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 

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:

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