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
Hi, I need a loan I àm working but I get my salary through an envelope. Can I get help? I do have à bank account but I don’t have a payslip.
Finder
RenchDecember 13, 2017Finder
Hi Noncedo,
Thanks for reaching out to us. 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 get paid in cash, don’t have a payslip, or receive a different amount of pay every week, there are payday loans available online that you may be eligible to apply for.
You may be able to approach your employer for some kind of proof of income. Explain that you are trying to apply for a loan and that you need proof of your income. You could also start depositing your pay regularly into your bank account. This step will start building a good relationship with your bank and add to your banking history.
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
AmandaDecember 5, 2017
I don’t have a bank account but I do get a disability check every month. I can’t find a loan store to give me a loan online. Do I need to go inside somewhere or do I just have to have an account? Thanks
Finder
RenchDecember 5, 2017Finder
Hi Amanda,
Thanks for reaching out to Finder.
If you are on disability benefit and you are looking into getting a personal loan, there are lenders that offer loans for people with disabilities. However, these lenders will require you to have a checking account.
If you only have a prepaid debit card and you want to apply for a loan, you can compare the loan options listed in the table above. Please note that these loans will likely cost you more than the average personal loan so check the loan terms and conditions to see whether it’s right for you.
I hope this helps.
Best regards,
Rench
RosieDecember 4, 2017
Ok, I need help bad! I’m on disability money comes on a card I can have money taken off just not put on. However, I’ve got net spend debit cards. I own my home valued at 25,000 and lot. Please help me.
Finder
RenchDecember 4, 2017Finder
Hi Rosie,
Thanks for reaching out to Finder.
If you are on disability benefit and you are looking into getting a personal loan, there are lenders that offer loans for people with disabilities. These lenders can consider your SSI benefit as a source of income so you may be able to apply so long as you meet all the other eligibility criteria.
Please note that most lenders will require you to have a checking account. Speak with your lender to see if they can accept your Netspend debit card or if they have other ways to deposit the funds and/or collect your loan repayments.
Best regards,
Rench
ChrisNovember 25, 2017
I just started a new job making good money but I need a small payday loan. I do NOT have a checking account. I have only received 1 check so far so it was a paper check but I am signed up for direct deposit with my Netspend card. I also live in Kentucky. I grossed $1,045 for one week. I do have poor credit and just need a quick $200 loan that I can repay this Friday when I get paid. Can you please direct me to either an online place or a store within 60 miles of a 40475 zip code? I do have a driver’s license, social security card and all other information places require except for an active checking account. Thanks
Finder
RenchNovember 25, 2017Finder
Hi Chris,
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 don’t have a bank account, there are lenders that will still consider you without a bank account, meaning you can still get a short-term loan. You’re actually already on the correct page where you can compare your options.
If you have poor credit, there are also lenders that offer bad credit cash loans that you may apply for. 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
ReteiviaNovember 17, 2017
How can i apply for a loan. And what all do i need to be approved for the loan. Thank you.
Finder
JoanneNovember 18, 2017Finder
Hi Reteivia,
Thank you for visiting finder, we are a financial comparison website and general information service.
The information will depend on the lender you choose when you apply for a payday loan. Next is that you will need to check on the lender’s eligibility requirements. 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. Some lenders have additional criteria, so be sure to compare your qualifications before you apply.
You may read further about short-term loans, it will provide some tips to help you determine if this type of loan would be a good option for you.
A review of OppLoans, a lender that offers personal loans up to $4,000 to borrowers with poor credit.
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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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Hi, I need a loan I àm working but I get my salary through an envelope. Can I get help? I do have à bank account but I don’t have a payslip.
Hi Noncedo,
Thanks for reaching out to us. 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 get paid in cash, don’t have a payslip, or receive a different amount of pay every week, there are payday loans available online that you may be eligible to apply for.
You may be able to approach your employer for some kind of proof of income. Explain that you are trying to apply for a loan and that you need proof of your income. You could also start depositing your pay regularly into your bank account. This step will start building a good relationship with your bank and add to your banking history.
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 don’t have a bank account but I do get a disability check every month. I can’t find a loan store to give me a loan online. Do I need to go inside somewhere or do I just have to have an account? Thanks
Hi Amanda,
Thanks for reaching out to Finder.
If you are on disability benefit and you are looking into getting a personal loan, there are lenders that offer loans for people with disabilities. However, these lenders will require you to have a checking account.
If you only have a prepaid debit card and you want to apply for a loan, you can compare the loan options listed in the table above. Please note that these loans will likely cost you more than the average personal loan so check the loan terms and conditions to see whether it’s right for you.
I hope this helps.
Best regards,
Rench
Ok, I need help bad! I’m on disability money comes on a card I can have money taken off just not put on. However, I’ve got net spend debit cards. I own my home valued at 25,000 and lot. Please help me.
Hi Rosie,
Thanks for reaching out to Finder.
If you are on disability benefit and you are looking into getting a personal loan, there are lenders that offer loans for people with disabilities. These lenders can consider your SSI benefit as a source of income so you may be able to apply so long as you meet all the other eligibility criteria.
Please note that most lenders will require you to have a checking account. Speak with your lender to see if they can accept your Netspend debit card or if they have other ways to deposit the funds and/or collect your loan repayments.
Best regards,
Rench
I just started a new job making good money but I need a small payday loan. I do NOT have a checking account. I have only received 1 check so far so it was a paper check but I am signed up for direct deposit with my Netspend card. I also live in Kentucky. I grossed $1,045 for one week. I do have poor credit and just need a quick $200 loan that I can repay this Friday when I get paid. Can you please direct me to either an online place or a store within 60 miles of a 40475 zip code? I do have a driver’s license, social security card and all other information places require except for an active checking account. Thanks
Hi Chris,
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 don’t have a bank account, there are lenders that will still consider you without a bank account, meaning you can still get a short-term loan. You’re actually already on the correct page where you can compare your options.
If you have poor credit, there are also lenders that offer bad credit cash loans that you may apply for. 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
How can i apply for a loan. And what all do i need to be approved for the loan. Thank you.
Hi Reteivia,
Thank you for visiting finder, we are a financial comparison website and general information service.
The information will depend on the lender you choose when you apply for a payday loan. Next is that you will need to check on the lender’s eligibility requirements. 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. Some lenders have additional criteria, so be sure to compare your qualifications before you apply.
You may read further about short-term loans, it will provide some tips to help you determine if this type of loan would be a good option for you.
Cheers,
Joanne