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.
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.
Lender | Loan type | Eligibility | Cost | |
---|---|---|---|---|
Current | Cash advance | Open current account, receive $500 or more in eligible payroll deposits, proof of identity, employment and income verification. | No interest, fees for instant transfers. | |
Chime MyPay | Cash advance | Open a chime checking account, activate chime visa, have the chime app, recieve at least two qualifyig direct deposits of $200 or more per deposit or one qualifying deposit of $200 or more and add verifiable employement information, live in a state where MyPay is available. | No interest, fees for instant transfers. | |
Max Cash | Title loan | Over 18, vehicle equity, car title, photo ID, regular source of income, US citizen or permanent resident. Not a resident of NY. | APRs can range from 29%–300%. The average is about 87%–97% APR. | |
LoanMart | Title loan | Resident of AL, AZ, GA, MO, NM, UT or SC. Have a car that is paid off or almost paid off, proof of income, over 18, US citizen or permanent resident. | Varies by state. While rates are not stated, APRs could exceed 90% and possibly reach up to 300% or more. | |
Dollar Loan Center | Payday loan | Over 18, no open bankruptcies, regular income, access to Nevada or Utah. | Varies by state. But typical APRs can reach up to 400% or more. | |
Check City | Payday loan | Government ID, proof of income (employed for at least 6 months), proof of address, two references. | Varies by state, but could reach up to 460% APR or more. |
6 types of loans without a bank account
Here are six lending options that you may qualify for without a bank account:
- 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.
- 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.
- 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.
- 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 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 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:
- 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.
- Compare lenders. First step before applying anywhere is compare lenders by rates, loan amounts, reputations, and overall loan conditions.
- 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.
- 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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To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.
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.
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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