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Payday Loan with No Bank Account
21 Jun 2019

Can You Get a Payday Loan with No Bank Account? the Ultimate Guide

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Here’s the thing: financial issues can happen to anyone at any time, and a lot of the time it’s not our fault – the car breaks down unexpectedly or someone breaks their leg and can’t work.

In these instances, it’s great to have backup savings that you can fall back on, but this also isn’t always a reality for many people. Sometimes, people fall into dire financial straits and don’t have a bank account to rely on either.

So you might ask: is it possible to get a payday loan with no bank account?

Turns out it is, in fact, possible, though there are a few caveats, as well as a few important considerations to think on prior to getting that loan.

Ready to learn more? Let’s get into it.

How To Secure A Payday Loan With No Bank Account

Securing a payday loan with no bank account is relatively simple. Ultimately, it’s the same process as if you had a bank account, though not every lender will allow you to do this.

Once you’ve found a lender that will allow the loan, you need to make sure you meet the following criteria:

  • Valid driver’s license
  • Have a demonstrable source of monthly income
  • Be over the age of 18
  • Be a US citizen
  • Valid phone number and email address

Some lenders will also require that you have a working vehicle as well.

So the process is simple enough: do an internet search for lenders in your area, go in, and apply for the loan.

What About My Credit?

Fortunately, if you absolutely need a payday loan with no bank account but your credit isn’t too great, you don’t have to worry because these types of loans typically don’t even look at your credit.

This makes these kinds of loans ideal for times when disaster strikes and you need quick money to fix a car or a broken leg.

You also rarely need to offer security against the loan. That means you’re receiving the entirety of the loan without having to forfeit anything of your own, making them great for people in a jam.

Ultimately, though, the loans might not be the largest ones you can get, typically ranging anywhere from $100 to $1,000 dollars.

Despite these features, it’s important that you know the potential downfalls of securing a payday loan with no bank account.


Some lenders will charge higher fees when you get a payday loan with no bank account. They do this because it’s a little more difficult to ensure that you will actually pay back the loan, so they want to increase the amount of money they get back as collateral.

While this sounds daunting, if you’re using the payday loan just to get you over the hump until you get paid next, this shouldn’t be a huge problem.

However, if you foresee difficulty in paying the higher fees, perhaps a payday loan isn’t the best bet.


The APR can also be extremely high on these kinds of loans, sliding up to a whopping 700%.

It’s worthwhile to weigh the cost of having the loan vs. what you will be paying for. Sometimes, this incredibly high-interest rate might not be worth the headache of repaying a massive APR.

On the other hand, if you just need a little bit of money for a short while and are confident in your ability to repay the loan, then no worries there.

Length of Term

Because of their general usage, securing a payday loan with no bank account means you are signing up for a short term loan. This should be kept in mind when thinking about pursuing a loan because it’s often not financially feasible (or even allowed) to have these loans for a long period of time.

If you need a loan to pay for something over a longer stretch (like a vehicle), there are options for people with no bank accounts, such as bad credit personal loans.

Is It Worth It?

By now, you may be asking if it’s worthwhile to try and get a payday loan with no bank account.

Ultimately, the answer to that question depends on your situation.

For instance, let’s say that you are $100 short on your rent and you get paid in two days. In this case, a payday loan with no bank account might be worth it because there’s very little time for the interest to add up. This can be easily paid back in a couple of days and will get you through to your paycheck.

On the other hand, let’s say you need $500 to fix your car and you don’t get paid for two weeks. This loan stacks up a lot more, meaning that it takes a much larger chunk out of your eventual paycheck.

That could make the two weeks after your paycheck look a little grim, especially if something else happens. In this event, it might be better to look at your alternative options or reach out to those around you for help. After all, putting yourself in debt with payday loans can be a tough cycle to break.

Fortunately, there are a number of online options for banks that allow checking and savings accounts with no minimum balance and no annual fees. For people living paycheck to paycheck, this might be ideal in terms of being able to build up capital over time (or secure better loans because you have a bank account now).

Now What?

Now you know it’s possible to secure a payday loan with no bank account, so if you’re ever in those dire straits and you just need a little cash, you’re covered. Just make sure to consider all your options and shop around for the best possible rate you can get.

Want to learn more? Check out some of our other great financial blog articles to learn more (like how to get online loans with no credit check) and contact us if you have questions or concerns.

Here are some other articles you may enjoy:
How To Find The Best Unsecured Credit Card
Car Insurance Questions: How Long Does an Accident Stay on Your Insurance?
How to Get the Best Payday Loans Online Same Day
Why Choose Fast Cash Loans?