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Want to Get a Loan Without a Bank Account? Here's What You Need to Know

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Financial emergencies are unpredictable, yet they can be very common even when you’re on a budget. Sometimes friends and family can come to your rescue. Sometimes you may choose not to involve them because of different reasons. Taking out a loan can be a better option to consider at this moment. Then the issue of whether not having a bank account can determine if you’ll qualify for a loan and, if yes, what will be your fate? Please read on to understand more about this.

Why a Bank Account Can Be Important

A good number of lenders, when reviewing your application, would want to go through your bank statement to see how you’ve been handling your personal finances. When you’re awarded the loan, the bank account makes the transfer of the funds much easier and convenient. Especially with the current use of electronic Automated Clearing House (ACH) disbursement and repayment method by most lenders. A bank account increases your chances of loan approval and, perhaps, competitive rates. If you’re in need of quick cash, there are several platforms – faster than the traditional banks – where you can get fast cash loans.

Can You Get a Loan Without a Bank Account?

Fortunately, yes. Unfortunately, it will be much different and difficult than with a bank account. You’ll be only viable for short-term loans such as title loans, bitcoin loans, pawn loans, and payday loans. Here’s how each of these loan types works.

  1. Title Loans

With title loans, you’ll be able to borrow against the value of your car. Normally, most lenders will allow you to take out between 25-50% of the value of your car but you’ll need to apply in person. You’ll put your car’s title up for collateral. You’ll risk losing the ownership of the car should you default payment. The rates are also higher with these loans.

  1. Bitcoin Loans

You may need to have good crypto knowledge with this type of loan. It allows you to repay a term loan through bitcoin using a relevant lending platform other than a bank or online lenders. Investors will fund your loan and collect the bitcoin on repayments. A major setback with this type is that it’s not a stable currency.

  1. Pawn Loans

This type allows you to put up your valuables for collateral to a pawn shop and borrow about 25-60% of the resale value of your items. Your items will be returned as soon as you pay back the loan lest you lose them should you default.

  1. Payday Loans

These loans require zero collateral. However, you’ll have to apply in person and you’ll agree with the lender whether you’ll repay by money transfer or in cash. The loan regulations differ from state to state and not every state has legalized this type of loans. You should inquire first before applying for the loan.


Financial emergencies can be inevitable, especially when it comes to family & health issues. These emergencies can cause a big dent on your personal finance and may force you to compromise on other necessities. You can apply for a quick loan to take care of the emergency. You can also qualify for a loan without having a bank account, but your options will be limited and somehow unfavorable. Your main options will be payday, bitcoin, pawn, and title loans. You need to think through your options in order to make informed decisions. Good luck!

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