Table of Contents:

Can I get the loan without a bank account?

Best loan options without a bank account required

How to get a loan with no bank account?

Why do lenders require a bank account?

Choose the right loan with no checking account requirements

No Bank Account Loan options by loan type

What do you need to open a bank account?

Open a bank account 

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Can I get the loan without a bank account?

Yes. But it is going to cost you more than the average loan. As many of your options fall into the category of short-term loans they are likely to have higher fees and APRs.

Among the options available for borrowers with no bank account are Payday Loans, Installment Loans, Personal Loans, Auto Title Loans, Pawnshop loans, bitcoin loans, etc.

The eligibility criteria for most of these loans are pretty much the same: You must be a permanent resident of the US who’s at least 18 years of age and living in a state where payday loans are legal. You'll also need to prove regular income and employment.

But keep in mind, no bank account loans are good as emergency funding, but for the future you’d better consider opening a checking account. It will let you qualify for a wider range of affordable loans.

Best loan options without a bank account required

Without a bank account, you’re generally limited to short-term loans such as fast bad credit Payday Loans or auto title and pawn loans.

We’ve chosen the top direct lenders that offer online loans with no bank account:

LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collateral or guarantor.
  • Bad credit is OK. 
Cons
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 

 

Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $50
  • MAX Loan Amount: $3000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Online Payday Loans
  • Title Loans
  • Installment Loans
  • Online Installment Loans
  • Line of Credit
  • Flex Loans
  • Other Services
  • Check Cashing
  • Bill Pay
  • Western Union 
  • U.S. Money Card
  • Cell Phone Top-Ups
  • Sell Us Your Gift Cards For Cash
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $50.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Greenlight Cash created an online platform to connect consumers like you with reliable lenders across the country. They partner with a large network of professionals so you get a chance to work with one of them and meet the challenge of improving your financial situation in the most effective way. Once you tap submit, you get one step closer to receiving the funds.

  • Payday Loans
  • Installment Loans
  • Personal Loans
  • be a legal U.S. resident
  • be at least 18 years old
  • have a stable source of income
  • be currently employed
  • have an active bank account
Pros
  • Unrivaled flexibility and accessibility.
  • Predictable monthly payments

  • Quick and simplified borrowing process

  • Any credit is welcome
Cons
  • Not a direct lender.

 

GoGoPaydayLoans offers Payday Loans at affordable rates with convenient repayment terms. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $1000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day

$100 - $1000 Payday Loans

  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $100.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Loan By Phone offers Payday Loans, Installment Loans and Line of Credit.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $3000
  • Terms: Varied
  • Rates and fees: Vary by state
  • Turnaround Time: 1 business day
  • Payday Loans
  • Installment Loans
  • Line of Credit
  • 21 years of age
  • Social Security Number
  • Proof of Income (from your job, pension, welfare, or other source)
  • Valid email address
  • Active checking account (open for at least 90 days)
  • Current cell/home and work phone number
Pros
  • All loan applications and requests are guaranteed confidential and all transactions are governed in accordance with the laws of your state of residence.
  • Flexible repayment.
  • Available in most states.
Сons
  • High interest rates.
  • If you don't pay back on time your data may be sold to third parties.

 

Indyloan.com offers Personal Loans online at affordable rates with convenient repayment. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $5000
  • Terms: Vary by state
  • Rates and fees: Varied
  • Turnaround Time: 1 - 2 business day

Personal Loans

  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
Pros
  • Quick - no driving, waiting, faxing, paperwork.
  • High approval rate even for bad credit borrowers.
  • Online Payday cash advance with no collateral or co-signer.
  • 24 / 7 online service.
Cons
  • High interest rates.
  • Available not in all the states.
  • Only loans up to $5000 are available.

 

How to get a loan with no bank account?

The process of getting a loan with no bank account is quick and simple:

  1. Apply online or in person.
  2. Get approved.
  3. Receive the money in cash the same day with no direct deposit.

Though it’s possible to get a loan without a checking account, you might want to consider other options available for borrowers with a bank account. Find out how to get a checking or savings account as most direct lenders require borrowers to have one.

 
Why do lenders require a bank account?

Choose the right loan with no checking account requirements

Compare all the no bank account loan options and choose the one suitable just for you:

  • If you are sure to pay back the money - take advantage of online loans: Payday Loans, Installment Loans, Personal Loans;
  • If you own a car and don't mind using it as collateral - apply for an Auto Title Loan;
  • If you are ready to part with some valuable items of yours - get a pawnshop loan;
  • If you own any bitcoins - use a cryptocurrency loan.

No Bank Account Loan options by loan type

What do you need to open a bank account?

According to the FDIC (Federal Deposit insurance Corporation) report of 2015, 27% of Americans are underbanked. It means they have no regular access to banking services. This is 90.6 million financially limited people who are further punished, in terms of time and money.

Many avoid a bank account because of high fees. But we should also understand that getting an active checking account will provide better loan options with lower APR and fees. It’s just necessary to choose the right bank.

To open a bank account you need:

1. To prepare the documents – ID, proof of address, deposit.

2. Fill out the application

3. Read the agreement with all the fine print carefully

4. Manage your account responsibly