8 loans you can actually get without a bank account | finder.com
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Loans you can actually get without a bank account

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Compare lenders that don’t require a checking account.

Without a checking or savings account, your loan options may come up short. But alternative services could be a way for you to bridge a financial gap without the need for your local bank.

A no bank account option: Max Cash Title Loans

  • Max. Loan Amount: $50,000
  • Turnaround Time: 1 business day
  • Loan Term: Varies by lender
  • Requirements: Must be a US citizen or permanent resident, 18 or older with a regular source of income.
  • No bank account required
  • No prepayment penalty
  • Bad credit OK

A no bank account option: Max Cash Title Loans

With a quick online application, Max Cash could help connect you with a lender, finding you options in minutes.

  • Max. Loan Amount: $50,000
  • Turnaround Time: 1 business day
  • Loan Term: Varies by lender
  • Requirements: Must be a US citizen or permanent resident, 18 or older with a regular source of income.
Promoted

Can I really get a loan with no bank account?

Yes. But it will likely cost you more than the average personal loan. That’s because many of your options fall into the category of short-term loans. These loans come by many names: payday, auto title, pawn, debit card and signature loans. What makes them expensive are fees and APRs that can top out at 700% or more.

A checking account, however, opens the doors to stronger lenders and could help you potentially qualify for competitive rates, if you have good credit.

Why do lenders require a bank account?

When reviewing your application, some lenders like to see how much money you have to get an idea as to how you handle your personal finances. A bank statement can easily provide this information.

Bank accounts also make it easier for lenders to transfer your requested funds quickly. These days, most lenders use the electronic Automated Clearing House (ACH) to disburse your loan and collect repayments. ACH works only between bank accounts.

Beyond this, a bank account can show lenders that you’re financially healthy and not a borrowing risk. The less of a risk you are, the better the chance you have for approval and competitive rates.

4 questions to ask to find the right loan option

There’s no one “best” loan out there. Answer these questions to find out where you might want to start looking.

Do you own a car that you’d be willing to use as collateral?

  • No. Skip the title loans — you won’t qualify.
Do you have personal items of value you’re willing to part with — such as precious gems, gold or expensive electronics?
  • Yes. Pawn shop loans might be the way to go — though you’ll lose that item if you can’t pay it back.
  • No. Skip the pawn shop.

Do you own bitcoin?

  • No. You might still qualify for a bitcoin loan without a bank account by buying crypto through PayPal with a prepaid debit card. But it could take more time than other options.

Are you willing to consider opening a bank account?

  • Yes. Take one more look at checking account offers. Even if you’re retired, unemployed, banned from your current bank or undocumented, there may be banking options for you.
  • No. If you’re sure you can’t open a bank account — or just don’t have the time — you might want to go straight for a short-term loan that’s secured by collateral.

What are my options for getting a loan without a bank account?

Without a bank account you’re generally limited to short-term loans. Auto title and pawn loans typically require collateral, while other options don’t.

