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
I have direct deposit for my SSI but the bank the card is through only allows my deposit for SSI. But I can make payment with this card. I only need a small loan up to $700. Is there anyone out there that can help.
Finder
RenchJanuary 6, 2018Finder
Hi Clarkie,
Thanks for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.
If you are on SSI income and looking into getting a loan, there are lenders that offer loans for people on disability who can consider your government benefits as a source of income. However, these lenders will require you to have a checking account.
If you only have a prepaid debit card, try applying with any of the lenders listed in the table above instead. Before applying, please check the loan terms and conditions to see whether it’s right for you.
Best regards,
Rench
RobertDecember 30, 2017
I only have a prepay debit card can I have money put in that card
Finder
RenchDecember 30, 2017Finder
Hi Robert,
Thanks for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.
You can also have a look on this page for prepaid debit card loans. With a prepaid debit card loan, you apply for your short-term loan either online or in a store. If you’re approved, your lender transfers your approved funds into an eligible loan account. It then registers a prepaid debit card with that account, either handing it to you in person or mailing it to your home.
You’ll typically need to register the card in your name, either in person, by phone or online. Because most prepaid cards are either Visa or Mastercard, you can then begin using your card as you would any other type of credit card.
Please click the name of your preferred lender to find out the details and the minimum eligibility. You may then click the green “Go to Site” button to submit your loan application online.
Best regards,
Rench
RachelDecember 18, 2017
I am in need of a loan I do have a bank account but not direct deposit . But I do have income from the county .
Finder
RenchDecember 19, 2017Finder
Hi Rachel,
Thanks for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.
If your bank account does not have a direct deposit facility, there are lenders that will let you pick up and repay your funds in cash or by money transfer. There are also some lenders that offer prepaid debit card loans who will load your funds onto a prepaid debit card that you can swipe at stores or online.
You can also consider using a personal loan broker which is a good option for borrowers who are facing a complicated situation as these brokers can help you find a lender that you could qualify for.
Best regards,
Rench
TDecember 16, 2017
What if I don’t have a valid driver’s license can I still get the loan
Finder
RenchDecember 19, 2017Finder
Hi T,
Thanks for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.
It depends on your preferred lender what IDs they require to apply for their loans. There are alternative IDs that you can provide. I suggest contacting the lender directly to inquire about their requirements.
You can see and compare payday loans permitted in your state that you can consider applying for if you are in need of a short-term loan.
Cheers,
Rench
MelissaDecember 13, 2017
I have prepaid card. How do we go about it?
Finder
RenchDecember 13, 2017Finder
Hi Melissa,
Thanks for your inquiry.
With a prepaid debit card payday loan, you apply for your short-term loan either online or in a store. If you’re approved, your lender transfers your approved funds into an eligible loan account. It then registers a prepaid debit card with that account, either handing it to you in person or mailing it to your home.
Most lenders that offer prepaid debit card loans still require you to have a bank account and not all will load your cash advance onto your prepaid debit card. If you do not have a bank account and you are looking into getting a loan, try applying with any of the lenders listed above.
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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I have direct deposit for my SSI but the bank the card is through only allows my deposit for SSI. But I can make payment with this card. I only need a small loan up to $700. Is there anyone out there that can help.
Hi Clarkie,
Thanks for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.
If you are on SSI income and looking into getting a loan, there are lenders that offer loans for people on disability who can consider your government benefits as a source of income. However, these lenders will require you to have a checking account.
If you only have a prepaid debit card, try applying with any of the lenders listed in the table above instead. Before applying, please check the loan terms and conditions to see whether it’s right for you.
Best regards,
Rench
I only have a prepay debit card can I have money put in that card
Hi Robert,
Thanks for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.
You can also have a look on this page for prepaid debit card loans. With a prepaid debit card loan, you apply for your short-term loan either online or in a store. If you’re approved, your lender transfers your approved funds into an eligible loan account. It then registers a prepaid debit card with that account, either handing it to you in person or mailing it to your home.
You’ll typically need to register the card in your name, either in person, by phone or online. Because most prepaid cards are either Visa or Mastercard, you can then begin using your card as you would any other type of credit card.
Please click the name of your preferred lender to find out the details and the minimum eligibility. You may then click the green “Go to Site” button to submit your loan application online.
Best regards,
Rench
I am in need of a loan I do have a bank account but not direct deposit . But I do have income from the county .
Hi Rachel,
Thanks for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.
If your bank account does not have a direct deposit facility, there are lenders that will let you pick up and repay your funds in cash or by money transfer. There are also some lenders that offer prepaid debit card loans who will load your funds onto a prepaid debit card that you can swipe at stores or online.
You can also consider using a personal loan broker which is a good option for borrowers who are facing a complicated situation as these brokers can help you find a lender that you could qualify for.
Best regards,
Rench
What if I don’t have a valid driver’s license can I still get the loan
Hi T,
Thanks for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.
It depends on your preferred lender what IDs they require to apply for their loans. There are alternative IDs that you can provide. I suggest contacting the lender directly to inquire about their requirements.
You can see and compare payday loans permitted in your state that you can consider applying for if you are in need of a short-term loan.
Cheers,
Rench
I have prepaid card. How do we go about it?
Hi Melissa,
Thanks for your inquiry.
With a prepaid debit card payday loan, you apply for your short-term loan either online or in a store. If you’re approved, your lender transfers your approved funds into an eligible loan account. It then registers a prepaid debit card with that account, either handing it to you in person or mailing it to your home.
Most lenders that offer prepaid debit card loans still require you to have a bank account and not all will load your cash advance onto your prepaid debit card. If you do not have a bank account and you are looking into getting a loan, try applying with any of the lenders listed above.
I hope this helps.
Best regards,
Rench