Secured Loans

Can I Get a Loan Without a Bank Account?

Yes, you can get a loan without a bank account, but you will only have limited options and it could get expensive. Even if you think you won’t qualify, consider applying a checking account. Here is our list of the best checking accounts currently available.

When you apply for a loan, most lenders will ask about your bank account. So what can you do if you don’t have one? There are loans available for applicants without bank accounts, though their rates and terms are often less than desirable. In this article, we cover where you can get a loan without a bank account and how to do so.

Loans that don’t always require a checking account include car title loans, bitcoin loans, and pawnshop loans. We don’t recommend these loans unless it is a real emergency and you are sure you don’t qualify for lower-cost loans.

Here is a brief discussion of the main types of loans that will consider borrowers who don’t have a bank account.

Car title loans

Car title loans are secured loans that use your vehicle as collateral. You won’t have to relinquish your car to get the loan, and you can still drive it during the repayment period. But if you default on the loan, you will lose your car.

If you take out a car title loan, you’ll borrow a percentage of your vehicle’s value, and then pay it back according to the lender’s terms.

The average loan amount is $700 and the average annual percentage rate (APR) is 300%, according to the Consumer Financial Protection Bureau (CFPB). In most cases, the borrower must repay the loan in a single payment. If you default on the loan, as one in five borrowers do, your vehicle will be seized by the lender.

The risk is that these loans are difficult to repay for most borrowers who take them out. The CFPB found that more than 80% of single-payment car title loans are renewed the day they are due, because borrowers can’t repay them in full. Further, two-thirds of borrowers end up renewing their car title loan at least seven times before paying it off.

So in short, while accessible without a bank account, car title loans are a risky choice. They often lead to debt that lasts more than half the year, skyrocketing interest costs, and the possible loss of your vehicle.

Note that although some lenders will approve you without a bank account, not all will.


Here is a list of the benefits and the drawbacks to consider.

  • Easy approval requirements.
  • Bank account not always required.
  • Loan amounts up to 50% of your vehicle’s value.
  • Can keep and use your car during the loan term.
  • Get money fast.
  • Must have a vehicle title in your name.
  • Puts your car at risk of seizure.
  • 80% of borrowers renew loan seven times because they can’t pay.
  • High APR.
  • Short loan repayment period.
  • Often single repayment loans which can be difficult to repay.
  • Requires car appraisal.

Compare these auto title loans.

Pawn shop loans

The next loan type that doesn’t require you to have a bank account is the pawn shop loan.

To get one, just go to a local pawn shop with a valuable item. Give the item to the pawn shop as collateral. Then, you can borrow between 25% and 60% of the item’s resale value.

Pawn shops usually give you one to three months to repay the loan. Interest rates are typically higher than they would be for a personal loan, but cheaper than a payday or car title loan. The rate you qualify for depends on your state laws and your negotiation with the shop.

It’s a good idea to get your item appraised before visiting the shop so you know how much it’s worth (and how much you can borrow). You may also want to visit a few pawn shops to see which one offers you the best deal.


Here is a list of the benefits and the drawbacks to consider.

  • Bank account not required.
  • You don’t have to put your vehicle at risk.
  • Borrow against items you have which are just sitting around.
  • Get money fast, often within one day.
  • Lower costs than payday loans or car title loans.
  • More expensive than personal loans.
  • You may lose your item for a fraction of what it’s worth if you default.

Bitcoin loans

Bitcoin loans are one of the newer loan options on the market. Through online peer-to-peer platforms, you can apply for a loan without a bank account in Bitcoin and, if approved, investors will fund it and collect your repayments.

However, there are a few risks when borrowing with Bitcoin. First, the cryptocurrency is not as well-regulated as government-backed currencies. This can make it difficult to hold your lender accountable if something goes wrong.

Also, the value of Bitcoin fluctuates wildly over time, so you could end up owing much more than you borrowed. As a result, these loans have higher default rates than standard bank loans.

If you’d like to learn more, check out Bitbond.


Here is a list of the benefits and the drawbacks to consider.

  • Bank account not required.
  • Higher loan amounts available.
  • Competitive loan costs.
  • Longer loan terms.
  • Unsecured loans available.
  • High default rates on bitcoin loans.
  • Bitcoin’s value is volatile.
  • Must provide proof of income.
  • Lack of regulation can lead to scams and difficulty holding lenders accountable.

So if you don’t have a bank account, you can still take out a loan — but the drawbacks are numerous. It may be cheaper and easier to open a bank account in order to qualify for more desirable loan types.

But how can you get a bank account?

Can I get a bank account?

According to an FDIC survey, there are several reasons why U.S. citizens don’t get bank accounts. Most Americans neglected to open a bank account because they:

  • Feel they don’t have enough money to keep in a bank account.
  • Don’t trust banks.
  • Can’t afford banks’ high account maintenance fees.
  • Can’t get a bank account due to past financial problems or bad credit.

If you don’t have a bank account for one of these reasons, consider shopping around to find an account that suits your needs. Thanks to the growth of online banking, there are more banking options today than ever before. Among them are many banks with very loose requirements for members, and with very low fees. Further, you can read user reviews to find a bank with a good track record and great member satisfaction.

Affordable accounts like these can help you to get a bank account open and going. This will open up a ton of new loan opportunities. Click here to browse quality loan options with reasonable terms, and check out what the best personal loans are to ensure that you choose the best option for you.