Can You Get A Payday Loan With No Bank Account?

Having a checking account when you’re in a tight spot financially can be greatly beneficial. If you have a checking account and a good credit score, obtaining a loan is a breeze. However, what happens when you don’t have either?

Although a bank account makes many aspects of life easier, they aren’t absolutely essential. Not having a bank account shouldn’t hinder you from having the same ability as others when it comes to taking out loans. 

We’re going to discuss a few options you may want to consider when shopping around for a loan. While these choices will look a little different than your traditional loan, they may be your only option if you lack a bank account.

The Problem With Traditional Lenders

The majority of traditional lenders, like banks and credit unions, will only lend to you if you have a bank account. Why do they do this?

Financial institutions want to take as much risk out of the lending procedure as possible. This is the reason they (in some cases):

  • Check your credit
  • Require proof of income
  • Conduct a background check.

If they think that you may not be able to pay the loan back while reviewing your history, you may be rejected for the loan.

Your bank account information can help eliminate some risks as well. It can help the lender gain trust in you. This is because your bank statements can show whether or not you pay your bills on time, if you have a regular income and if you consistently have a positive balance. 

In other words, when you have a bank account the lender can see how responsible you are with your money. If you happen to be on the irresponsible side of things, that creates too much risk and they won’t want to lend to you.

If you don’t have a bank account, then it would be virtually impossible for you to obtain a loan from a traditional lender. There are other lenders out there, however, that could be of use to you.

What Are My Options If I Don’t Have A Bank Account?

A good credit score and a bank account are two great things to have. They provide you with a variety of options in terms of your relationship with money. If you have neither, your variety of options shrink.

Trying to find a short term loan without a bank account can be a nightmare. Without the luxury of direct deposit, you would physically have to have cash in hand.

Traditional lenders are generally reserved for individuals with a good financial history. The reverse side of this, borrowers with a limited income, poor credit history, and a lot of debt, will more than likely have to turn elsewhere.

Fortunately, there are a few options you could turn to if you lack a bank account and are in a pinch. They are listed below:

  • Title Loans
  • Pawnshop Loans
  • Payday Loans 
A credit score on a computer.
A good credit score will greatly increase your chances of getting a loan.

Obtaining A Title Loan With No Bank Account

The first option you may look at when you’re in an emergency situation without a bank account is a title loan. A title loan is what it sounds like: you give your car title as collateral for the loan you receive. You generally have to repay the loan in 30 days or less.

This is one example of how you can receive a loan even if you have bad credit. It is also a great choice if you need cash fast. A title loan can be obtained much quicker than a conventional loan, one that often takes days or weeks.

A disadvantage of a title loan, however, is if you fail to pay the loan back there’s a good chance you will lose your car.

A Pawnshop Loan May Be A Solid Choice

A pawn shop loan is very similar to a title loan. To obtain this type of loan, you will have to give them something as collateral.

With a pawnshop loan, there is no credit check whatsoever. It may also be the quickest source of your money; you will leave the pawnshop with cash in your hand. Failure to repay the loan will also not affect your credit score.

Opt For A Payday Loan

A payday loan is a short-term loan that is typically paid back when you receive your next paycheck. The amount varies for a payday loan but is generally between $100 and $1,500.

A payday loan is easily accessible. They have fewer requirements than a traditional lender and you can usually receive your money in less than 24 hours. 

With many payday lenders, you receive your money through direct deposit. Higher interest rates can be expected, however, this is because the term of the loan is often much shorter.

Payday loans are also geared towards those who don’t have the best credit. The majority of them also don’t require the borrower to have a bank account. However, if you want to obtain a payday loan without having a checking account, you will have to find an onsite payday lender.

Although you may not need to provide the lender with your bank account information, you will still need to show proof of income to show that you’ll be able to repay your loan.

Fortunately, many payday loans can be obtained online. For example, Pay Day Loans Pro offers an online application. You can apply and see if you’ve been approved in minutes.


In today’s world, not having a bank account can make many things in life much more difficult than they should be. It’s something that makes the options you have financially narrower. 

Speed is also a factor in most cases. You need your money fast. That’s the great thing about title loans, pawn shop loans, and payday loans, they are perhaps the quickest way to have the loan in your hands. 

They are also a great option if you lack a bank account. A bank account is one of those things that if you don’t have already, it could be extremely hard to get. 

Need Cash Fast?

Apply for an online payday loan now!

Click to rate this post!
[Total: 2 Average: 5]
Posted in

Riley Draper