8 Loans You Can Really Get Without a Bank Account

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Compare lenders who do not need a checking account.

Compare lenders who do not need a checking account.

Without a chequing or savings account, your loan options may be missed. But alternative services could be a way for you to fill a financial gap without needing your local bank.

Option without bank account: Max Cash Title Loans

  • Max. Amount of the loan: 50 000 €
  • Completion time:1 working day
  • Term of the loan:Varies according to the lender
  • Requirements: You must be a US citizen or permanent resident, be 18 years of age or older and have a regular source of income.
  • No bank account required
  • No prepayment penalty
  • Bad credit OK

Option without bank account: Max Cash Title Loans

With a quick online application, Max Cash could help you connect with a lender and find options in minutes.

  • Max. Amount of the loan: 50 000 €
  • Completion time:1 working day
  • Term of the loan:Varies according to the lender
  • Requirements: You must be a US citizen or permanent resident, be 18 years of age or older and have a regular source of income.

Yes. But it will probably cost you more than the average personal loan. This is because many of your options fall into the category of short-term loans. These loans have different names: payday loan, automatic title, pawnshop, debit card and signature. What makes them expensive are fees and APRs that can reach 700% or more.

A current account, however, opens the door to stronger lenders and could help you potentially benefit from competitive rates if you have good credit.

Compare the best loans without a bank account

When considering your application, some lenders like to know how much money you have to get an idea of ​​how you manage your personal finances. A bank statement can easily provide this information.

Bank accounts also make it easy for lenders to quickly transfer requested funds. Nowadays, most lenders use the electronic clearing house (ACH) to disburse your loan and recover repayments. ACH only works between bank accounts.

In addition, a bank account can show lenders that you are in good financial health and that there is no risk of borrowing. The less risk you run, the more likely you are to get approval and competitive rates.

There is no “best” loan on the market. Answer these questions to find out where to start.

Do you own a car that you would be willing to use as a warranty?

  • Skip the loan title – you will not qualify.

Do you have personal valuables that you are willing to separate – such as precious stones, gold, or expensive electronics?

  • Yes. Pawnshell may be the answer, but you will lose this item if you can not pay it back.

Do you own bitcoin?

  • No. You can still claim a bitcoin loan without a bank account by purchasing a cryptographic key via PayPal with a prepaid debit card. But it might take longer than other options.

Are you willing to consider opening a bank account?

  • Yes. Take another look at check account offers. Even if you are retired, unemployed, banned from your current bank or undocumented, there may be banking options for you.
  • If you are sure you can not open a bank account or if you simply do not have the time, you can go directly for a short-term loan, guaranteed by a guarantee.

Without a bank account, you are usually limited to short-term loans. Automatic title and pledge loans generally require collateral, unlike other options.

Top 8 Choices for Loans Without a Bank Account

Top 8 Choices for Loans Without a Bank Account

A maximum of money Auto title loan Submit your information on the website to be connected with a lender. You could qualify for 50% to 90% of the value of your car, up to 50,000 €. You must be a US citizen or permanent resident, be 18 years of age or older and have a regular source of income. APRs can range from 29% to 300%. The average is about 87% to 97% APR. Go to Max Cash’s website
LoanMart Auto title loan Borrow from € 1,000 to € 50,000 using your car as collateral. Funds are sent via e-filing, postal check, MoneyGram or cash withdrawal from WalMart. Must live in AL, AZ, IL, MO, NM, SC or UT. Must have a verifiable income, a car value of at least $ 1,500 and a vehicle that is refunded or about to be paid off. Depending on the value of the car and your ability to make regular payments on time. APR Go to the generic supplier’s website
Finova Financial Auto-equity loan Ask between 750 € and 5000 € and receive a check of funds by mail or MoneyGram. Must live in AZ, CA, FL, NM, SC or TN. Must own your car, have a valid automobile insurance policy and be a US citizen or permanent resident. Up to 30% APR Go to Finova Financial’s website
BTCPOP Bitcoin loan Create an account to publish a list for a peer-to-peer personal loan. Investors then help finance your loan. Mandatory information: name, e-mail address, verification of the identifier. 15% (as low as) APR Go to BTCPOP’s website
Moneytree Payday loan Visit a branch to complete a short request. Must live in ID, NV or WA with a verifiable income, an address and a phone number. 16.50 euros for every 100 euros borrowed in Idaho and Nevada. In Washington, it’s 15 euros for every 100 euros borrowed up to 500 euros and 10 euros for every 100 euros above 500 euros. Read the review
Axos Bank Personal loan Fill out an online application 680+ credit score, DTI 45% or less, savings account accepting Fedwire transfers 6.5% to 25% of APR, including 5% origination fee Read the review
Regional Finance Personal loan Prequalify online and recover approved funds at a branch. Live in a state served by Regional Finance, have a credit score of at least 550, be a US citizen or permanent resident, be at least 18 years old. Varies according to the states. Loans are secured by personal sureties to limit costs. Read the review
Capital Good Fund CDFI loan Apply online for between $ 300 and $ 2,000 and receive your funds on an ACH-compatible prepaid debit card. Resident of Rhode Island, Massachusetts, Delaware or Florida, source of regular income, no current bankruptcy, unpaid alimony or mortgage. 10% to 24%, depending on the type of loan. No charges. Read the review

