Acquiring cash loans without a bank account isn’t as hard as you might think. In fact, many online lenders offer excellent loan deals by only asking you to fill a simple online application form and visit a branch to receive the cash once approved.
If you’re looking for a payday loan without bank account required, check out some of the best lenders that you can borrow from right now!
4 Best Payday Loans With No Bank Account Required in 2021
Moneytree offers payday loans for customers in Colorado, Washington, Idaho, Nevada, and California. Additionally, it serves customers from British Columbia, Canada.
Once you visit the website, you’ll be asked to choose your location; then, you’ll be presented with the services that Moneytree can provide you with, including payday loans, check cashing, and prepaid cards. It also offers other types of loans, like title, installment, and business loans.
The application process is pretty straightforward and hassle-free. All you have to do is fill out the online form, upload the required documents, wait for approval, and get the money transferred to your account as fast as possible.
Alternatively, you can visit one of the lending entity’s branches to get the money in cash if you don’t have a bank account.
So, what’s the catch? Well, Moneytree’s interest rates are noticeably higher than other online lenders. They’re well-trusted, though, which somewhat compensates for the high interest fees.
It’s also worth noting that the maximum amount of money you can borrow is $5,000, so if you need more money, you might want to consider checking out other alternatives.
Next on our list is Regional Finance. One of the best things about this lender is that it lets you borrow up to $10,000, which is considered a lot higher than what many other no bank account lenders have to offer. It’s also worth mentioning that the minimum amount that you can borrow is $600.
To apply for a loan from Regional Finance, you need to be located in one of the following states: Texas, Alabama, Missouri, North Carolina, Georgia, Oklahoma, South Carolina, Tennessee, Virginia, New Mexico, or Wisconsin. The lender has 350 branches distributed over several regions in these states.
Our only problem with Regional Finance is that you can’t fully complete the application process online. Once you prequalify for the loan through your online application, you’ll have to visit a branch to complete the application process and wait for approval. Then, you’ll have to revisit the branch to take the money if you don’t have a bank account.
Dollar Loan Center allows you to borrow up to $5,000 and receive the cash in hand if you don’t have a bank account. However, the maximum amount that you can borrow could be less, depending on your credit history.
One of this lender’s strongest selling points is that it reports your payments to the three official credit bureaus. This means that you can take this loan as an opportunity to improve your credit score and get better loan deals in the future. On the other hand, this can be a downside if you happen to frequently miss your payments or default on the loan since it’ll hurt your credit score.
On top of that, the lender has low interest rates, and the application is free. Also, there are no early payment fees. Not to mention, you don’t need to provide collateral to apply for a payday loan from Dollar Loan Center.
Dollar Loan Center offers loans for customers in Utah and Nevada, and finding a nearby branch shouldn’t be troublesome since the lender has over 54 locations in the two states.
1st Choice Money Center provides short-term online loan deals for customers who live in Utah or Idaho. You can borrow as low as $100, all the way up to $5,000.
However, the exact amount you can borrow will be determined once they evaluate your application and check your credit score. Nevertheless, the lender claims that your bad credit history shouldn’t be that big of a problem since the loans are low in value anyway.
And just like all the other lenders on our list, you don’t need to have a bank account to receive your funds. All you have to do is visit one of your local branches to get the money in cash. The website makes it easier for you to find the nearest branch.
In addition, 1st Choice Money Center offers other loan types along with payday loans, including signature and car title loans. Whichever loan type you choose, it’s mandatory for you to have $1000+ of regular monthly income for the past 90 days to become eligible.
How to Pick a Payday Loan Lender
Before applying for a payday loan that doesn’t require a bank account, you need to choose a suitable lender for your current needs and overall financial situation. Here’s everything you need to consider:
This is an obvious one, but if a lender offers no-bank-account payday loans for Utah residents, it won’t make sense for you to apply for its loans if you live on the other side of the country.
Payday loans have high interest rates; there’s no way around that. However, some lenders may have better deals than others. It’d be best to compare different lenders and see which of them offers the best interest rates.
On a side note, it’s essential to keep in mind that your credit score (if any) can significantly impact your creditworthiness, which will, in turn, affect your interest rates.
Avoid Loan Sharks
Not all lenders can be trusted, especially those who make unbelievable promises to potential borrowers. For example, if a lender claims that they’ll simply give you the money without conducting a credit check, inquiring about your employment status, or asking you to provide collateral, then in most cases, it’s a loan shark.
Loan sharks lend everyone money without evaluating their creditworthiness, which is actually illegal. The U.S government requires all lenders to assess the creditworthiness of the borrower before giving them a loan.
Alternatives to Payday Loans
Payday loans are less risky than other loan types. However, they’re often associated with high interest fees, which may cause debt accumulation.
Borrow From a Friend or Family Member
If you have a good relationship with a friend or family member, you can ask them to lend you some cash. Just make sure to explain your situation and be as sincere as possible. You can also create a lending circle with your friends and relatives.
Check Local Charities
If you need the money for an emergency or a humanitarian cause, you can get in touch with some of your local non-profit organizations and charities and ask if they can help.
Use a Credit Card
A credit card is an excellent way for you to pay unexpected bills or buy anything you urgently need. The best thing about credit cards is that you can repay the loan’s total amount within a specified grace period to avoid paying additional interest fees.
However, if you don’t use your credit card responsibly, debt will start accumulating, and your credit score will deteriorate.
Borrow From a Credit Union
If you’re an established member of a credit union, you can borrow a small amount of money and avoid the high interest rates of payday loans. However, the approval process may take longer than conventional payday loans.
Use a Paycheck Advance App
A paycheck advance app allows you to get a portion of your paycheck before the end of the month. This option is great for those who have a regular full-time job with a fixed income. However, the amount of money that you can borrow with these apps is usually minimal.
Other Types of Loans
If none of the above solutions is an option and borrowing a loan is inevitable, you can check out some of the other loan types that might be more suitable for you than payday loans. Here are some of the best alternatives you can come across:
Pawn Shop Loan
As its name implies, a pawn shop loan is a loan that lets you use one of your belongings as collateral to secure a personal loan. The pawn shop will temporarily claim ownership of your items (which are usually antiques) so that in case you fail to pay back the loan, the pawnshop will take away your item permanently.
A title loan is simply a loan where you provide your car as collateral in exchange for borrowing money. Just like payday loans, title loans usually have higher-than-average interest rates, making them less favorable to opt for. They’re also riskier because you might lose your car if you default on the loan.
Personal Loan for Bad Credit
If you have a not-so-impressive credit history, you can go for a bad credit personal loan. The only downside of this loan type is that you’ll likely need to open a new bank account. However, since bad credit personal loans have lower interest rates than payday, it may all be worthwhile in the end.
Can I Get an Online Payday Loan With a Prepaid Debit Card?
Absolutely! Many lenders can transfer the money to your prepaid debit card for a small fee. This is probably the best alternative to receiving the money in cash if you don’t have a bank account, but, of course, you need to have a prepaid debit card in the first place.
Can I Set up a Bank Account Online?
An online bank account is an excellent option for those who don’t have traditional bank accounts. It’s usually easier to get an online bank account than one from a “real” bank.
However, not all lenders provide the option to transfer money to online bank accounts, so make sure to contact the lender you want to borrow from for more information instead of opening an online bank account for no reason.
Now that we’ve gone through some of the best lenders that offer payday loans without a bank account required, it’s time for you to pick a suitable one, fill out the application form, and get the money straight away. So, what are you waiting for?