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5 Ways to Get A Loan Without A Bank Account

date September 29, 2020 time 5 min read 6622 views

Most lenders require borrowers to have a bank account before granting loans. But did you know that you can still get a loan without one? From Payday to crypto-backed loans there are numerous ways to get loans without a bank account today.

Would you prefer not to use a bank account to get a loan?

We get it. In an age where data privacy is becoming extremely sensitive, it sure is nice to not have to worry about putting all that data out there.

Fortunately for you, there are a growing number of lending options that don’t require you to own a bank account to get a loan.

Bank loans paperwork
Bank loans paperwork (source:

How to get a loan without a bank account

One of the main criteria for securing a personal loan from most financial institutions is owning a checking or savings account. It allows them to verify that you earn a regular income and makes it easy to draft repayment funds.

If companies offer you a loan without a bank account, they’ll usually need another way to guarantee you will repay.

5 types of loans you can get without a bank account

Title loans

If you begin looking to secure loans with no bank account and bad credit you’ll quickly run into title loans.

This kind of loan lets you secure your loan by using your car title as collateral. The lender puts a lien (legal claim of ownership) on your car title and takes possession of the hard copy. 

The lien is removed when the loan is paid. If you default, the lender has the right to repossess the car and sell it to cover the debt. Although the lender temporarily owns the car title, you can still use the car if you want while on loan.

These loans are considered highly risky and you should avoid them if you can.


  • No credit score required
  • Fast lending process


  • The maximum loan amount is determined by your car’s worth
  • High-interest rates reaching 36% APR on the low end.
  • They are often designed to keep you in a cycle of debt.
  • 20% of title loan borrowers lose their cars.

Payday Loans

A payday loan is a type of unsecured short term loan that you take with a promise to pay back on your next payday. Although some payday loans require you to own a bank account, you’ll find many will grant you loans without a bank account.

Payday loans are available online and at traditional retail lending stores. In the retail model, you apply for the loan in person and write the lender a postdated check which includes loan fees and interest.  In the online model, the loan application is completed online. 

You are expected to return on the due date to pay the debt. If you don’t return, the lender can redeem the check. Like title loans, payday loans are also considered predatory and high risk. You should only use them if you have no other choice.


  • Easy application process
  • No collateral necessary
  • Some payday loans don’t check credit score


  • Extremely high interest rates.
  • Short term loans.
  • Many payday lenders have been accused of keeping borrowers in debt. 

Pawnshop Loans

One of the oldest methods for getting fast cash without a bank account is the local pawn shop.

When you borrow from a pawnshop, you are expected to put up your possessions as collateral. Generally, you’re expected to research the value of your asset online before bringing it in to be appraised. You can usually get a loan that amounts to 60% of your item’s resale value.

The amount you can borrow and interest rates you get can be significantly affected by your relationship with the pawnshop owner. If you pay back your loan by the due date, your item will be returned. If not, it’s sold to cover the debt. 


  • Easy application process
  • Relationship with the shop can improve terms.


  • Collateral necessary
  • Interest rates can be very high
  • A bad relationship with the shop can give you very unfavorable terms

CDFI Loans

These are loans from Community Development Financial Institutions (CDFIs). Capital Good Fund in Rhode Island is one example. 

They are mostly available if you live in an area considered “economically depressed”. Because these loans are for providing growth to low-income communities, their interest rates are much lower than any of the options mentioned above.

However, CDFI loans require you to own a prepaid debit card where they’ll load your loan. They also aren’t available in all states, so you may have to take your time to search for one near you. When you do find one, you can apply in person or online. 


  • Higher loan amounts
  • No collateral necessary
  • Lower interest rates


  • Can be hard to find
  • Loan processing takes time

Crypto loans

Cryptocurrency loans allow you to borrow money from lenders while using your crypto as collateral.

There are many lenders online today who offer crypto-backed loans. These loans are mostly funded by investors who earn profit from the interest you pay. Crypto loans usually have an easy application process and don’t require your financial information or credit score. Funds can be sent as crypto or stablecoins directly to your crypto wallet. 

Cryptocurrency is no longer just a means of payment online between a bunch of enthusiasts. These days there are more and more places accepting payments in Bitcoin and stablecoins. The best part for you? There’s no bank account needed.


  • An easy loan process.
  • Low interest rates depending on the platform.
  • You can withdraw your loan as stablecoins.


  • Collateral equal to or greater than loan value is usually required.
  • The value of cryptocurrency can fluctuate and cause your loan to be liquidated.
You can use Crypto as the collateral
You can use Crypto as the collateral (source:

Get a crypto-backed loan with MyConstant for rates as low as 6% and flexible terms

Looking for the best way to get cash loans without needing a bank account? A crypto-backed loan with MyConstant may be right for you. 

Crypto-backed loans on MyConstant come with a couple of key benefits.

  • Withdraw your money in stablecoins, crypto, or USD: With MyConstant’s crypto-backed loans, you get to choose your preferred currency you wish to receive and withdraw in minutes.
  • Keep your crypto safe: On MyConstant, your cryptos are stored safely away with either an insured third-party platform or a password-protected web wallet until you can repay your loan. 
  • A fast and easy process: Once you deposit your collateral, you’ll receive the loan through your Constant account in a few moments. You can then withdraw the loan as fiat or as a stablecoins immediately. 
  • Easy repayments: Repay in USD, stablecoins, or crypto. Repay early if you want a discount on interest. We offer rates as low as 6% with terms from 1-6 months.

Come check out our website and see what the future of lending looks like.

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George Schooling

George Schooling

Invite friends and you both earn 10 USDT when they first lend stablecoins or make a crypto-backed loan
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