Top 8 picks for no-bank-account loans

LenderLoan typeHow it worksEligibilityCost
Max CashAuto title loanSubmit your info through the website to be connected with a lender. You could qualify for between 50% and 90% of what your car is worth — up to $50,000.Must be a US citizen or permanent resident, 18 or older with a regular source of income.APRs can range from 29%–300%. The average is about 87%–97% APR.
Go to Max Cash's site
LoanMartAuto title loanBorrow from $1,000 to $50,000 using your car as collateral. Funds sent by electronic deposit, mailed check, MoneyGram or cash pickup at WalMart.Must live in AL, AZ, IL, MO, NM, SC or UT. Must have verifiable income, car value of at least $1,500 and a vehicle that is paid-off or close to being paid-off.Based on the value of the car and your ability to make regular payments on time. APR
Go to LoanMart's site
Finova FinancialAuto equity loanApply for between $750 and $5,000 and receive a check for funds by mail or through MoneyGram.Must live in AZ, CA, FL, NM, SC or TN. Must own your car outright, have a valid car insurance policy and be a US citizen or permanent resident.Up to 30% APR
Go to Finova Financial's site
BTCPOPBitcoin loanCreate an account to post a listing for a peer-to-peer personal loan. Investors then chip in to fund your loan.Required information: name, email address, ID verification.15% (As low as) APR
Go to BTCPOP's site
MoneytreePayday loanVisit a branch to complete a short application.Must live in ID, NV or WA with verifiable income, an address and phone number.$16.50 per $100 borrowed in Idaho and Nevada. In Washington, it’s $15 per $100 borrowed up to $500 and $10 for each $100 above $500.Read review
Axos BankPersonal loanComplete an online applicationCredit score of 680+, DTI 45% or under, savings account that accepts Fedwire transfers6.5% to 25% APR, including a 5% origination feeRead review
Regional FinancePersonal loanPrequalify online, then pick up approved funds at a local branch.Live in a state serviced by Regional Finance, have a credit score of at least 550, be a US citizen or permanent resident, be at least 18 years old.Varies by state. Loans are secured by personal collateral to keep costs low.Read review
Capital Good FundCDFI loanApply online for $300– $2,000 and receive your funds on an ACH-capable prepaid debit card.Rhode Island, Massachusetts, Delaware or Florida resident, regular source of income, no current bankruptcies, unpaid child support or mortgages.10% to 24%, depending on the loan type. No fees.Read review
Dollar Loan CenterInstallment loanApply for $100 to $5,000 online which you repay over 15 months. Get your money in cash.Over 18, no open bankruptcies, regular income, access to Nevada or Utah.Varies by stateRead review

Browse your loan options by loan type

Title loans

This short-term loan option allows people who might not meet personal loan requirements to borrow against the value of their car. You can often take out 25% to 50% of your car’s value, though it’s possible to find loans for up to 90% of its resale price. Some lenders don’t require a bank account if you apply in person.

With a title loan, you put your car’s title up for collateral, rather than the vehicle itself. This means you’re able to drive it around while you’re repaying your loan.

If you aren’t able to pay it back, however, you’ll lose ownership of your car. This is a real risk: A May 2016 Consumer Financial Protection Bureau study found that a fifth of all title loans ended in repossession — and a third ended in default.

Collateral makes you less of a risk to your lender, which often means stronger rates than you’d find with a payday loan. But these loans are still expensive and face state regulations.

Like with payday loans, consider calling ahead to make sure you can qualify without a bank account.

Find an auto title loan in your state

  • General eligibility. You must be a US citizen or permanent resident who’s at least 18 years old and possesses a car title in your name. You must also prove regular income.
  • Maximum loan. Typically 50% of your car’s value.
  • Typical APR. Can be around 200%.
  • How to apply. Take your car’s title to your lender and complete a quick form. You’ll need to drive in your car for an appraisal before you can collect your loan in cash, as a check or by money order.
  • How long it takes. As little as one day.

That short-term loan might take longer to repay than you think.

A high APR on a payday or title loan might not cost much if you can repay it on time. But it can become expensive if you choose to roll over your loans or take out a new loan to pay it off later.

The cycle of debt is real: A 2014 Consumer Financial Protection Bureau study found that borrowers renew more than 80% of payday loans issued in the country. It also found that people who regularly take out payday loans are likely to stay in debt for at least 11 months at a time. This leaves many Americans paying several times the amount they borrowed.

Before taking out any loan, ask yourself how likely it is that you can repay your loan on time. If you struggle with your finances, consider contacting a credit counseling agency before taking on a loan.

A credit counselor can explain your options and help you come up with a recovery plan. Start with the Department of Justice’s list of government-approved credit counseling agencies.

Pawn loans

Rather than sell and buy back your personal items, some pawn shops let you put up your valuables for collateral on a loan. With a pawn loan, you borrow a percentage of your item’s resale value — typically 25% to 60% — repaying it in cash, after which your items are returned.