Securities lending

Securities lending

This short-term loan option allows people who do not meet personal loan requirements to borrow against the value of their car. You can often purchase between 25% and 50% of the value of your car, although it is possible to borrow up to 90% of its resale price. Some lenders do not need a bank account if you apply in person.

With a title loan, you put the title of your car as collateral rather than the vehicle itself. This means that you can drive it while you repay your loan.

If you can not pay it back, you will lose ownership of your car. This is a real risk: a study conducted by the Office of Consumer Financial Protection in May 2016 revealed that a fifth of securities loans had resulted in a repossession – and a third to a default.

Guarantees expose you less to your lender, which often means higher rates than you would get with a payday loan. But these loans remain expensive and are subject to state regulation.

As with payday loans, consider phoning ahead of time to make sure you can qualify without a bank account.

Find a car title loan in your state

  • General eligibility. You must be a US citizen or permanent resident, be at least 18 years old and have a car title in your name. You must also prove a regular income.
  • Maximum loan. As a rule, 50% of the value of your car.
  • Typical APR. Can be around 200%.
  • How to register. Bring the title of your car to your lender and fill out a quick form. Before you can collect your loan in cash, by check or money order, you will have to drive your car for an evaluation.
  • The necessary time. As little as a day.

This short-term loan may take longer to repay than you think.

This short-term loan may take longer to repay than you think.

A high APR on a payday or security loan may not be expensive if you can repay it on time. But it can become expensive if you choose to defer your loan or take out a new loan to repay it later.

The debt cycle is real: a 2014 study by the Office of Consumer Financial Protection revealed that borrowers renew more than 80% of payday loans issued in the country. He also found that people who regularly take out payday loans may remain in debt for at least 11 months at a time. This leaves many Americans who pay several times the amount borrowed.

Before you take out a loan, ask yourself what is the probability that you can repay your loan on time. If you have financial difficulties, consider contacting a credit counseling agency before taking out a loan.

A credit counselor can explain your options and help you develop a recovery plan. Start with the list of credit counseling agencies approved by the government of the Department of Justice.



Rather than selling and redeeming your personal belongings, some pawnshops allow you to place your valuables as collateral for a loan. With a pawn loan, you borrow a percentage of the resale value of your object – usually between 25% and 60% – by paying it back in cash, after which your items are returned.

Fees tend to be high, even if they are negotiable, and depend on the laws of your state and your relationship with the store. As a rule, you have a few months to pay for it.

How pawnshops really work

  • General eligibility. You must be at least 18 years of age and possess an item of high resale value, such as jewelry or electronics.
  • Maximum loan. About 60% of the value of your object.
  • Typical APR. This varies widely from state to state, although it is often less expensive than a payday loan or a title deed.
  • How to register. Get your valuables online, and bring your item and valuation to the pawnbroker. Fill out a quick form to get your money, as well as a ticket to recover your item after the repayment of your loan.
  • The necessary time. Typically not more than a day.

Debit card loans

Debit card loans

By definition, these loans do not involve sending cash to a bank account. Instead, your lender charges your funds on a prepaid debit card in your name, which you can withdraw in-store or receive by mail. However, you will need proof of a bank account to be eligible. The convenience here is that there is no need for funds to be deposited or withdrawn from your bank account if you do not want it.

These cards can encourage repeat borrowers, providing an easy way to sign up for future loans. Some even allow you to earn rewards just as you would with a credit card.

