Without a bank account, you may be limited to short-term loans like payday loans, cash advances or title loans. And some of these options come with very high rates. But you’ll still need to meet other requirements, such as proof of income and employment verification.
5 lenders that don’t require bank accounts
While borrowers with bank accounts have considerably more choices, we’ve gathered five loan options that either don’t require a bank account at all or don’t require you to have a “traditional” account.
We researched dozens of lenders and cash advance providers to see which ones don’t require a traditional bank account — or any type of bank account at all — to qualify for a loan or advance. Some of the key factors we compared include:
Requirements to qualify
Rates and fees
Turnaround times
Minimum and maximum loan amounts
Minimum and maximum loan terms
State availability
Customer reviews
Other features or services offered
4 types of true no-bank-account loans
Here are four lending options that you may qualify for without any type of bank account:
Credit card cash advances. Credit card advances are a convenient way to access fast cash. But be prepared to pay $5 to $10 per advance or a 3% to 5% fee on the amount borrowed. Also, credit cards usually charge significantly higher APRs on cash advances than on regular purchases.
Vehicle title loans. Also called a title loan, this option allows you to borrow against the value of your paid-off vehicle. You can often take out 25% to 50% of your car’s value, though it’s possible to find loans for up to 90% of its resale price. Some lenders don’t require a bank account if you apply in person.
Pawn shop loans. Rather than sell and buy back your personal items, some pawnshops let you put up your valuables for collateral on a loan. With a pawn loan, you borrow a percentage of your item’s resale value — typically 25% to 60% — repaying it in cash, after which your items are returned.
Payday loans. Also called short-term loans, payday loans are small loans typically repaid within two weeks or a month. If you apply in person, some lenders let you pick up your funds in cash and then repay with cash, debit card or money order.
If you’re considering a short-term payday, title or installment loan, be aware that APRs can run high — often in the triple digits. And many borrowers find themselves in debt longer than expected due to repeat borrowing.
Hot tip: Hot tip: If you just need a small loan between paydays, consider a no-interest cash advance app instead. Cash advance apps never charge financing fees or interest on what you borrow, making them cheaper than short-term payday, installment and title loans.
How to get a loan without a bank account
Your lending options are much more limited compared to a borrower with an active bank account. But applying for a loan without a bank account is nearly identical to applying for a loan if you have one (minus the bank statements).
Here are the general steps to getting a loan without a bank account:
Check your credit. Knowing your credit score can help you find lenders that work with your credit rating. If you have a credit score above 670, you’re likely to have more options available.
Compare lenders. Before applying anywhere, compare lenders by rates, loan amounts, reputation and overall loan terms.
Gather docs. Once you find a lender, gather documents such as pay stubs for the past few weeks or months, proof of residency, valid ID, Social Security number and contact information. Lenders vary in what documents they require.
Apply. After submitting your documents to the lender(s) of your choice, wait for the lending decision.
Depending on the size and type of the loan you’re applying for, such as unsecured or secured, you may need more or less documentation. For example, a title loan requires your vehicle’s title that’s free of a lien. A legitimate lender will let you know the expectations and basic requirements of the loan.
Why do most lenders require a bank account?
A bank statement can give a lender a lot of information. When reviewing your application, lenders like to see how much money you have coming in and going out to get an idea of how you handle your personal finances. Many also require that you have a positive balance to qualify for a loan or advance.
Bank accounts also make it easier for lenders to transfer loan funds quickly. Most lenders use the electronic Automated Clearing House (ACH) to disburse your loan and collect repayments. ACH works only between bank accounts.
Beyond this, a bank account can show lenders that you’re financially healthy and not a borrowing risk. The less of a risk you are, the better the chance you have to get approved and qualify for competitive rates.
Getting a bank account expands your loan options
Without a bank account, your lending options are limited to mostly expensive payday loans, pawn shops, vehicle title loans and some cash advances. If you’re not comfortable with those or want to qualify for a larger loan amount or a less expensive option, like a personal loan, you may need to expand your opportunities with a bank account.
If you have a valid ID like a passport or driver’s license, a Social Security number or Individual Taxpayer Identification Number (ITIN) and some cash on hand, you can open a checking account at a financial institution. There are also some free bank account options you may want to consider.
