In need of cash but don’t have a checking account? You are not alone. These days, more and more people are being rejected for a new account – and the rejection is not for the reasons you might think (see below).

The taking out of short term loans is on the rise due to many people finding themselves in a cash pinch. The economy, personal misfortune, or just bad planning are all possible reasons why you may be running short on cash.

Here are 5 things you should know if you are interested in short terms loans without a bank account:

1. The vast majority of short term lenders require that you have a bank account:

Most short-term lenders require that you have a bank account. There are three main reasons for this:

a. usually, the lender will want you to write a post-dated check to them so that you can pay them back on your next pay day. And, a check requires a bank account!click here for more info

b. having a checking account is a symbol your being a responsible person who can pay back the loan