Can I Get a Loan Without a Bank Account?

Man signing loan papers

Are you wondering, “Can I get a loan without a bank account?” Generally no. Payday loans are one example of a loan you can’t get without a valid checking account, as it’s a type of unsecured loan. That means you are borrowing money with no collateral to guarantee it. For payday loans, you must have:

  • Proof of income
  • Valid identification
  • An active checking account

A valid checking account helps to guarantee repayment of the loan and allows the lender to see how you handle your money. There are, however, other types of loans that could be available to you, even if you have no job and no checking account.

Loans That Don’t Require a Checking Account

If you need quick cash but don’t have access to a checking account, you have options. These include secured loans, such as title loans, Home Equity Lines of Credit, and loans secured by a co-signer. Typically, these loans are more difficult to come by, particularly if you have less than perfect credit, but for borrowers who need emergency cash, they’re a viable option to consider.

Factors That Determine Your Eligibility

There are several things to consider before committing to a loan — with or without a checking account and income verification. Among the most important are:

  • Credit Score: A poor credit rating could lead to high interest on your loan or denial. If you can, try to get your credit in order before you apply for a loan.
  • Income: The higher your regular income and the more stable your work history is, the easier it will be to qualify for credit.
  • Ability to Repay: If you’re over-extended already, you might find few lenders willing to loan you the cash you need. Try to pay off any outstanding balances before you take out any new loans.
  • Co-Signer Credit History: If you’re using a co-signer, make sure they’re credit history is good. They won’t be able to help you if they’re defaulting on their own payments.

Find the Right Option at Xpress Cash

If you aren’t sure which of these options might be right for you, the experts at Xpress Cash are here to help. Contact us today or stop by one of our branches to speak to meet with a knowledgeable agent today. We have locations in Idaho, Wisconsin, and Michigan.