- Storefront lenders can sometimes pay in cash, but many still ask for a bank account.
- A prepaid card with direct deposit can receive some online loans.
- Opening a low-cost "Bank On" account often takes one visit and opens up far cheaper credit.
Why lenders want a bank account
Online lenders send loans by ACH and collect repayment the same way. A bank account also lets them verify your income from your deposits. Without one, you will have fewer choices and usually higher costs.
Options without a checking account
| Option | How you get the money | Main risk |
|---|---|---|
| In-store payday or cash loan | Cash or a check at the store, in some states | High fees; many stores still require a checking account |
| Loan to a prepaid debit card | ACH deposit to a reloadable card with its own routing and account number | Fewer lenders; card fees add up |
| Pawn loan | Cash for an item you leave as collateral | You lose the item if you do not repay |
| Car title loan | Cash secured by your car title | You can lose your car; very high APRs |
| Savings account loan | Some lenders accept savings accounts that receive direct deposits | Limited availability |
A title loan puts your car on the line. If you rely on your car to get to work, losing it can cost far more than the loan.
Using a prepaid card instead
If you have a reloadable prepaid card registered in your name, check the app for a routing and account number. If it has them, some lenders can deposit to it. Benefit cards like Direct Express® cannot receive loans. Read payday loans that accept prepaid cards for the details.
The better fix: open a low-cost account
Many banks and credit unions now offer accounts certified under the national Bank On standards. These accounts have:
- Low or no monthly fees and low opening deposits
- No overdraft fees
- A debit card, online bill pay and direct deposit
Some banks offer "second chance" checking if you were turned down before because of a ChexSystems record. Once you have an account, you can get direct deposit, cash advance apps and credit union payday alternative loans, all cheaper than a cash-only payday loan.
Tried the free options first?If you still need a small short-term loan, you can send one request to our lender network. Compare the cost carefully.
See loan optionsFrequently asked questions
Can I get a payday loan without a bank account?
Sometimes. Some storefront lenders pay in cash in certain states, and some online lenders deposit to prepaid cards. Most lenders still require a checking account.
Can I get a loan with just a savings account?
A few lenders accept a savings account that receives regular direct deposits. Ask the lender before you apply.
How can I open a bank account if I was denied before?
Look for Bank On certified accounts or "second chance" checking accounts, which are designed for people with past banking problems.