Rates tend to be high, though they’re negotiable, and depend on your state’s laws and your relationship with the shop. Typically, you have a few months to pay it off.

How pawn shop loans really work

  • General eligibility. You must be at least 18 years old and own an item of high resale value, like jewelry or electronics.
  • Maximum loan. Around 60% of your item’s value.
  • Typical APR. Varies widely by state, though it’s often less expensive than a payday or title loan.
  • How to apply. Get your item appraised online, and take your item and appraisal to the pawn shop. Complete a quick form to get your cash, along with a ticket to reclaim your item after repaying your loan.
  • How long it takes. Typically no more than one day.

Debit card loans

By definition, these loans don’t involve sending cash to a bank account. Instead, your lender loads your funds onto a prepaid debit card in your name, which you can pick up at a store or receive by mail. You’ll need proof of a bank account to qualify though. The convenience here is that you don’t have to have funds deposited or withdrawn from your bank account if you don’t want to.

These cards can encourage repeat borrowing, offering an easy way to sign up for future loans. Some even allow you to earn rewards like you would with a credit card.

Most lenders offering debit card loans are payday lenders, meaning that the same payday restrictions apply. If you’re applying online especially, call ahead to make sure your lender legally operates in your state.

Compare loans that can be loaded onto a debit card

  • General eligibility. You must be a US citizen or permanent resident who’s at least 18 years old and can prove regular income.
  • Maximum loan. Varies by lender and financial situation.
  • Typical APR. Can be 200% to 700% or more.
  • How to apply. Complete an application online or in a store.
  • How long it takes. As little as one day.

Bitcoin loans

If you don’t have a bank account, another option might be to repay a term loan entirely in bitcoin, thanks to lending platforms like Btcpop. Here, investors fund your loan and collect on repayments, rather than a bank or online lender.

Already an expert in crypto? You’ll understand the risks better than someone who’s new to the game. Otherwise, this borrowing option might not be for you.

Why not? For one, bitcoin is not a stable currency. Its value changes by the minute, and the federal government treats it as a type of security, like stocks or bonds. It’s impossible to predict how much your coin will be worth tomorrow, let alone when your loan is due.

Bitcoin is also in a regulatory gray area in the US. To make things even more complicated, most bitcoin lenders are headquartered abroad. Fewer restrictions can allow lenders free reign to practices that are illegal in the US, leaving you vulnerable to scams.

How borrowing in bitcoin works

  • General eligibility. You must own verifiable ID.
  • Maximum loan. Varies by lender.
  • Typical APR. Varies by lender.
  • How to apply. Set up a Btcpop profile, post a request for funding and wait for investors.
  • How long it takes. As little as one day.

Payday loans

“Payday loans” have become a catch-all phrase for any short-term loan that doesn’t require collateral. These loans are designed for people who can’t qualify for a personal loan due to bad credit or a missing eligibility requirement — like a bank account.

If you apply in person, some lenders let you pick up and repay your funds in cash or by money transfer.

Knowing which payday loan you should apply for depends on how much money you need. If you need more than $1,000, a traditional payday loan might be the way to go — you pay it back in full the next time you get paid plus a fixed fee.

Payday loans aren’t legal in every state. Even if they are, each state — and sometimes each city — has its own regulations that might prevent lenders from offering no-bank-account loans.

Confirm your state’s rules and find lenders through our payday loans directory.

Learn how payday loans work

  • General eligibility. You must be a US citizen or permanent resident who’s at least 18 years old and living in a state where payday loans are legal. You must also prove regular income, with some lenders restricting how much of your income can come from benefits. Others require a bank account.
  • Maximum loan. Typically up to $500 for traditional payday loans.
  • Typical APR. Often 200% to 700%, depending on the lender.
  • How to apply. Go in person to the payday lender, complete a quick form and get your loan in cash or by money transfer.
  • How long it takes. As little as one day.

