No bank account? No problem. You can get a loan without a checking or savings account.
If you don’t have a bank account, signing up for one might mean that you need to meet minimum balances and pay for monthly maintenance fees. Some banks will even deny you fee-free accounts if you’ve had money problems in the past.
There are lenders that will still consider you without a bank account, meaning you can still get a short-term loan. Comparing these lenders is the best way to find a deal that matches your needs.
Can I get a loan without a bank account?
Possibly. While many lenders push bank accounts so they can debit payments on the due date, electronic transfers are by no means the only way to receive loan funds or repay them.
Payday lenders are typically more concerned with your ability to repay the loan. If you can provide proof of income, they’re less likely to be concerned about your lack of a bank account.
How do I receive the loan amount without a bank account?
There are two ways you can receive the funds from your loan without a bank account: through a prepaid debit card or in-store cash pickup. Your funding options will vary by lender, but these alternatives can provide an easier borrowing experience.
Top payday lenders that offer alternative ways to receive funds
|Online or in-store||Maximum loan amount|
|Cash Central||Online, request a prepaid card to load funds onto when you apply or get funds loaded onto your eligible prepaid card||$5,000|
|Check into Cash Title Loan||Both, you can start the application online but you must pick up your loaded prepaid debit card or cash in-store||Depends on the car appraisal and your state of residence|
Prepaid debit card explained
A common alternative to bank deposits is getting your funds on a prepaid debit card. A prepaid card can be handy because you can use them at a wide range of stores. You may also be able to withdraw cash at an ATM, though this might incur extra fees.
Payday lenders that offer prepaid debit cards will either mail the card to you or let you pick it up at a nearby location after your loan has been approved. You may also be able to use an existing prepaid card. Be sure to check with the lender for any restrictions.
Benefits of prepaid debit cards:
- They’re reloadable. If you’ve already had a payday loan on a prepaid card, you may be able reload the card with a new loan. Likewise, you can also load funds that aren’t related to the loan.
- They’re reliable. Prepaid cards are often issued under Mastercard or Visa, two trusted and widely accepted brands.
In-store cash pickup explained
Many payday lenders offer cash if you apply in person, and some even allow you to apply online and pick up your loan in person.
When you go into the store to apply, be sure you have your proof of income ready. Without the ability to show bank statements that confirm your financial situation, you may need to produce pay stubs or other employment details.
The benefits of in-store cash pickup include:
- You can get funding quickly. The in-store application process doesn’t take long, and after approval, you can get the cash within a few minutes.
- Personal assistance. When you apply in-store, you can work with an associate to craft a repayment plan and get help with the application process.
Prepaid debit card vs. in-store cash pickup
|How to apply||Turnaround time|
|Prepaid card||Primarily online, sometimes in-store||1–3 business days|
|Store||Primarily in-store, sometimes online||As soon as the same day|
Can I get a no bank account loan loan with bad credit?
It depends. Payday lenders tend to look beyond your credit score to focus on your ability to repay the loan successfully. Outside of repayment ability, payday lenders usually base their decisions on your age, state of residence, if you have a valid form of photo ID and if you’re an active member of the military.
Loans available for people with bad credit
You don’t need to have a bank account to get a payday loan. Your options may be limited, but you can find lenders willing to work with you.
Whether you decide to get a prepaid debit card loan or cash from a storefront, it’s important to consider how you’ll be able to repay it. Missing payments or defaulting on the loan will lead to extra fees and charges on top of possibly damaging your credit. Be sure you’re able to repay whatever you borrow quickly before you sign a contract.
Are payday loans available in my state?
Frequently asked questions
How long does it take to apply for a payday loan online?
If you have all of your information on hand, it should take just a few minutes.
What are the eligibility requirements for a payday loan?
Criteria varies by lender, but generally you will need to be a resident of a state where payday loans are permitted, at least 18 years old (varies by state) and a US citizen or permanent resident.
Are there any fees that come with a prepaid card?
Prepaid card fees vary by lender and card provider. You could be charged fees for reloading the card, withdrawing money from an ATM, overdraft and other transactions. Be sure to confirm your card’s fees and limitations before you sign a loan agreement.
What do I do if payday loans aren't available in my state?
You may have other options available, including installment loans and auto title loans. You could also consider asking for a pay advance from your employer or borrowing from friends or family.