How to Get Quick Cash Loans Without a Bank Account?
Before we dive into How to Get Quick Cash Loans Without Bank Account, let’s go over a few other things. I’ll assume that you are at or near a point of desperation if you found this post. Don’t worry- we’ve all been there. And because I have been in your shoes, I know how much trouble a desperate situation can cause.
Let me start by saying that any time you have to search for alternative loan sources, such as because you have no bank account or your credit is not in great shape, you face risks that others may not. For instance, those with good credit will typically not have interest rates as high as those with bad credit. This is because- in the eye of the lender- bad credit means greater risk to them, so they charge more for borrowing money.
My point in saying this is to make sure you understand that if you are going outside the norm of money lending, be prepared for additional requirements. As we dive into these options for how to get quick cash loans without a bank account, you will notice that none are perfect options thanks to the extra costs, but they can all help when you have no other options.
6 Quick Cash Loans That Don’t Require a Bank Account
1. Personal Loans
When I say personal loans here, I am not referring to those from a financial center. I mean real personal loans- like from someone you know. You could consider borrowing from a friend or from a family member.
I know, I know. This is not a favorable option. No one actually wants to ask their parents or grandma for money, but don’t run for the hills just yet. Keep this idea in mind as you read through your other options. You might find it to be the best decision of all.
2. Secured Bank Loans
Visit your local bank to ask about secured loans. If you are wondering why this is here when this article is supposed to be about how to get quick cash loans without a bank account, let me explain. This does not have to be your bank. In fact, many banks provide secured loans for non-customers. Just call around to local branches and ask.
Often, if you have some form of property that is worth enough, a bank will give you a secured loan against that item. Common property they typically accept are things like vehicle titles and land deeds.
Depending on the bank, you might also be able to get a loan against electronics and similar items. This will be strictly at the discretion of your bank, though, so be sure to call ahead about what forms of collateral they accept.
In many cases, a secured loan from a bank is going to be one of your best options. They usually charge much lower interest than other loan types listed below. The biggest downside is the risk of losing your property if you are unable to repay the loan.
It is also important to note here that most people have better chances and terms with local credit unions as opposed to actual banks. Try those first as their goal is actually to be of service to their local community- it’s not all about the bottom line like with some institutions.
3. Title Loans
Another answer to how to get quick cash loans without a bank account is title loans. I’ll be the first to admit that these are not my favorite, but I can also attest to the fact that they can be extremely helpful in a pinch.
To be approved for a title loan, you will need to actually own your vehicle– no loans or payments. You have to have possession of the vehicle and the title. However, as long as you have the title, your ID, and proof of income, you are usually good to go.
I only know of two things that can prevent you from getting a title loan:
- The first is if you owe that title loan company money for a previous loan.
- The second is if your car does not have enough value to provide a loan against.
There does not seem to be a specific list of what kinds of vehicles they do and do not take. I’ve seen people get decent loan amounts on old cars but next to nothing on newer ones that maybe are not that popular or are known for having a lot of issues. This is because if you do not repay the title loan, they will repossess your car and sell it to recoup their losses. If your car’s value is not enough for them to go through that trouble, they will not risk it.
If everything goes as it should, you can walk away with money in less than an hour. That is the good part. There is nothing extra needed- no bank account, no good credit, … Nothing!
Now for the bad part: The interest rates are astronomical. Some places charge about 25 percent of the total loan in interest. That alone might not be so bad if it was calculated the one time and fixed into the payments. The trouble is that you owe that interest every single month until you repay the loan. Often, this leaves borrowers paying hundreds of dollars every month on interest alone without touching the principal.
Again, this option can definitely help when you are desperate, but please take my advice if you go this route: Do not borrow more than you can repay. Otherwise, you will end up in a trap that is beyond challenging to get out of.
4. Payday Loans
If you have ever gotten a payday loan or know someone who has, you are probably thinking, “Hang on! You have to have a bank account for payday loans!” That was the case and still is with some payday loan companies. However, others have changed.
For instance: I have a friend who works for a company that pays her on a prepaid card provided by that company. Since her check is directly deposited to that card, she is able to carry payday loans. The lender simply deducts it from her account on payday.
In my personal experience, payday loans are not a lot better than title loans. Both tend to come with really high-interest rates. However, payday loans are usually for much lower amounts, so you have a much higher chance of repaying them quickly.
5. Pawnshop Loans
If you have any goodies lying around your house, you might be able to get a loan at a pawnshop. You take your item or items in, they determine the value, and then offer you some of that value. They will not give you the full value because- like with vehicles- they will have to resell your items if you do not make your payments. They offer you less than the value so that they ensure they make their money back and then some extra. Doing so makes the risk worthwhile.
The most common items people pawn include jewelry, electronics, music equipment, game systems, and tools.
Some take other items, as well, especially if they think they can make some money off of them. So if you have a first edition book or a priceless family heirloom lying around- and you can stand to part with it, even temporarily- take it to a pawn shop and see if they will accept it. You never know until you try.
6. Cash Loans Online
When you are trying to figure out how to get quick cash loans without a bank account, online cash loans might be the key. You can almost always find several loan options just by doing a Google search for “cash loans bad credit.”
Though it’s easy, it’s also important that you beware of risks. Just because a lender is available does not mean it is a good choice for you. Some options on the Internet are not completely legitimate, and some can easily be called “predatory loans.”
You likely visited this post for an emergency situation, and we hope that this information has helped you take care of it. Once you have put out the fire, be sure to come back and check out our other articles and videos to go further into your journey to financial independence!
Checking our content shall definitely help you improve your financial situation so, hopefully, the next time an emergency arises, you are prepared!
Brandy Woodfolk is an educator, home business owner, project manager, and lifelong learner. After a less than stellar financial upbringing, Brandy dedicated her schooling and independent studies to financial literacy. She quickly became the go-to among family, friends, and acquaintances for everything finance. Her inner circle loves to joke that she is an expert at “budgeting to the penny”. Brandy dedicates a large portion of her time to teaching parents how to succeed financially without sacrificing time with their little ones. She also teaches classes to homeschooled teenagers about finances and other life skills they need to succeed as adults.
Brandy writes about smart money management and wealth building in simple and relatable ways so all who wish to can understand the world of finance.