How to Get a Payday Loan with No Banking Account

Two Methods:Finding a Payday Loan CompanyApplying for a Payday Loan

Before reading this article, consider other options aside from getting a payday loan. Payday loan companies are notorious for scamming people and sending them into further debt than they were before.

Method 1
Finding a Payday Loan Company

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    Do not take out a payday loan unless absolutely necessary. As mentioned above, payday loans are often called debt traps because the lenders charge insanely high rates that often result in the borrower falling deeper and deeper into debt. If you can borrow the money from a family member or friend, do so. Other ways to avoid payday loans include:
    • Asking for more hours at work.
    • Taking on a second job or gig until your expenses are covered.
    • Taking out a loan from a more reputable source, like a credit union.
    • Setting up a credit card to use.
    • To read more about alternatives to payday loans, click here.
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    Check to see if your state allows payday loans to be issued to those without bank accounts. Some states do not allow payday lenders to issue loans to people who do not have a checking account. Run an online search to find out what your state’s laws are.
    • Some states will allow payday lenders to issue loans to people who only have savings accounts, rather than checking accounts.
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    Use your savings account if you have one. Many lenders require that you have a checking account so that they can cash your check and get the money you owe them. However, some companies are fine with you only having a savings account.
    • If you do have a savings account, look for a company that will use it, rather than a company that does not ask for a bank account at all.
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    Be aware that lenders may charge you higher fees to get a payday loan without a bank account. This may in part because they run a higher risk of not getting their money back, since they cannot take the money out of your bank account, as they would a regular payday transaction. Because of this, they may hike up their fees.
    • Compare the fees that you have been presented with to the fees that a person with a bank account would be charged. If you are paying much more in fees, you should consider an alternative method of getting money.
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    Scrutinize the payday loan company and make sure they will treat you fairly. Do as much research as you can about the company you are considering using. Read online reviews to find out what other people have to say about that particular company.
    • Check websites like the Better Business Bureau (BBB) that list companies and their ratings, as well as whether or not they can be trusted.
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    Confirm with the company that they will give you a loan without a bank account. Once you have found a company that you would like to use, call them or go into the office and make sure that they will actually give you a loan, despite the fact that you don’t have a bank account.
    • It is important to check to see that their policies haven’t changed before you commit to using a certain company.

Method 2
Applying for a Payday Loan

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    Gather all of the information the company will need to give you a loan. Companies that do not require you to have a bank account may ask you for much more detailed information than payday companies that require you to have a bank account. This information may include:
    • Proof that you are over 18.
    • Proof that you are an American citizen.
    • Proof of your employment (such as a payment stub).
    • Your contact information.
    • Your employer’s contact information.
    • Your social security number.
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    Ask the lender any questions you may have before you apply for a loan. Make sure to clarify:
    • How much the interest will be when you get a loan.
    • What fees will you be charged for getting a loan.
    • What the repercussions are if you do not pay the loan back.
    • When you will have to pay back the loan.
    • Any other questions you may have.
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    Fill out the application. Payday lenders generally ask you to fill out an application so that they have all of your information in one place. It is very important that you read every detail of the application so that you can spot any added fees or other ways that the payday loan company may be trying to trick you. Read the document thoroughly before you sign it.
    • This can either be done in the payday loan office, or online.
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    Create a payment plan with the payday loan company. Once you have been approved for a loan, work with the lender to outline a payment plan, including when your payment day will be. Payday loans are generally paid back on your next payday.
    • If you think you will not be able to pay the loan back until two paydays from now, negotiate with the lender to set up a payment system in which you will not have to pay higher interest rates for renewing the loan until the following pay day.
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    Assign your payment collateral. Some payday loan companies that do not require a bank account will require collateral. This collateral may include things of value that you own, such as a car or a house. Again, it is very risky to give over your property as collateral, as most payday loan companies are out to turn a profit, no matter what.
    • However, some payday loan companies will not ask for any collateral. It is important that you clarify this when you are getting your payday loan.
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    Pay off your loan as soon as possible. The payday lender will schedule a date on which you will have to pay back your loan. Because you do not have a bank account, you will most likely be asked to pay back the loan in cash. However, the way that you repay your loan will depend on the company’s policies.
    • Make sure to pay your loan on time, or else you will be charged a late fee. This is how people fall into the payday loan ‘debt trap’. Each day, new late fees will be tacked on, and you will get further and further behind in your payments. Thus, it is very important that you pay your loan back on time.


  • Payday loan companies are often looking to take advantage of people in need of money. Always try to find an alternative form of getting money before you sign up for a payday loan.

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Categories: Mortgages and Loans | Banking