CDFI loans

Some Community Development Financial Institutions (CDFIs) offer payday loan alternatives that don’t require a bank account. For example, the Rhode Island-based Capital Good Fund allows borrowers to have loans loaded on a prepaid debit card. CDFIs are nonprofits with a mission to serve economically disadvantaged areas, so you might be able to find an affordable loan than a title or payday loan.

The downside is they can be hard to find and might take longer than a more expensive lender. Since these are local institutions, most only serve a handful of states — if at all — so you’ll have to look nearby. But if you have the time, the savings could be worth the extra work.

Find a CDFI in your state

  • General eligibility. Live in an eligible state, steady income (employment not necessary), debit card that can receive bank transfers.
  • Maximum loan. Up to $2,000.
  • Typical APR. 10% to 30%.
  • How to apply. Find a CDFI near you and apply online or in-person.
  • How long it takes. Typically a few business days.

What are my options if I want to get a bank account?

If you don’t qualify for a checking account at your local bank — or just don’t want to pay their fees to open one — you have alternatives.

No-fee checking account

A 100% free checking account is rare — typically, withdrawing money overseas or replacing a credit card can still cost you. But some banks offer checking accounts with no monthly, ATM or even overdraft fees. It’s even possible to find a bank that doesn’t charge a fee for international money transfers.

Because each bank has its own requirements, make sure that you’re eligible for such an account. You might need to meet a minimum income or opening deposit — though that can be as low as $5 at a credit union.

Compare checking account offers

Savings accounts

Some lenders are willing to work with borrowers who have only a savings account, as long as it can accept your disbursed funds. You generally won’t have to meet as many requirements or pay monthly fees. In fact, you could earn a small amount of interest on the funds you keep there.

Having a savings account opens up your borrowing options slightly. But regular withdrawals might also come with fees, making it difficult for you to use it as a checking account.

Find a savings account that’s right for you

4 steps to get a bank account

You may have avoided getting a bank account because banks can charge high fees and it can be difficult to manage if you’re living paycheck to paycheck. But you can actually save money if you find the right bank. A bank account can open you up to better loan options with lower APR and fees. It also can help you manage your monthly bills and make payments easier.

Before you open an account, assess your needs to see which bank works best for you. Some offer no monthly fees or minimum balance, while others are good for travel offering free international ATM withdrawals. Explore your options before you decide on a bank account.

If you find a bank account that’s right for you, follow the steps to opening an account:

1. Gather your documents

  • ID. Social Security card, drivers licence, passport or birth certificate is acceptable.
  • Proof of address. Lease or utility bill with your name on it.
  • Deposit. This will vary by bank, but you’ll need somewhere between $25 and $100 to open an account.

For opening an account online you’ll need to scan any documents and make the deposit using a debit or credit card or make a transfer from another account.

2. Fill out the application

Whether online or in person, you’re required to fill out an application. In order to approve your account, the bank runs a credit check, checking on your banking history. If you’re approved you’ll be given your account and routing number along with other account information.

3. Read the fine print

Remember that opening a bank account is allowing someone else to care for your money — so be sure you understand the bank’s policies and fees. Read through any paperwork looking for extra fees and when your funds are available for withdrawal.

4. Manage your account

Once you make your initial deposit, register for direct deposit, autopay and keep up with what you spend so you don’t overdraw your account. Most banks have online accounts or apps where you can check your balance, pay bills and more.

Bank accounts for undocumented immigrants and recent arrivals

Even if you don’t have a green card, you might be able to open a bank account. Many banks are willing to work with you as long as you meet other requirements. Generally, you’ll need to at least provide your passport or other government-issued ID, proof of address and your tax ID number. You might also need to show proof of income.

If you’re an international student, you can often open a bank account with proof of enrollment and your immigration papers. In this case, you aren’t required to prove any income.

Why Americans don’t have a bank account

If you don’t have a bank account, you’re not alone — though you’re part of an exclusive club. According to the FDIC, only 0.7% of Americans live in households where nobody has a bank account.

Underbanking, however, is more common: Nearly 20% of Americans have a bank account but also rely on other financial products like money orders, check cashing or payday loans.

