How to Get a Loan without a Bank Account

How to Get a Loan without a Bank Account

How to Get a Loan without a Bank Account
Elysia Stobbe

Have you ever wondered how to get a loan without a bank account? It’s possible, but there are specific requirements you need to meet.

Not every person has a bank account. About 31% of the total global population is unbanked. But, that doesn’t necessarily mean you can’t get a loan to solve some financial issues.

There are many other options available for those in need other than personal loans. These loan options make it easier for a vast number of people to get financial help. Just take time to look deeper into the matter and discover the different loan types.

Can You Get a Loan without a Bank Account?

Yes, you can. You can access loans without a bank account thanks to different financial lenders. But, you have to seek the best options and consider the interest rates.

Most financial lenders want you to have an account to take note of your financial history. But, lacking such information doesn’t bar you from accessing loans.

For instance, you can apply for a loan with no bank account from different financial lenders. However, certain factors can dictate how much money you get. These include:

Credit History

What is your credit score? Do you have good or bad credit?

While a lender can dish out personal loans without a bank account, they need to know your credit history. That way, they can decide whether to loan you the money or not.

Source of Income

A lender will consider what you do for a living. That is, are you self-employed, run a business, or an employee? The nature of work you do will help when it comes to repayment of the loan.

Most lenders want to know you have a source of income. Others take stock of certain assets you own, including vehicles and household items.


Age matters when trying to get a loan without a bank account. Most lenders start giving out loans from the age of 18 and stop when most people are retiring.

However, you can still get a loan even at an older age using other collateral like your IRA account. It all depends on the lending company and its policy.


Getting a loan without a bank account and bad credit can seem like a tall order. But, some lenders accept to lend you the money as long as you pay a down payment. Another way is subtracting the down payment from the loan amount.

After understanding these factors, check out the different loans available below.

Different Types of Loans without Bank Account

There are several loans you can access even if you don’t have a checking account. These include:

Payday Loans

Most lenders base payday loans on your income. You can access a certain amount lower than, equal to, or more than the amount you earn.

The lender takes time to assess your financial situation before they can dish out a particular sum. But, it’s worth noting that a payday loan with no bank account required charge a higher interest rate.

However, while this is an option, it’s worth noting that payday loans are illegal in some parts. For instance, 13 states in the US have outlawed them.

Still, many people opt for them, including payday loans that accept prepaid debit cards. You can pay more than 780% annual percentage rate (APR) in terms of interest rates. The reason being, such lenders, aren’t limited by usury laws.

Title Loans

You can apply for a loan with no bank account if you own a car. The lender gives you what is known as a title loan that uses the vehicle as collateral.

Lenders charge to request a copy of your driver’s license and proof that you own the car. After that, they evaluate the vehicle before loaning you the money.

Once the loan application goes through, you have to hand in the car’s title to receive the funds. Lenders charge high-interest rates plus additional fees for title loans.

Usually, you have to pay a 25% fee for the amount borrowed. In addition, you have to keep up with the payment agreement. Otherwise, you can lose the vehicle.

Cash Advance

Alternative lenders offer individuals cash advances. It’s a service available from many credit card companies.

You get a loan without a bank account by withdrawing a set amount in cash form. But, be sure to note the interest rate and other charges that come with the cash advance.

Credit card companies charge additional fees as well as a high-interest rate.

Apart from credit card advances, you can receive a merchant cash advance. The loan is available to businesses or companies with bad credit and needs some financial help.

Usually, the arrangement is the lender receives part of the future sales of the business. So, the lender needs credit card receipts that show the amount of business the company gets. That way, they can assess their creditworthiness and ability to pay the loan.

Personal Loans

Picture this: you need a loan but aren’t sure if it’s possible to get personal loans without a bank account. Well, you can breathe because there are options available.

Secured loans are popular ways of getting a loan without a bank account and bad credit. The primary requirement is to meet the set credit score for unsecured loans. Some of the most popular unsecured personal loans require a score of 650 and above.

For that, you can receive a set amount. There are competitive interest rates, and the loan amount can be higher with a better score.

Can I Get a Loan with a Prepaid Debit Card?

Yes, you can get a loan using a prepaid debit card. These funds are easy to access from the ATM, plus you can set up the card for future deposits.

At least have prepaid debit cards. It’s why you can find lots of lenders willing to offer this type of loan.

The Bottom Line

There are no bank account loans available to most people. All you need is the correct information and qualification.

One point to note is most charge high interest rates, have stiffer penalties for late or failed payments and charge extra fees.

Elysia Stobbe
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Elysia Stobbe has written quite famous mortgage books popularly known as “How to Get Approved for the Best Mortgage Without Sticking a Fork in Your Eye" and “Journey to Success – 52 Weekly Habits You Can Master Without Sticking a Fork in Your Eye". She has been the number one best-selling author for her amazing creations.