for your loan. A cosigner is someone who signs the loan agreements with you. This means that if you default on your loan, he will be affected as well. The cosigner should have better credit than you do in order to qualify for the loan.

6

Read the loans with your cosigner. Make sure that both you and the cosigner understand that should one of you default, the other will be responsible for the loan. Any activity on the loan affects your credit as well as the cosigner's whether negative or positive.

7

Sign the paperwork. Make sure that both signers have copies to file.