Most lenders offering debit card loans are payday lenders, which means the same restrictions apply on payday. If you apply mostly online, call ahead to make sure your lender is operating legally in your state.

Compare loans that can be charged on a debit card

  • General eligibility. You must be a US citizen or permanent resident and be at least 18 years of age and have a regular income.
  • Maximum loan. Varies depending on the lender and the financial situation.
  • Typical APR. Can be 200% to 700% or more.
  • How to register. Fill out an application online or in a store.
  • The necessary time. As little as a day.

Bitcoin Loans

Bitcoin Loans

If you do not have a bank account, you can also pay off a term loan entirely in bitcoins, thanks to loan platforms like Btcpop. Here, investors finance your loan and collect repayments, rather than an online bank or lender.

Already an expert in crypto? You will understand risks better than beginners. Otherwise, this borrowing option may not be suitable for you.

Why not? On the one hand, bitcoin is not a stable currency. Its value changes every minute and the federal government sees it as a type of security, such as stocks or bonds. It’s impossible to predict what the value of your room will be tomorrow, let alone when your loan is due.

Bitcoin is also in a regulatory gray zone in the United States. To complicate matters further, most Bitcoin lenders have their headquarters abroad. Fewer restrictions may allow lenders to freely reign over illegal practices in the US, leaving you vulnerable to scams.

How does the bitcoin loan work?

  • General eligibility. You must have a verifiable identifier.
  • Maximum loan. Varies according to the lender.
  • Typical APR. Varies according to the lender.
  • How to register. Set up a Btcpop profile, apply for financing and wait for investors.
  • The necessary time. As little as a day.

Payday loans

Payday loans

“Payday loans” have become a catch-all phrase for any short-term loan that does not require collateral. These loans are intended for people who can not qualify for a personal loan due to bad credit or a missing eligibility requirement, such as a bank account.

If you apply in person, some lenders allow you to collect and repay your funds in cash or by transfer of funds.

Knowing what payday loan you need to ask depends on how much money you need. If you need more than 1,000 euros, a traditional payday loan could be your solution: you will pay it off the full next time you get paid, plus a fixed fee.

Payday loans are not legal in all states. Even if they are, each state – and sometimes every city – has its own regulations that could prevent lenders from offering loans without a bank account.

Confirm the rules of your state and find lenders in our payday loans directory.

Learn how payday loans work

  • General eligibility. You must be a US citizen or permanent resident and be at least 18 years old and live in a state where payday loans are legal. You must also prove a regular income, with some lenders limiting the portion of your income that may come from benefits. Others require a bank account.
  • Maximum loan. Generally up to € 500 for traditional payday loans.
  • Typical APR. Often 200% to 700%, depending on the lender.
  • How to register. Appointment in person to the payday lender, complete a quick form and get your loan in cash or by money transfer.
  • The necessary time. As little as a day.

Before taking out a short term loan

Payday loans, installment loans and auto loans come with high rates and fees that can trap you in a debt cycle. Borrowers may get a second or third loan because they will not be able to repay the first loan in time.

Consider alternatives before opting for a short-term loan:

  • Local resources . Government agencies, non-profit organizations and local charities often provide free financial services and assistance in the form of food, utilities and rents to those in need.
  • Payment extensions . If your payments are late, talk to your billers for a longer payment plan or an extension to your due date.
  • Secondary jobs . Today’s digital market offers the ability to sell unwanted items more easily, sign up for food delivery or use carpool services.

CDFI loans

CDFI loans

Some community development financial institutions (CDFIs) offer payday loan alternatives that do not require a bank account. For example, the Rhode Island Capital Good Fund allows borrowers to have loans loaded on a prepaid debit card. CDFIs are non-profit organizations whose mission is to serve economically disadvantaged areas. So you may be able to find an affordable loan, be it a security or a payday loan.

The disadvantage is that they can be hard to find and may take longer than a more expensive lender. Since these are local institutions, most serve only a small number of states – if at all – you will have to look nearby. But if you have the time, the savings could be worth it.

Find a CDFI in your state

  • General eligibility. Live in an eligible state, stable income (employment not needed), debit card can receive bank transfers.
  • Maximum loan. Up to € 2,000.
  • Typical APR. 10% to 30%.
  • How to register. Find a CDFI near you and apply online or in person.
  • The necessary time. Typically a few working days.

If you do not qualify for a chequing account at your local bank – or if you do not want to pay their fees to open one – you have several choices.