Bottom line
It is possible to get a loan without a checking account, but your options are limited. Your three main choices are typically a vehicle title, payday or pawnshop loans. However, some cash advance apps offer free online accounts that can give you access to funds between paychecks. You could also get a credit card cash advance if you have an available balance.
But you may want to consider opening a bank account to give yourself more options. The most competitive personal loan lenders require borrowers to have an active checking account to verify your finances and have a place to send the funds. If you don’t have a bank account due to bad credit or a ChexSystems profile, consider opening a second-chance bank account.
Frequently asked questions
It's highly unlikely. Local banks and credit unions typically only provide loans to existing customers with active accounts, and online lenders normally view your banking activity as part of the application process. Furthermore, it's common practice now to have loan proceeds deposited directly into a bank account and have repayments debited from that account.
Unfortunately, if you don't have an external bank account, most apps won't let you borrow money instantly. You'll typically need to set up an account with the provider, get verified and establish a deposit history before qualifying for advances. By contrast, if you already have a checking account, it's easier for a cash advance provider to verify your information and recent banking activity.
Lacey Stark is a freelance personal finance writer for Finder, specializing
in banking, loans, investing, estate planning, and more. She has 20
years of experience writing and editing for magazines, newspapers, and
online publications. A word nerd from childhood, Lacey officially got her
start reporting on live sporting events and moved on to cover topics
such as construction, technology, and travel before finding her niche in
personal finance. Originally from New England, she received her
bachelor’s degree from the University of Denver and completed a
postgraduate journalism program at Metropolitan State University also
in Denver. She currently lives in Chicagoland with her dog Chunk and
likes to read and play golf.
See full bio
can I have a payday loan but I dont have direct deposit? I got my salary weekly
nikkiangcoNovember 8, 2019
Hi Rose,
Thanks for your comment and I hope you are doing well. Yes, you can apply for a payday loan when you don’t have a bank account. Be reminded that it will likely cost you more than the average personal loan. These types of loans are payday, auto title, pawn, debit card and signature loans. Fees and APRs that can top out at 700% or more. Given this, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
If you decide to open a bank account – please contact your bank to have your direct deposit setup. Otherwise, you can review the options stated on the page for loans you can apply for it without a bank account. Make sure you read the eligibility and cost carefully and when you are decided, click the GREEN BUTTON on the right side and you will be brought to the lender’s official page. For other lenders, click the orange READ REVIEW button and you will be brought to a Finder review page about the lender. You can simply search for their website via Google to proceed with your application.
Hope this helps and feel free to reach out to us again for further assistance.
With care,
Nikki
AnonymousMay 7, 2019
Need a personal loan of $10,000. What are the requirements for a person with no bank account and part time job?
Finder
JeniMay 7, 2019Finder
Hi Anonymous,
Thank you for getting in touch with Finder.
Most lenders would have these minimum requirements below:
-Credit Rating: Varies, but the lowest average score is 640.
-Annual Income: Typically $25,000 or more.
-Credit History: You will usually need a credit history, sometimes of several years, in order to qualify.
-Debt-to-income ratio: Most lenders prefer a debt-to-income ratio of 45%, not including your mortgage.
If you do not have a bank account and not working but receiving benefits, you may consider getting a disability loan. Loans for people on disability — often called SSI loans — are available even if you have a limited income or less-than-stellar credit. While short-term loans are the easiest to qualify for, you may be able to find more competitive offers from federal credit unions or even the federal government. Please make sure that you’ve read the relevant T&C or PDS of the loan products before making a decision and consider whether the product is right for you.
