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Can You Get a Payday Loan With No Bank Account

You can get a loan when you’re unbanked, but it may be worthwhile to open up an account first.

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Updated July 19, 2024
Written by Rachel Alulis
Here at MoneyFor, our goal is to help you make informed financial decisions. We are committed to accuracy and impartiality in all our content. It’s important to note that articles may reference products from our partners who compensate us. This influences which products we feature and their presentation on our site, not our evaluation.

Key takeaways

  • Getting a personal loan without an active bank account is not impossible but it is difficult and costly.
  • No bank account loan options are limited and most will come with high fees and short repayment terms.
  • Carefully consider your options and have a repayment plan in place before taking out a high cost loan.

Payday loans without a bank account are difficult but possible to find if you need urgent funds. Emergencies can pop up at any time and not everyone has savings to rely on. In fact, approximately 7.1 million American households are unbanked.  

Most lenders require a checking account for approval, so not having one can make you feel like you have no options. Fortunately there are emergency loans bad credit no bank account that provide immediate cash.

Same day loans without a bank account online or in-person will likely have high interest rates, fees, and short repayment terms. Not ideal, but still doable if you’re in a tight spot.

Let’s go over how you can get a fast loan with no bank account and what to consider.

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Top choices for loans without a bank account

Securing a personal loan without a bank account is possible, though your options will be limited primarily to short term secured loans. Most no bank statement loans usually come at a higher cost due to the risk taken on by the lender.

Use your paycheck

Payday loans are based on your income, often obtainable with just a pay stub. They are a quick and easy way to get fast cash but need to be repaid in full on your next payday. While convenient, they do come with extremely high fees and are not recommended.

Put up your car’s title

A vehicle title loan also known as an auto title loan or car title loan is a secured loan where you use your vehicle’s title as collateral. You then borrow a portion of your car’s value, usually 25% to 50%, depending on how much equity you have in your car. You get a lump sum of cash right away and you still own your car. Like with a payday loan, the interest rates and fees are very high and the repayment period is short. If you fail to repay, the lender has the right to seize your vehicle and sell it to recoup the money they lost.

Registration loans with no bank account are another option. Registration loans are similar to car title loans but you can still be making payments on your car and the amount will be for less.

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Pawn an item

A Pawnshop loans are short-term loans that require an item of value as collateral. The loan proceeds are given in cash and are usually only a fraction of the item’s worth. The fees can add up fast and the repayment period if short. If the loan is not repaid as agreed, the pawnshop can sell the item.

Take out a cash advance

A cash advance is when you get cash from an ATM or bank teller using your credit card. Most credit card providers let you take out a cash advance and there are some credit cards that you can open while unbanked. A credit card cash advance is quick and easy but comes with fees and immediate interest charges.

Borrow from family or friends

Borrowing money from family or friends is a good way to avoid expensive fees, interest, and short repayment periods. The catch is it can put a strain on your relationship. Put the loan agreement in writing to lessen the chances of a misunderstanding. If this option is available to you, you could save a lot of money.

Do you want to borrow $2,000?

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How do payday loans work?

A payday loan is an unsecured loan, requiring only proof of income. They are characterized by their small amounts and short repayment periods. The application process is quick, with lenders providing fast approval and funds, often within the same day or by the next business day. Interest rates are notably high ranging from a 200% to 700% APR. Some states have caps, but not all.

There are no bank verification payday loans, but you will have to do some research to find a reputable lender. This is because transferring money when you don’t have a checking account is tricky. Some lenders offer prepaid debit card loans without bank account stipulations, making it easier for those unbanked.

Payday loan details

Amount: $500 or less

Repayment period: 10 to 14 days

payday loan

Requirement: Proof of income, identification, bank account information for certain lenders

Interest rate or fees: Varies by lender and state. A common fee is $15 per $100 borrowed or a 400% APR

Many lenders accept alternative forms of income including:

  • Government benefits
  • Child support 
  • Structured settlement
  • Student financial aid 
  • Unemployment benefits

Looking for quick cash solutions?

Check out a $500 payday loan and it’s cost.

