Hands up if you don’t have a bank account. If you’ve just raised your arm up in the air, you may well be surprised to learn that there are thousands of other people in this exact same situation.
In fact, according to the Financial Conduct Authority, there were almost 1.5 million people without bank accounts across the UK in 2017.
Why is this? Well, firstly, they can be a bit of a nightmare to open. People with no or poor credit histories are common cases, as are those who are unable to satisfy the minimum requirements of a certain account. Secondly, and quite simply, a large number of people just don’t trust certain banks. That’s all good and well, but what if you need a few extra quid to put towards a holiday or school uniforms to buy? Surely it’s impossible to get loans without bank account credentials? It actually isn’t. However the problem is, this is when people end up finding themselves on the doorsteps of expensive lenders.
The last thing we want at Northern Community Bank is people turning to these types of lenders when searching for that ‘loans without bank account’ solution. The main reason being once you start down that slippery high cost borrowing slope it can be a difficult journey back to the top; with high interest rates and hidden fees leading to serious repayment headaches. The good news is, there are other options available. Last year, the government’s financial inclusion report stated that it was “committed to helping all consumers across the UK access suitable banking products and supports a variety of options across the financial services market…working closely with industry to improve access to basic bank accounts, which are specifically designed to support the unbanked, but also work to promote awareness of local credit unions.”
At Northern Community Bank, you do not need a bank account to take out a loan. Not only that, you can trust us to do what is best for your situation. We are run on a ‘not-for-profit’ basis, so instead of paying a profit to external shareholders, we use the money we make to reward account holders and improve services.
When applying for a loan, another big concern for people is the dreaded poor credit history. Instead of worrying about what has been, contact a friendly member of staff at one of our branches in Burnley, Nelson or Colne and we can help you start planning for the future. We don’t rely on credit scores alone to make loan decisions, and we don’t rely on computers either. After you apply for a loan, one of our highly trained members of staff will review your application to see if you qualify. Even if you don’t have a solid history of repaying loans, or you’ve had a few problems in the past, there is still a chance you’ll be approved.
It’s Northern Community Bank’s personal touch that helps us stand out from the crowd. Getting loans without bank account verification is a lot more straightforward than you’d think. Give Northern Community Bank a ring on 01282 691333 and let us show you.
