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.
A signature loan is an unsecured personal loan where your signature, your promise to repay, is the only collateral required. No car, home or asset is on the line. Lenders approve you based on income and credit history rather than anything you own. They're often compared to payday loans because they're small, short-term and come with high APRs. These type of loans are best used as a last resort when other borrowing options aren't available.
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
I’d be glad to help you. Since we aren’t an online lender, we can’t guarantee that you’d receive a debit card loan within 30 minutes. But, there are some lenders who may be able to get you funds the day of or on the next business day, if eligible. Check out some of your options from the link above.
I hope this helps you out!
Kyle
ShaneaAugust 23, 2017
Does Ohio have prepaid card loans
Finder
KyleAugust 23, 2017Finder
Hi Shanea,
Thanks for the question! It appears that in Ohio, a prepaid debit card loan is heavily regulated, so it may be a bit of a hassle. Though, NetCredit is a company you may have some luck with. You could always consider a short-term loan – they typically have a turnaround time of 1 to 2 business days. Thankfully, we do have a page that discusses and compares short term loans.
I hope this helps you out!
Cheers,
Kyle
MarthaJuly 11, 2017
Can u get a loan with me not having a bank account of my own…(no routing number or checking account number)in my name but I have a job set up Debit card where they deposits my check onto that card. Can I just give the lenders my card number and allow them to withdraw the fees the charges me with off the debit card that was set up by my employer
A review of OppLoans, a lender that offers personal loans up to $4,000 to borrowers with poor credit.
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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 get a debit card loan within 30
minutes
Hey Curlie,
I’d be glad to help you. Since we aren’t an online lender, we can’t guarantee that you’d receive a debit card loan within 30 minutes. But, there are some lenders who may be able to get you funds the day of or on the next business day, if eligible. Check out some of your options from the link above.
I hope this helps you out!
Kyle
Does Ohio have prepaid card loans
Hi Shanea,
Thanks for the question! It appears that in Ohio, a prepaid debit card loan is heavily regulated, so it may be a bit of a hassle. Though, NetCredit is a company you may have some luck with. You could always consider a short-term loan – they typically have a turnaround time of 1 to 2 business days. Thankfully, we do have a page that discusses and compares short term loans.
I hope this helps you out!
Cheers,
Kyle
Can u get a loan with me not having a bank account of my own…(no routing number or checking account number)in my name but I have a job set up Debit card where they deposits my check onto that card. Can I just give the lenders my card number and allow them to withdraw the fees the charges me with off the debit card that was set up by my employer
Hi Martha,
Thanks for your question.
Yes, it is possible for you to get a debit card loan.
Kindly review the eligibility criteria and the relevant terms and conditions of the loan before submitting your application.
Cheers,
Anndy