Free account

Free account

A 100% free account is rare – in general, withdrawing money abroad or replacing a credit card can cost you a lot. However, some banks offer chequing accounts with no monthly fees, ATMs or even overdrafts. It is even possible to find a bank that does not charge fees for international transfers.

Each bank with its own requirements, make sure you are eligible for such an account. You may need to reach a minimum income or an opening deposit – though this may be as low as $ 5 in a credit union.

Savings accounts

Some lenders are willing to work with borrowers who only have a savings account, as long as they can accept your disbursed funds. Generally, you will not have to meet as many requirements or pay a monthly fee. In fact, you could gain some interest in the funds you keep there.

Having a savings account slightly opens your borrowing options. However, regular withdrawals can also result in fees, which prevents you from using it as your current account.

Find a savings account that’s right for you

You may have avoided getting a bank account because banks can charge high fees and it can be difficult to manage if you live pay check. But you can actually save money if you find the right bank. A bank account can open you better loan options with a TAP and lower fees. It can also help you manage your monthly bills and make your payments easier.

Before opening an account, evaluate your needs to see which bank is best for you. Some do not offer a monthly fee or minimum balance, while others are suitable for travel and offer free withdrawals from international ATMs. Explore your options before choosing a bank account.

If you find a bank account that’s right for you, follow the steps to open an account:

1. Gather your documents

1. Gather your documents

  • ID. Social security card, driver’s license, passport or birth certificate are acceptable.
  • Proof of address. Lease or utility bill bearing your name.
  • Deposit. This varies from one bank to another, but you will need 25 to 100 euros to open an account.

To open an online account, you must scan all documents and deposit using a debit or credit card or transfer from another account.

2. Fill out the form

2. Fill out the form

Whether online or in person, you must complete an application. To approve your account, the bank checks your creditworthiness by checking your bank history. If you are approved, your account and routing number and other account information will be communicated to you.

3. Read the fine print

Remember that opening a bank account allows another person to take care of your money. So be sure to understand the policies and fees of the bank. Read all documents looking for additional fees and when your funds are available for a withdrawal.

4. Manage your account

4. Manage your account

Once you’ve made your initial deposit, sign up for direct deposit, wire transfer, and stay on top of what you’re spending so you do not over-use your account. Most banks have accounts or online applications where you can check your balance, pay bills, and so on.

Even if you do not have a green card, you may be able to open a bank account. Many banks are willing to work with you as long as you meet other requirements. As a general rule, you must at least provide your passport or other government-issued identification, proof of address and tax identification number. You may also need to show proof of income.

If you are an international student, you can often open a bank account with proof of registration and your immigration papers. In this case, you are not required to prove your income.

If you do not have a bank account, you are not alone (although you belong to an exclusive club). According to the FDIC, only 0.7% of Americans live in households where no one has a bank account.

Sub-banks, however, are more common: nearly 20% of Americans have a bank account but also depend on other financial products, such as money orders, check cashing or payday loans.

  1. Not enough money to keep an account: 37.8%
  2. Lack of trust in banks: 10.9%
  3. Other: 10.3%
  4. Expenses too high: 9.4%
  5. Low credit, lack of ID or problems with previous accounts: 5.7%
  1. Privacy issues: 3.4%
  2. Bad hours: 3.3%
  3. No branches nearby: 2%
  4. Unpredictable fees: 1.9%
  5. Bank does not offer the right services: 1.3%

According to the 2015 FDIC Household Survey.

It is possible to obtain a loan without a current account. Your main options are auto-securities loans, pawn shops and bitcoins.

But you may want to reconsider your bank account options before applying. Most competitive lenders require borrowers to have a checking account to check their finances and have a place for deposits and repayments.

  • Can I get a payday loan while contributing to Social Security?

    Yes, although obtaining a loan from social security carries risks. Your options are limited because many payday lenders limit the portion of your income that can be generated by programs such as Social Security.

  • Can I buy a car without a bank account?

    Yes, but you are usually limited to dealer financing. Your income is often more important than keeping a bank account. So, if you can provide other proof that you are receiving money, you may qualify.

    As with personal loans, your options without a bank account are usually more expensive and may have pitfalls that you may not find with a typical personal loan. Find out how this financing works in our guide to auto loans.

  • Do I need a job to get a loan?

    Most legitimate lenders need an income, but you can find an unemployed loan. If you receive alimony, unemployment benefits or other monthly payments, you can apply for funding with some lenders.

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