Is it possible to get a loan without having a bank account?
By: Jeanne Arieta
You might be at this point in your life wherein you consider getting a loan because you feel like you need it for a number of reasons - monthly bills, credit lines, and even business. However, you bumped across a company that requires you to provide your bank details for them to assess your qualifications and credibility. Now, you might question: can I get a loan even if I do not have a bank account?

Why Lenders Require Bank Accounts

Aside from identity verification, bank accounts make financial transactions more convenient. They use these accounts to send or transfer funds directly. More so, it gives the companies a sense of security that you will be able to repay your accounts.

To answer the posed question, yes it is possible to get your loan without having a bank account but it is much more difficult and hassle. Nevertheless, do not worry because we will be giving you some tips for you to still acquire a loan:

1. Ask a family member to open an account for you
You may be able to get a family member to open an account for you by adding you to their bank accounts. A bank may choose to hold a relative accountable for whatever transactions you would do under the account they opened for you.

2. Look for a bank that doesn’t require any initial deposit
If you are having financial difficulties and worried about the initial deposit and maintaining balance, there are a lot of banks that offer no initial deposit or no maintaining balance. Most of these banks are digital banks, you can search for more banking opportunities using Google or YouTube.

It is still best that you get your own bank account for your own convenience especially now that we are in a pandemic and our actions are limited. More so, you would not have to limit your vast choices of funding opportunities. You might also want to consider Kayamo - official financing partner of Lazada Philippines. The company offers 0% interest rate with up to P100,000 cash funding. To learn more, visit www.kayamo.ph.