Without a checking or savings account, getting that loan is likely to be way more difficult, and you’ll be stuck with riskier choices.
Then you understand the added financial stress of living without a checking or savings account if you live in one of the nine million unbanked households in the U.S. You must bring your paycheck to a check-cashing shop simply to get the money—plus whatever costs they opt to charge; you must spend your entire bills in money through the mail or perhaps in individual, which will be method bigger hassle than doing them on the net. The list continues on.
And in the event that you don’t have a checking account, the chances are good which you don’t have great credit. While a negative credit history does not necessarily mean you’ll get denied for a banking account, the types of behaviors that tanked your score may also result in your bank account application being refused.