Title loan details

Amount: 25% to 50% of the vehicle’s value

Repayment period: 15 to 30 days

Requirement: Proof of ownership, proof of income, identification

Interest rate or fees: Varies by lender. A 300% APR is common.

Read more about getting a personal loan.

Risks of short-term loans

When you’re in a bind and think, “I need money today no bank account,” short term loans for bad credit and no bank account can be tempting. The problem is these loans come with significant risks.

Before you take out a short term loan without a bank account, try to open one. A lot of online banks have low fees and provide second chance bank accounts that will consider you even with a negative banking history or past checking account errors.

If you have a local credit union, start there. A credit union can help you get a personal loan even if you don’t have a good credit score.

High Fees: Payday loans and title loans have APRs in the triple digits.

Short Repayment Terms: The loan terms are short, ranging from two weeks to thirty days.

Debt Cycle: Rolling over a payday loan incurs additional fees, potentially trapping you in a cycle of debt.

Collateral Risk: Failure to repay title loans can result in the loss of your vehicle.

Impact on Credit Scores: Not paying a loan can hurt your credit score if the lender reports to the credit bureaus or calls in a debt collection agency.

Always review the loan terms, have a payment plan in place, and only borrow what you can afford to repay. If you can’t repay, look into debt consolidation or debt management. Both can help before fees spiral out of control.

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Payday loan vs. cash advance

The terms payday loan and cash advance can easily be confused, but they are actually different types of borrowing.

Payday loan

You get the loan from specialized payday lenders.

Requires proof of income.

You take out a percentage of your expected income.

The fees are a percentage of the amount borrowed or a set amount per borrowed money.

It is a short term loan that you need to repay within two to four weeks, depending on your pay schedule.

Your credit score will not be affected unless you don’t repay and the debt is sent to a collection agency.

Credit card cash advance

You withdraw cash by using your credit card like a debit card.

You can withdraw a portion of your available credit limit, which might be lower than your total credit line.

The APRs are higher than for regular purchases.

The fees are 3% to 5% of the amount withdrawn plus ATM fees.

The repayment schedule is based on your credit card’s billing cycle and minimum payment terms.

Interest starts accruing immediately.

Their usage and repayment are reported to the credit bureaus.

While both loan options offer quick cash, they come with high costs and different terms. If you need a quick $40 loan without bank account you may be better off with a cash advance, but make sure you can repay it fast. If you need a larger amount and can repay it with your next paycheck, a payday loan may be the better option.

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How to take out a cash advance

Most credit card companies allow cardholders to take out a cash advance. You can do this via an ATM, bank, or through convenience checks. Since you already have the credit card account, it doesn’t matter if you have a bad credit score or no checking account.

cash advance

Here’s how to take out an advance from an ATM:

  1. Find an ATM within your credit card’s network.
  2. Insert your card and enter your PIN (If you don’t have one, call your credit card issuer.)
  3. Select ‘cash withdrawal’ or ‘cash advance.’
  4. Enter the amount you’d like to withdraw.
  5. Review fees and approve the transaction.
  6. Collect your cash.

Before you get a cash advance, check and see how much you can take out per transaction and what the total cost will be. Due to the high APR and the fact that you’ll accrue interest as soon as you withdraw the cash, it’s best to repay the loan as soon as possible.

MoneyFor is here to help people understand their credit, improve their finances, and get the money they need.

Benefits and drawbacks of borrowing while unbanked

No checking account loans can be a lifesaver in an emergency but they do come with disadvantages too.  

Benefits 

Accessibility: These loans are available to people who don’t have a bank account and so have fewer options for personal loans.

Fast Access to Cash: All loan options provide a lump sum. Many have same-day approval and disbursement of funds.

Fewer Requirements: Loans that do not require a bank account will likely require fewer documents and not conduct a credit check.

Convenience: They are a fast and easy way to get quick cash when you have an emergency and do not have an active checking account.

Drawbacks 

Higher Costs: No bank account loans tend to have high APRs and additional fees compared to personal loans from banks.

Short Repayment Terms: Short term loans are harder to repay on time. Many people are forced to borrow again ending up in a cycle of debt.

