Can You Get Payday Loans with No Bank Account?

by Philip Nelroy   Last updated: December 3, 2019
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When you don't have access to a bank account, you may struggle to find a reputable financier willing to work with you. Without access to financing or credit, daily life can be more cumbersome, stressful, and difficult. It can be even worse when this is paired with a poor credit score.

Many in similar situations have found their footing and regained control over their life. While there are ways to do this, a poor credit score can present a uniquely challenging scenario.

You may consider payday loans as a potential method to improve your financial wellbeing. These are loans that are smaller in size than those offered by personal loan providers and creditors. They carry higher interest rates and expensive consequences for missing the payment deadline. While these descriptors may sound off-putting, these loans regain their usefulness in their more lenient approval process.

Lenders do not offer no credit check payday loans

It is important to note that using a payday loan requires incredible discipline. Without a game plan, they can drag you into further debt. We will discuss how you can utilize these high-risk, high-reward financing alternatives wisely and with mitigated risks.

We will also discuss how it may be possible to obtain one without access to a bank account. Many incorrectly assume that lacking a bank account voids their eligibility as a potential payday loan recipient. Thankfully, this may not be the case.

Payday Loans with No Bank Account Required - What You Need to Know

No bank account payday loans are hard to find. Without a bank account, loan providers will be quick to examine your ability to make a payment.

In this context, a bank account can come in one of two forms— a savings account or a checking account. They are unique in the details concerning how they impact approval as well as their value to different outlets.

Generally speaking, lenders put more weight on a checking account. This is partly because a checking account speaks to more personal responsibility and experience in managing finances than a savings account. They may carry a significantly higher degree of legitimacy and accountability on your part.

Savings accounts are the other form of bank account a lender may accept. They aren't as valued as checking accounts are when it comes to being approved for a loan. It is easier to open a savings account. If you don't have one, it tells a lender that you aren't on good terms with not just one, but multiple banks. It goes without saying how this may impact their willingness to work with you.

You may have never thought of opening a savings account. Maybe you are a young adult who doesn't know the ins and outs of finances just yet. If this describes you, then your best course of action is to head down to a bank of your choosing and open a savings account. It won't make getting approved for a payday loan a sure thing, but it is still an indispensable tool for you to have when navigating the financial landscape.

The other scenario is one where your history with banks is tumultuous in such a way that it prevents you from having a savings account. Speaking bluntly, this is a worst-case scenario. It informs lenders that not only do you have a shaky financial history, but you may have also been involved with delinquent payments.

In both scenarios, it's recommended you try to obtain some form of bank account if it's a viable option for you. A checking account carries a financial obligation, so it may not be something you're willing to take on, but you have little reason not to open a savings account.

If you're capable of opening a bank account, this is where the thing ends for you. The rest will be dedicated to offering helpful advice and strategies for those who can't obtain a bank account for one reason or another.

How to Get a Payday Loan Without a Bank Account

Your options will be limited if you don't have a bank account and you are unable to open one. It's unavoidable when considering your circumstances. But limited options aren't necessarily a bad thing.

We recommend limiting your potential partners to those based online. Many in-store locations will require a bank account to consider you for approval. Generally speaking, brick-and-mortar outlets are stricter regarding their application process.

This means that working with online vendors optimizes your chances of finding a willing partner. Additionally, online vendors may offer payday loans with no bank verification, which can be very useful in certain circumstances. This method presents an issue of its own, however. Without a bank account, how is an online lender supposed to pay you? You may have a few options available.

Most online outlets sell themselves on their quick turnaround from approval to loan delivery. This is because these outlets almost always use direct deposit. Since this isn't an option for you, these lender's main selling point is entirely moot.

Because of this, you should expect to wait upwards of a week to receive your loan. If you need this loan for a pressing expense or emergency, it's understandable why this may be frustrating. You may be able to find an alternative funding source that is faster, but if not, then this delay may be a necessary speed bump on your way toward an online payday loan without a bank account.

You can mitigate this inconvenience by finding an online vendor with a base of operations near where you live. Doing so will mean there is less travel time between you and your loan.

No Direct Deposit?

Some lenders will not work with you if you do not have direct deposit. If you can find one who does, you may be offered a cash loan. This can make it slightly more difficult to pay off your creditors, as you will need to get the cash into whatever account you plan on using to pay off your expenses.

Receiving a payday loan without a bank account isn't impossible. If you're informed and take the right steps to prove to your lender that you are a trustworthy partner, you may be able to find funding. As is the case with all financial commitments, take care to make sure you are capable of paying for your debts in a timely and consistent manner.

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