Top 10 reasons Americans don’t have a bank account

  1. Not enough money to keep an account: 37.8%
  2. Lack of trust in banks: 10.9%
  3. Other: 10.3%
  4. Fees too high: 9.4%
  5. Low credit, lack of ID or problems with past accounts: 5.7%
  1. Privacy concerns: 3.4%
  2. Bad hours: 3.3%
  3. No nearby branches: 2%
  4. Unpredictable fees: 1.9%
  5. Bank doesn’t offer the right services: 1.3%

According to the 2015 FDIC household survey.

Bottom line

It’s possible to get a loan without a checking account. Your main options are auto title loans, pawn shop loans and bitcoin loans.

But you might want to reconsider your bank account options before you apply. Most competitive lenders require borrowers to have an active checking account to verify your finances and have a place for deposits and repayments.

Frequently asked questions

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104 Responses

  1. Default Gravatar
    AnonymousMay 7, 2019

    Need a personal loan of $10,000. What are the requirements for a person with no bank account and part time job?

    • Avatarfinder Customer Care
      JeniMay 7, 2019Staff

      Hi Anonymous,

      Thank you for getting in touch with Finder.

      Most lenders would have these minimum requirements below:

      -Credit Rating: Varies, but the lowest average score is 640.
      -Annual Income: Typically $25,000 or more.
      -Credit History: You will usually need a credit history, sometimes of several years, in order to qualify.
      -Debt-to-income ratio: Most lenders prefer a debt-to-income ratio of 45%, not including your mortgage.

      If you do not have a bank account and not working but receiving benefits, kindly check out this page. As per the said page, loans for people on disability — often called SSI loans — are available even if you have a limited income or less-than-stellar credit. While short-term loans are the easiest to qualify for, you may be able to find more competitive offers from federal credit unions or even the federal government. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

      You may also consider getting an auto title loan if you own a car and willing to use it as collateral.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    LisaApril 16, 2019

    Can I get a loan without a bank account? I get social security disability and have a part-time job.

    • Avatarfinder Customer Care
      nikkiangcoApril 17, 2019Staff

      Hi Lisa,

      Thanks for getting in touch! Yes, while it is possible to get a loan without a bank account, your options are quite slim and APRs will be higher compared to an average loan. Our page shows the options you have of a loan at the moment. You can also review your options in getting a bank account as it is very easy and you’ll find tips on how to do it on our page. As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.

      Best,
      Nikki

  3. Default Gravatar
    TanekaApril 15, 2019

    I don’t have a bank account and I need a loan. I get paid every week on a debit card. And I don’t have a car or anything to pawn. What are my options?

    • Avatarfinder Customer Care
      nikkiangcoApril 16, 2019Staff

      Hi Taneka,

      Thanks for getting in touch with Finder! There are ways to get a loan when you don’t have a bank account and according to the information above your options include payday, auto title, pawn, debit card and signature loans however these loan options come with a higher APR. Consider your options of opening a bank account before applying for these loans and you can find information on how to open a bank account on the information above.

      Hope this helps!

      Best,
      Nikki

  4. Default Gravatar
    MohammedMarch 31, 2019

    I need loan pay off to family frineds borrow money from them can i get loan plz

    • Avatarfinder Customer Care
      johnbasanesApril 1, 2019Staff

      HI Mohammed,

      Thank you for reaching out to Finder.

      If you are looking for loans you can actually get without a bank account, the page wea re on offers a list of lenders that you could reach out to for an application. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You may also click this link to see a list of lenders that offer short term loans. Hope this helps!

      Cheers,
      Reggie

  5. Default Gravatar
    DawnFebruary 18, 2019

    I get SSI every month. Where can I get a payday loan using my Direct Express card?

    • Avatarfinder Customer Care
      JoshuaFebruary 19, 2019Staff

      Hi Dawn,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      I assume that you are referring to the Direct Express card, which is a prepaid debit card. If this is the case, please go to this page.