Small Loan Amount: The amount you can borrow is usually small – well under a few thousand.

All in all no bank account loans can give you quick access to cash but also exacerbate existing financial problems if you can’t keep up with the fees. Bankruptcy can offer a way out and fresh financial start.

Top choices for loans with a bank account

Having a bank account opens up many more loan options. Banks and credit unions often offer loans with more favorable terms.

Installment loans

An installment loan is a personal loan that is repaid over two to seven years. They come with fixed interest rates, meaning the monthly payment is the same for the duration of the loan. The set repayment schedule and predictable monthly payments make them a popular choice.

Car loans

Car loans are specifically for purchasing a vehicle. They have a set repayment schedule and a lower APR since the loan is secured by your car. You can get a car loan from banks or directly from dealerships.

Federal student loans

Student loans from the U.S. government or private lenders help cover the costs of higher education. Federal student loans have lower interest rates, flexible repayment options, and deferment opportunities. These loans are accessible to most students, regardless of credit history.

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Build credit for more options

If you’re having a hard time securing a loan due to your credit score it may be a good idea to change that. You can build credit by making timely payments on rent and utilities (and having them reported.) Other popular options are secured credit cards and credit builder loans.

Use a secured credit card

A secured credit card is easy to be approved for since you have to put down a refundable security deposit. The cash deposit sets your credit limit. Use your card responsibly by making on time payments and keeping your credit utilization under 30% of your limit. Over time, your score will improve.

Apply for a credit builder loan

A credit builder loan is designed for people with bad credit scores. Unlike traditional loans, the borrowed funds are held in a secured account until the loan is fully repaid. Timely payments are reported to credit bureaus, enhancing your credit profile.

Frequently asked questions

1. Why is it difficult to get a loan without a bank account?

It can be tricky to get a loan because lenders use bank accounts to review the your income, see if you have enough money for the loan, and predict if you’ll pay them back. When you don’t have an account, the lender has a harder time assessing your financial situation and so considers you a high-risk borrower.

2. Can I get a cash advance with no bank account?

Cash advance loans are still possible even without direct deposit. You will have to take out a credit card cash advance. Or you can get a cash advance with a prepaid debit card. Instead of receiving cash, the money goes onto a prepaid card. Not all lenders offer this option, so you’ll need to find a trustworthy one who does.

3. Can I get a loan without a bank account and poor credit?

Many online lenders specialize in bad credit loans. They consider income and employment instead of your credit score. Another option is to join a federal credit union and applying for a payday alternative loan.

4. Can you get a loan with your SSN?

Yes, you can use your Social Security Number to get a personal loan. Lenders use your SSN to verify your identity and assess your credit history. However, the SSN alone isn’t enough; lenders will also consider other factors like income and creditworthiness.

5. Can I get a loan from a bank if I don’t have an account there?

Certain banks will offer loans to individuals who don’t have an account with them. Providing strong credit history and other financial documentation can increase your chances of approval.

6. Can I borrow money without a bank account?

You will be able to borrow money, but your options will be very limited. Look into payday loans, title loans, or borrowing from friends or family.

7. Can I get a loan with a negative balance in my account?

Getting a loan with a negative account will be difficult as lenders view this as a sign of financial instability. You might still qualify for certain types of loans like payday or title loans.

8. What bank is the easiest to get a personal loan from?

Banks like Wells Fargo, US Bank, and TD Bank are often cited as easier options for getting a personal loan due to their lenient requirements and quick approval processes.

9. Where can I get a loan without a bank account?

Look for payday lenders, pawnshops, and title loan providers. Online lenders and some credit unions may also offer loans. Additionally, community organizations, and peer-to-peer lending platforms can provide funds without needing a bank account.

Bottom line

Getting a quick cash loan when you don’t have a checking account can be challenging but it’s not impossible. Payday or title loans, cash advances, or borrowing from friends and family are all possibilities when you’re in a tight spot.

Before you commit to any loan, assess your ability to repay it and budget accordingly. With the right approach and informed choices, no bank account loans can help you overcome financial emergencies.

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About the author

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

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