Best Loans Without a Bank Account

Andrew Reyes
A person holding a tablet at their coffee table with a screen that reads "loan."

Lenders often require that applicants provide bank account information when requesting a loan. Credit providers like to see account data because it gives them valuable insight into your financial situation, making it easier for them to assess the risk of lending to you. Not having a bank account makes the assessment process more difficult.

That said, it is still possible to get a loan without a bank account. Since there are over seven million “unbanked” Americans, there is a large market for such loans.

However, you do have to be careful because interest rates and fees for these unbanked-borrower loans are often significantly higher than for standard loans. Also, late fees and interest rate penalties can quickly create a snowball effect that could cause insurmountable debt with only a few missed payments.

Many predatory lenders are hoping for this situation to occur so they can earn more from these expensive late fees. That is why it’s essential to seek out reputable lenders.

In this article, we will list the top providers of loans for the unbanked.

Table of Contents

How to Get a Loan Without a Bank Account

There are many options out there, and finding the best loan without a bank account can feel overwhelming. The providers below are good options to consider as you start your search for a loan. is a marketplace that connects lenders and borrowers. The site offers personal loans from $500 to $10,000, with terms ranging between 90 days and 72 months.

The platform has multiple active lenders. There are also various resources for those seeking financial education to improve their credit score and repayment prospects. You can complete the application process online, and it only requires your identification details and information on whether you are an active member of the military.

  • Loan amounts: $500 to $10,000;
  • Annual percentage rate (APR): 5.99% to 35.99%;
  • Loan terms: 90 days to six years.

Learn more about CashUSA today. is also a marketplace that connects borrowers to a network of lenders. Qualified applicants can request loans ranging from $500 to $10,000 with terms not shorter than three months.

Despite the requirements being simple (proof of citizenship, be at least 18 years old, have a regular income), each lender weighs applications independently, so approval is not guaranteed.

That said, since multiple lenders are specializing in no-credit and bad-credit loans on the platform, there is a high chance of getting your application approved.

  • Loan amounts: $500 to $10,000;
  • APR: 5.99% to 35.99%;
  • Loan terms: Three months to six years

Learn more about today.


Payoff refers to itself as a “financial wellness company.” As such, it seeks to help people improve their financial management skills.

Technically, Payoff is not a lender because it does not directly lend any amounts. Instead, the company leverages its network of lending partners to originate loans.

This is an excellent option for individuals who aren’t just looking for a quick loan but want a company that will help them improve their relationship with money and permanently get out of a financial rut.

  • Loan amounts: $5,000 to $40,000;
  • APR: 5.99% to 24.99%;
  • Loan terms: Two to five years.

Learn more about Payoff today.


Prosper is a peer-to-peer lending platform. Though it is an excellent place for all types of borrowers, it does have some requirements. For starters, you need to have a minimum credit score of 640 to qualify. If you don’t, you will have to get a co-borrower with a good credit standing to help you apply.

Because of the higher-than-normal loan maximum, the platform is a good choice for those who need to borrow large amounts.

  • Loan amounts: $2,000 to $40,000;
  • APR: 7.95% to 35.99%;
  • Loan terms: Three to five years.


OppLoans is a bad credit lender operating in select states. Their loans are not available in Arizona, Colorado, Connecticut, Iowa, Illinois, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Vermont, or West Virginia.

This particular lender has very high APRs, though it is very transparent and discloses all terms on its website, including rates and fees. There is no lower term limit for loans, but the maximum is 18 months in most states (and up to 24 months in others).

  • Loan amounts: $500 to $4,000;
  • APR: 59% to 160%;
  • Loan terms: Up to 24 months (no lower limit).

Learn more about OppLoans today.

OneMain Financial

OneMain Financial is a good option for borrowers with bad credit because it does not have a credit score requirement. One major advantage of this platform is that a borrower can add a co-borrower with good credit to the application to secure lower interest rates. Funds are available quickly (on the same day or the next day).

While rates are fairly high, the site discloses all of them. Loans are also not available in all states. Excluded states include Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, and Vermont.

  • Loan amounts: $1,500 to $20,000;
  • APR: 18% to 35.99%;
  • Loan terms: Two to five years.


Avant is a lending platform specializing in serving borrowers with fair or poor credit. This lender charges origination and late fees, though it also has lower rates than many other lenders in the space.

Avant allows borrowers to change payment dates, making the loans very flexible. You can also provide security for a loan, which could potentially lead to lower interest rates. The lender also offers a mobile app to help customers manage their loans.

  • Loan amounts: $2000 to $35,000;
  • APR: 9.95% to 35.99%;
  • Loan terms: Two to five years.


Upstart considers itself more of a tech company than a financial one, as its primary selling point is its artificial intelligence algorithms. The platform’s lending partners use the algorithms to determine borrowers’ creditworthiness based on education, job history, and place of residence.

Upstart offers excellent opportunities and favorable interest rates for younger applicants and those without bank accounts. According to the site, 99% of applicants get approved and receive funds within a day of applying.

  • Loan amounts: $1,000 to $50,000;
  • APR: 7.86% to 35.99%;
  • Loan terms: Three to five years. is a lending platform specializing in both peer-to-peer lending and working with lending partners. The platform does not charge any origination fees, and it has no minimum credit score requirements.

The platform is fully transparent about its rates. Individual lenders are in charge of approving applications. However, since most specialize in providing loans to people with poor credit, approval is likely for those without a bank account.

  • Loan amounts: $500 to $35,000;
  • APR: 5.99% to 35.99%;
  • Loan terms: 90 days to six years.

Learn more about today.

What Are Loans for Borrowers Without Bank Accounts?

Loans without bank accounts are special loans given to borrowers who do not have a traditional checking or savings account. These loans come with fixed or variable rates, and many do not require collateral.

To determine a borrower’s creditworthiness, lenders consider their credit score, debt-to-income ratio, and sometimes other factors, such as a regular income and job history. These loans are often repaid in monthly installments. Though many have loan terms of only a couple of months, they can take up to six years to repay.

How Do I Get Loans Without a Bank Account?

The process for getting a loan without a bank account will differ from one lender to another. However, it will generally involve the steps below:

  • You provide initial financial data about the loan amount and income to determine your eligibility. It is typically best to go through this “pre-qualification process” with several lenders so that you can compare interest rates and offers.
  • Once you have offers from multiple lenders, you can choose the best one, based on the APR, loan term, and monthly payments. You should make sure to pick a loan you are comfortable repaying.
    • You can take steps to improve your credit score before applying to qualify for better interest rates and more favorable terms.
  • To apply, you will need:
    • Proof of identity (driver’s license);
    • Address;
    • Proof of employment status;
    • Pay stubs.
  • Once you have all the necessary documents, submit your application and wait for approval and funding.

How to Find the Best Loan Provider if You Don’t Have a Bank Account

For starters, the best providers are the ones who are willing to work with borrowers who have bad credit, no credit history, or no bank account.

The options include online lenders like the ones mentioned above and some credit unions. Other factors to consider include:

  • Good customer service and multiple contact channels.
  • Transparency concerning rates, fees, and loan terms.
  • Friendly interest rates.
  • Low or no fees.
  • A minimum loan amount that matches your needs. (You can’t borrow $500 from a lender with a minimum loan amount of $2,000, for example.)
  • A pre-qualification process that allows you to see the loan terms before applying.
  • A reasonable disbursement timeframe.

With so many quality lenders with transparent terms and fees, it can be straightforward to get a loan without a bank account.

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