You may also consider getting an auto title loan if you own a car and willing to use it as collateral.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
LisaApril 16, 2019
Can I get a loan without a bank account? I get social security disability and have a part-time job.
nikkiangcoApril 17, 2019
Hi Lisa,
Thanks for getting in touch! Yes, while it is possible to get a loan without a bank account, your options are quite slim and APRs will be higher compared to an average loan. Our page shows the options you have of a loan at the moment. You can also review your options in getting a bank account as it is very easy and you’ll find tips on how to do it on our page. As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
Best,
Nikki
TanekaApril 15, 2019
I don’t have a bank account and I need a loan. I get paid every week on a debit card. And I don’t have a car or anything to pawn. What are my options?
nikkiangcoApril 16, 2019
Hi Taneka,
Thanks for getting in touch with Finder! There are ways to get a loan when you don’t have a bank account and according to the information above your options include payday, auto title, pawn, debit card and signature loans however these loan options come with a higher APR. Consider your options of opening a bank account before applying for these loans and you can find information on how to open a bank account on the information above.
Hope this helps!
Best,
Nikki
MohammedMarch 31, 2019
I need loan pay off to family frineds borrow money from them can i get loan plz
Finder
johnbasanesApril 1, 2019Finder
HI Mohammed,
Thank you for reaching out to Finder.
If you are looking for loans you can actually get without a bank account, the page we’re on offers a list of lenders that you could reach out to for an application. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You may also see a list of lenders offering short-term loans. Hope this helps!
Five lenders that offer debit card loans and fast funding.
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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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can I have a payday loan but I dont have direct deposit? I got my salary weekly
Hi Rose,
Thanks for your comment and I hope you are doing well. Yes, you can apply for a payday loan when you don’t have a bank account. Be reminded that it will likely cost you more than the average personal loan. These types of loans are payday, auto title, pawn, debit card and signature loans. Fees and APRs that can top out at 700% or more. Given this, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
If you decide to open a bank account – please contact your bank to have your direct deposit setup. Otherwise, you can review the options stated on the page for loans you can apply for it without a bank account. Make sure you read the eligibility and cost carefully and when you are decided, click the GREEN BUTTON on the right side and you will be brought to the lender’s official page. For other lenders, click the orange READ REVIEW button and you will be brought to a Finder review page about the lender. You can simply search for their website via Google to proceed with your application.
Hope this helps and feel free to reach out to us again for further assistance.
With care,
Nikki
Need a personal loan of $10,000. What are the requirements for a person with no bank account and part time job?
Hi Anonymous,
Thank you for getting in touch with Finder.
Most lenders would have these minimum requirements below:
-Credit Rating: Varies, but the lowest average score is 640.
-Annual Income: Typically $25,000 or more.
-Credit History: You will usually need a credit history, sometimes of several years, in order to qualify.
-Debt-to-income ratio: Most lenders prefer a debt-to-income ratio of 45%, not including your mortgage.
If you do not have a bank account and not working but receiving benefits, you may consider getting a disability loan. Loans for people on disability — often called SSI loans — are available even if you have a limited income or less-than-stellar credit. While short-term loans are the easiest to qualify for, you may be able to find more competitive offers from federal credit unions or even the federal government. Please make sure that you’ve read the relevant T&C or PDS of the loan products before making a decision and consider whether the product is right for you.
You may also consider getting an auto title loan if you own a car and willing to use it as collateral.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
Can I get a loan without a bank account? I get social security disability and have a part-time job.
Hi Lisa,
Thanks for getting in touch! Yes, while it is possible to get a loan without a bank account, your options are quite slim and APRs will be higher compared to an average loan. Our page shows the options you have of a loan at the moment. You can also review your options in getting a bank account as it is very easy and you’ll find tips on how to do it on our page. As a friendly reminder, review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
Best,
Nikki
I don’t have a bank account and I need a loan. I get paid every week on a debit card. And I don’t have a car or anything to pawn. What are my options?
Hi Taneka,
Thanks for getting in touch with Finder! There are ways to get a loan when you don’t have a bank account and according to the information above your options include payday, auto title, pawn, debit card and signature loans however these loan options come with a higher APR. Consider your options of opening a bank account before applying for these loans and you can find information on how to open a bank account on the information above.
Hope this helps!
Best,
Nikki
I need loan pay off to family frineds borrow money from them can i get loan plz
HI Mohammed,
Thank you for reaching out to Finder.
If you are looking for loans you can actually get without a bank account, the page we’re on offers a list of lenders that you could reach out to for an application. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You may also see a list of lenders offering short-term loans. Hope this helps!
Cheers,
Reggie