It may well surprise many readers of this article but the fact of the matter is that a bank account is not necessarily needed when you take out a personal loan from a bank. Remember, the simple fact of the matter is that banks make money by lending money out and charging the borrower interest on that money. If they close off a particular section of the borrowing market simply because that section includes people who do not have a bank account they would simply be limiting the amount of money that they might be making from consumers. So, the message is that no bank account needed loans are possible, you just have to look hard enough to find them.
So what are the drawbacks of getting no bank account needed loans? Well, in short the bank will be understandably more cautious when lending to someone who has no banking history with them. And when caution or risk is introduced into the lender borrower relationship this tends to mean on ly one thing; higher interest rates. There was always going to be a kicker. Higher interest rates means that the lender is effectively covering themselves from the risk of a person defaulting on their loan by receiving more money than they would get if that person had an established and history of banking with the particular bank in question. This is an everlasting truth in the financial world, higher risk demands higher returns in order to make the risk worth taking.
If you are therefore looking for no bank account needed loans you should relax and be content that such loans are out there and are accessible to most people, even those who do not have a particularly strong credit history (remember though, higher risk demands higher interest charges). If you do not have a bank account you will likely be supplied with a coupon book which you need to keep track of payments as and when you make them. Otherwise the process is remarkably straightforward.
Finally, one word of caution, higher interest rates can add up to significantly more money that most people realize when they take out a loan. If you are looking at a loan arrangement that is due to last more than one year then pay particular attention to the interest rate, it can hurt you financially if you get it wrong, and this is especially true with no bank account needed loans as the interest rates you will bear will typically be quite a lot higher than more conventional lending.