How to Get a Loan Without a Bank Account

This means any check deposits will need to be done remotely. Banks determine if you are eligible for a loan by your creditworthiness. Repaying a pawnbroker usually requires payments in cash given directly to the pawnshop, which makes it ideal for a person without a bank account. Blog Careers Contact Customer Service. Along those lines, your credit card might be a viable loan replacement, particularly for short-term loans. Because this small loan will be settled in such a short period of time, you will not have to pay a huge interest fee, and your credit will improve dramatically.

The Majority of Lenders Will Require a Checking Account

Personal Installment Loans for Bad Credit

This means that credit scores are not checked, and many credit loan agencies offer loans without the need of a bank account. Applying for a payday loan will also not affect your credit history unless you fail to repay the loan. In conclusion, if you need a payday loan and have no checking account, you can relax. It is easy to find a lender that does not require a checking account. If you have a savings account or a verifiable source of income, you will not have a problem finding a lender. 8 Loans for People with Bad Credit & No Bank Account. GUIDE. Advertiser Disclosure. By: Ashley Dull. In fact, excepting a few questionable payday lenders, the vast majority of lenders will require you to have a valid checking account as a basic application requirement. Bad Credit Loans You Can Bank On. Like rose-colored glasses.

Personal Loans for People with Bad Credit and No Checking Account


Yes, like Pogs, feathered bangs, and paper checks, it often seems that free checking is a thing of the past. Whether we like it or not, between direct deposits and online shopping, the average consumer needs a bank account simply to function in the modern financial world. And while you can obtain prepaid cards and use cash for most purchases, some things in life simply require a checking account — and that includes obtaining a personal loan, regardless of your credit.

In fact, excepting a few questionable payday lenders, the vast majority of lenders will require you to have a valid checking account as a basic application requirement.

For another, this gives the lender a little more information about your finances, which it will use as part of its credit risk analysis.

The majority of personal loan lenders will have the same basic requirements, including a steady income and valid checking account. Of course, the cost of maintaining a checking account seems to keep increasing every year, and the only way to avoid the fees is through elaborate systems of automatic transfers and minimum balances.

The solution to the high-priced checking account dilemma may actually be to ditch the traditional checking account altogether — and head online. A number of banks are now offering fee-free online-only checking accounts with all the basic features, including direct deposits, bill paying, and debit cards. This means any check deposits will need to be done remotely.

You may also have limits on the number of transactions you can perform per statement cycle. Named for the installment-based repayment structure, personal installment loans are a good way to finance purchases you need to repay over a longer period of time, as they typically extend from three months up to seven years.

Online lending networks, such as our top-rated picks below, can be an easy way to receive multiple quotes all at once. Most of these offers are provided by banks. When it comes to loans without a bank account, a secured loan is a great option. A secured loan could open the door to hundreds or even thousands of dollars in immediate loan money, all while eliminating the complex paperwork, aggravation, and uncertainty of a bank loan.

If you have a car and your title is lien-free, then it is very likely that you will qualify for a secured auto title loan. Our loans make it easy for you to reach your immediate goals, pay whatever bills you need to pay, and then repay your loan with reasonable interest rates and pay periods.

As long as you have access to a lien-free car title, you will most likely qualify for a loan with us. The specific amounts available vary by state and car value. We work with people just like you to make it easy to obtain a fast and sizable loan.

Even if there are minor issues with your application or situation, we will still do everything possible to work with you.

We understand that good, honest, hardworking people, sometimes need loans! We also strive to make it easy for you to pay off your loan.

For example, you can pay off your loan in full throughout its lifetime without accruing pre-payment penalties. We strive to charge rates competitive to other lenders. The terms of your loan will also be limited. The amount you can borrow will be small, and you will most likely only be granted a personal loan or a student loan, since house and car loans are considered too risky for a person with bad credit.

In certain cases you could be granted a salary loan if your income is high enough to repay it. In the sticky situation where you have bad credit as well as no bank account, you may still borrow money from an alternative lending agency if you are able to put up collateral.

This collateral must have value, such as a car or your house. Not all lending agencies will offer this policy so shop around to find one that does. Getting the loan you want may be too difficult with bad credit and no bank account, but by improving your credit score you can better your chances of getting a bigger loan with a lower interest rate.

The best way to improve your credit history with bad credit is to borrow small amounts of money and immediately pay it off. Because this small loan will be settled in such a short period of time, you will not have to pay a huge interest fee, and your credit will improve dramatically.