Get a loan without a bank account

Without a bank account you may be limited to loans that are less than 12 months long, such as payday advances or small personal loans. Other less-traditional options that don’t require a bank account, like vehicle title loans, can be extremely expensive — so watch out for high rates.

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6 lenders that don’t require bank accounts

While borrowers with bank accounts have more options, we’ve gathered six loan options that don’t require a checking or savings account.

6 types of loans without a bank account

Here are six lending options that you may qualify for without a bank account:

1. CDFI loans — Some Community Development Financial Institutions (CDFIs) offer payday loan alternatives that don’t require a bank account. CDFIs are nonprofits with a mission to serve economically disadvantaged areas.
2. Personal loans — While less common, some lenders that cater to bad credit borrowers, like OneMain Financial, may not require a bank account to qualify for a loan — unless you’re asked to provide bank statements as proof of income.
3. 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. You’ll also pay a significantly higher APR on cash advances than regular purchases.
4. 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.
5. Pawn 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.
6. Payday loans — Also called short-term loans, payday loans are small loans often repaid within a few weeks or a month. If you apply in person, some lenders let you pick up and repay your funds in cash or by money transfer.

If you’re considering a short-term payday, installment or title 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.
If you just need a small loan between paydays, consider a no-interest cash advance app. 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

We won’t mince words — your lendings options are much more limited compared to a borrower with an active bank account. On the plus side, applying for a loan without a bank account is nearly identical to applying for a loan with one (minus the bank statements).
Here are general steps to getting a loan without a bank account:

1. Check your credit. If you have a credit score above 670, you’re likely to have more options available, and knowing your credit score can help you find lenders that can work with your credit rating.
2. Compare lenders. First step before applying anywhere is compare lenders by rates, loan amounts, reputations, and overall loan conditions.
3. Gather docs. Once you find a lender, gather documents such as a few weeks or months of pay stubs, proof of residency, valid ID, SSN and contact information. Lenders vary in what documents they require.
4. Apply. After submitting all your documents with 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 less or more documentation. For example, a title loan requires your vehicle’s title that’s free of a lien. A legitimate lender you’re working with lets 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 to get an idea of how you handle your personal finances — many require that you have a positive balance.
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 for approval and competitive rates.

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Product	Finder Score	Loan amount	Turnaround time	Requirements
Promoted Finder score 9.4 Excellent Varo Cash Advance	Finder score 9.4 Excellent	Up to $500	Instant, once qualified	Active Varo Bank Account with a positive balance and at least $800 in total qualifying direct deposits in the current or previous month. Additional quals apply.	Varo Advance (VA) is a small dollar line of credit. Initial limits range from $20-$250. Work your way up to $500 over time. Fees range from $1.60 - $40 based on loan amount.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder score 9.1 Excellent CreditNinja Installment loan	Finder score 9.1 Excellent	$300 to $2,500	1 to 2 business days	Checking account at least 60 days old, regular income through direct deposit, resident of eligible state, age of majority in your state	Fast online funding up to $5K, but you won't know about rates and terms until after you apply.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder score 9.5 Excellent EarnIn	Finder score 9.5 Excellent	Up to $150/day, with a max of $750 between paydays	1 to 2 business days or within 30 minutes for a fee	At least 18 and a US resident, Valid Social Security number, At least 60 days of banking history, Proof of consistent income, Positive bank balance, Get paid by direct deposit.	Access up to $150 per day, with a max of $750 between paydays. Subject to EarnIn terms & conditions.	Go to siteMore info Compare product selection Compare	loading
Finder score 8.7 Great Current	Finder score 8.7 Great	$50 to $750	Up to 3 days or within an hour for a fee	Among other factors, you must receive a monthly total of $500 or more in Eligible Payroll Deposits into your Current Account.	Get up to $750 before payday, once you qualify. Paycheck Advance is an earned wage access service and is not a loan or credit product. Subject to Paycheck Advance Terms and Conditions.	Go to siteMore info Compare product selection Compare	loading
Finder score 8.2 Great Cleo	Finder score 8.2 Great	Up to $250	3 to 4 days or instant for a fee.	Not stated	Automatically monitor your spending plus access cash advances up to $100 at a time.	Go to siteMore info Compare product selection Compare	loading
Finder score 9.4 Excellent Chime MyPay	Finder score 9.4 Excellent	Up to $500	Within 24 hours or $2 for instant transfers	Chime checking account, direct deposits of $200+ and only available in some states	Access up to $500 of your pay before payday fee-free within 24 hours. See Chime terms and conditions.	Go to siteMore info Compare product selection Compare	loading

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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 personal loans. If you’re not comfortable with those, you can expand your opportunities with a bank account.
If you have a valid ID like a passport or drivers’ license, a Social Security or Individual Taxpayer Identification number and some cash on hand, you can open a checking account at a financial institution.
If you’re concerned about paying a minimum opening deposit or monthly fee, most financial institutions now have free checking account options with low or no minimum deposits.

Bottom line

It’s possible to get a loan without a checking account. Your three main options are payday, auto title and pawnshop loans. Some personal lenders may offer no-bank-account loans, but they’re rare. You could also get a credit card cash advance or apply for a CDFI loan, although it could take up to a month to fund.
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 send loan proceeds to you. If you don’t have a bank account due to bad credit or a ChexSystems profile, consider opening a second-chance bank account.

Written by

Bethany Hickey

Banking editor

Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

Bethany's expertise

Bethany has written 460 Finder guides across topics including:

• Personal finance
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