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No Bank Account? 6 Types of Loans for You

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Most lenders require their customers to have a bank account. Especially for online lenders, that’s important. One of the reasons is that the lender needs to transfer deposits to their borrowers. But what if you need emergency cash and you have no bank account? What then?


At least once in your life, you have probably found yourself in a jam when you needed a quick grab of cash for emergency expenses. Maybe you didn’t know anyone you could borrow the money from, but you still needed to deal with the issue at hand. Perhaps the very survival of your fledgling startup was on the line. Or maybe you had to repair your car so you could get back and forth from your home to your retail store.

If you had no bank account at the time, the situation was even more dire.

So you asked yourself, “Where can I get a loan when I have no bank account?” If you have an asset like a car, you can apply for a secured loan. But unsecured loans are a bit more complicated to obtain.


What Documents Will You Need?

Although most lenders list a bank account among their necessary requirements, you still can find options that don’t include that. However, you should pay attention to documents and check whether yours are valid and correct. You will need to provide the following documents:

  • Proof of identity
  • Proof of income
  • Tax report and credit history

You Can Get a Car Loan with No Bank Account

When you’re looking for a loan and you have no bank account, one of the most frequent search results you’ll come across are car title loans. These are secured loans, where you offer your car as collateral. Lenders require collateral for some of their loans as a way to reduce the their losses and risks. In fact, many sell the title and recover their money within moments.

A car title loan requires you to provide the lender with a valid ID and current vehicle registration, along with proof of insurance, residence, and income. Some lenders even insist on installing GPS-tracking devices in the car. The amount of a car title loan depends on the vehicle’s value. Lenders cap a vehicle’s value at half of the car’s present worth.

Try a Pawn Loan If You Have a Valuable Item

A pawn loan is another loan you can get when you have no bank account. If you have a valuable item, just visit your local pawnshop and request a loan. You’ll be able to borrow an amount that represents 20% to 60% of the item’s resale price. The interest rate will range between 5% and 25%, depending on regulations in your state. The repayment period will be three months or less.

However, a pawnshop loan may not be as convenient as other options. That’s because the item you provide as collateral should be unique. For example, if you have a TV to offer, you may receive only a small amount of money, since the pawnbroker will already have dozens of similar TV’s in their inventory. Therefore, you may have to search for a pawnshop that will offer you a higher price for your item.

Payday Loans Should Be Your Last Resort

Payday loans are popular because they’re quick and convenient. What’s more, they don’t require a credit check or collateral. Still, payday loans come with high interest rates and fees that can add up quickly. All the same, payday loans remain popular among borrowers, as they are online loans with no bank account requirements. Depending on your situation, you may consider a payday loan to be your best choice.

To apply online for a payday loan, contact a lender such as You can also visit a payday loan office in person if you prefer. But first, check if the service is allowed in your state. If it is, estimate the amount you need, and make your application. Be sure to return the amount with fees as soon as possible. You can avoid problems with this kind of loan if you approach this option cautiously.

CDFI Loans Are Meant for People Who Have No Bank Account

You can also request a payday loan from Community Development Financial Institutions (CDFI). CDFI is a program of the US Department of the Treasury. Its aim is to help people who struggle with finances. They target people who live in economically disadvantaged areas. The organization is a nonprofit, and you can expect a loan with low interest rates.

However, these loans are hard to obtain within a short period, as you have to take your place behind others who have applied before you. The organization will review your request when your name comes up in the queue. Therefore, many people who require financial assistance quickly choose more expensive but quicker options to cover their emergency expenses. On the other hand, if you can wait and you meet CDFI criteria, you should consider this possibility.

Peer-to-Peer Lending Can Be a Good Choice for Someone with No Bank Account

Peer-to-peer lending company could be a perfect answer to your question of, “Where can I get a loan without a bank account?” This type of lending is a new option. It works differently from financing you may have considered before. With peer-to-peer, or P2P lending, online platforms allow you to contact people or groups of individuals who are willing to loan money to qualified applicants.

The platform websites usually serve as a middle ground between you and lenders, and each site has their rates and terms. Some borrowers turn to P2P lending for debit card loans with no bank account.

Bitcoin Loans Can Be a Good Option

Bitcoin loans are new method of borrowing that you can access via P2P platforms. You don’t need to have a bank account, but you will need a cryptocurrency wallet to receive funding. Bitcoin loans have some risks, as cryptocurrencies are not regulated. Moreover, lenders are not accountable if something goes wrong. 

At the same time, the exchange rate can seriously diminish the amount of bitcoin you receive. In fact, you might even end up with nothing. This is due to the volatility in the market price of bitcoin and other cryptocurrencies. What’s more, lenders can charge higher rates for their loans as compared with standard bank loans. Therefore, consider this method to be an experimental one. It may be too risky for a person who needs a certain amount of money quickly.

Resort to Borrowing Only When You Must

You should consider any loan a good solution only when you don’t have any alternatives and you need a quick infusion of cash. Then choose the most appropriate option. But first, make sure it will not affect your credit score or your assets.