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Can I Get a Cash Loan Without a Bank Account?

When you need cash quickly, it’s important to know if you qualify for a personal (cash) loan with or without a bank account. Needing cash on an emergency basis can sometimes make it tough to assess loans, their associated fees, and their interest rates.

Can you get a personal loan without a bank account? The short answer is yes, but the longer answer -discussing the high interest rates and fees typically associated with such a loan- may keep you from doing so. Let’s explore some options!


No Checking Account Quick Cash Loan Options

Without a checking account, your options for a personal loan are usually as follows:

  • Payday Loans 
  • Cash Advance
  • Secured loan (such as a title loan)

Payday loans and cash advances usually come with high interest rates and fees. 


What’s the Difference Between a Payday Loan and a Cash Advance?

The terms “payday loan” and “cash advance” are often used interchangeably; they do refer to different types of loans, however.


Payday Loans

A payday loan is an unsecured loan that you apply for with a lender. The terms of the repayment are usually two weeks, or as long as it takes to receive your next paycheck. Payday loans do not require collateral.

Payday loans are typically for small amounts, a few hundred to a few thousand dollars. Typically, lenders charge high interest rates for these types of loans. It is crucial that you repay it by its due date.

Payday loans often require lots of paperwork and documentation before the lender feels safe enough to lend you any money.


Cash Advance

A cash advance is just that: an advance against credit you have already established. One example is a credit card cash advance, where you borrow money from your credit card against your credit limit.

This type of cash advance almost always carries with it much higher interest rates than simply using the card itself. 

Cash advances against prepaid debit cards are another type of cash advance loan. The customer applies for the loan and gives a prepaid debit card as the method of repayment. Then, when it is time to make payments on the loan, the prepaid debit card is charged.


What Is an Unsecured vs a Secured Loan?

Speaking simply, an unsecured loan is one that you don’t need collateral for. Also called a “signature loan”, an unsecured loan is given based on your application and some basic paperwork. 

A secured loan refers to a loan you get by putting up collateral. One example of this would be a  title loan. You receive a title loan by putting your car title up as collateral. The loan is “secured” by your collateral.

Cash or personal loans are generally unsecured, and have higher fees and interest rates attached.


Unsecured Loans Pros and Cons



No risk to personal property



If you default, the lender can take you to court

Simpler applicationLoan amounts are usually smaller
Quick cash (usually less than 1 day)High interest rates
Good for smaller amountsHigh payments

How to Get an Unsecured Loan

You will usually have to show proof of residence, proof of income, complete an application, and be approved by the lender to qualify for an unsecured loan.


Is an Unsecured Loan Best for Me?

An unsecured loan is best for anyone who needs cash quickly, but will be able to make the repayments on the loan on time. They carry high interest rates & fees. It’s also the best type of loan for people who don’t qualify for a secured loan.


Requirements for an Unsecured Loan

Typically, to qualify for an unsecured loan, you will have to provide proof that you can repay it.


How Unsecured Loans Compare to Other Types of Loans

This type of loan generally has higher interest rates and fees, compared to a secured loan. Unsecured loans are best used in a true financial crisis, when you urgently need cash.


How Do I Get Approved For a No Bank Account Loan?

The criteria vary from lender to lender, but most require proof of residence, proof of employment/income and an assortment of fees and interest rates. Some lenders require considerable paperwork before you may qualify. 

Other options to consider are a prepaid debit card loan, payday loans, title loans and various other secured loans.


Establish a Bank Account

Sometimes the answer to these concerns is simple: open a bank account! Online banking makes this simple and usually cheap, with as little as a $5 minimum balance. Having a bank account makes you look less risky to lenders, and you’re more likely to get lower interest rates and better repayment terms.


Koster’s Is Your Next Lender 

It is possible to qualify for a cash loan even if you don’t think you meet the criteria. Touch base with your local lender to see if they can get you the loan you need. 

Contact Koster’s Cash Loans today!

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