Can a bank you are not banking with give you a loan?

[Min George]

I think that most people prefer to get loans from their own banks. And it seems it is much easier for one to get a loan from his or her bank. Is it possible for a bank that one does not bank with to disburse a loan to a person?

 

[King Belieal]

A bank that you are not banking with would always require one to run an account with them before they give loans to the person.

 

[Suba]

Although most banks don't require you to be a saver before taking out a loan, some banks require borrowers to open a savings account before taking out a loan, especially those with few customers.

 

[klassicdoll]

Interesting point. While most people do prefer to take loans from their own bank since they already have an account and history there, it’s definitely possible to get a loan from another bank. Usually, the other bank just requires more documents (like proof of income, IDs, and sometimes collateral) since they don’t know your financial background yet. So it’s not as easy, but I think it can be done.

 

[Springtime]

If you would like to take out a loan from a bank, yes, it's better that you are the bank's customer. But you can take out loan from other financial institutions other than banks.

 

[eLdavis]

Yes banks can give you loan even when you are not their customer, though i believe there is a process you need to go through as well.