      While your main source of income is from the SSI, you might still be able to qualify for a payday loan. On the page that I just gave you, you will be able to compare short-term loan options based on maximum loan amount, turnaround time, and requirements. Once you’re done comparing, you can then click on the “Go to site” green button to learn more or initiate your application.

      Alternatively, you can also check our page which lists loans for people on pension. On that page, you will see a table that allows you to conveniently compare personal loans you may be able to apply for while on pension. You can compare based on minimum credit score, maximum loan amount, and APR. Once you found the right one for you, click on the “Go to site” green button.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  6. Default Gravatar
    ShannonFebruary 14, 2019

    I need a loan I’m on SSI no bank account in VA

    • Avatarfinder Customer Care
      JeniFebruary 19, 2019Staff

      Hi Shannon,

      Thank you for getting in touch with finder.

      I’m afraid that you would have to contact your chosen lender directly since you mentioned that you do not have a bank account. Most lenders would require applicants to have a checking account or verified bank account or at least a debit card. On this page, you may compare lenders that you may apply for a loan with in VA even on SSI. You may also check out your other options on this page where you may get a payday loan on a prepaid debit card.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  7. Default Gravatar
    ChristyFebruary 13, 2019

    Can I get a short term loan without a bank account? If so, where at? I live in London.

    • Avatarfinder Customer Care
      JhezFebruary 14, 2019Staff

      Hello Christy,

      Thank you for your comment.

      There are lenders who can approve you for a loan even without a bank account. However, you mentioned that you live in London which disqualifies you for the loan offers above. They are only offered to people living in the U.S.

      We suggest that you check with the local lenders in London and please check your eligibility.

      Regards,
      Jhezelyn

  8. Default Gravatar
    JoshJanuary 15, 2019

    Would anyone be able to recommend where to search for a minimum 5k personal loan? Tried seemingly everywhere and I’ve had no luck I am not sure what I am missing. No revolving credit ever, 528 score, new checking account, stable 4-year jobs and making 83,000/year.

    • Avatarfinder Customer Care
      JhezJanuary 17, 2019Staff

      Hi Josh,

      Thank you for your comment.

      Since you’re looking for a personal loan of $5000, you may want to check our guide to this loan here. You may review and compare your options on the table displaying the available providers. Simply enter your state where you live and it will give you a comparison table from providers you can apply to.

      Kindly review and compare your option. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

      Regards,
      Jhezelyn

  9. Default Gravatar
    JodiDecember 25, 2018

    How can I get a small Cash loan in the amount of 150.00 until I get my benefits from social security? Mine goes directly on a Mastercard debit card every month.

    • Avatarfinder Customer Care
      JoshuaDecember 25, 2018Staff

      Hi jodi,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      If you rely on a pension, you may find your loan options somewhat limited. That’s because many lenders require you to have a steady job to be eligible.

      You do have some options, however. On this page, you would be able to see what those are and show you how to compare these options so you can choose the right loan for you. On that page as well, you will see a table that allows you to conveniently compare your options based on minimum credit score, maximum loan amount, and APR. Once you found the right one for you, click on the “Go to site” green button to learn more or initiate your application.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  10. Default Gravatar
    AsiaDecember 6, 2018

    I am trying to takeba loan out for my child christmas and all i have is my debit card that my paycheck comes on

    • Avatarfinder Customer Care
      nikkiangcoDecember 11, 2018Staff

      Hi Aisa,

      Thanks for getting in touch! You may certainly take out a personal loan even if you don’t have a bank account but it will likely cost you more than the average personal loan. That’s because many of your options fall into the category of short-term loans. These loans come by many names: payday, auto title, pawn, debit card and signature loans. What makes them expensive are fees and APRs that can top out at 700% or more.

      A checking account, however, opens the doors to stronger lenders and could help you potentially qualify for competitive rates, if you have good credit.
      As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the product disclosure statement of the product and contact the lender should you need any clarifications.

      Cheers,
      Nikki

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