Can I get a payday loan without a checking account?

Quick Answer Yes, you can get a payday loan without a checking account. Some lenders may accept alternative accounts, such as a savings, as long as it allows for electronic transactions. However, a checking account is preferred as it's an easy way for lenders to deposit funds and collect payment.

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Doreen Dumesle Answer updated on Sep 24, 2023

Fact checked by Dwayne Dumesle

While most payday loan lenders prefer that you have a checking account for a payday loan, it is not always required.

So, if you are without a checking account, you’re not completely out of luck! 🍀

Some lenders will accept a savings account in lieu of a checking, and some will even accept a prepaid card or issue one to you (usually at a fee) to receive your payday loan funds.

Learn: Where can I get a payday loan?

The reason many lenders require—and some strongly prefer—that you have a checking account is because it is the simplest way to:

  1. Verify your income for the purpose of qualification.
  2. Deposit your payday loan funds.
  3. Collect repayment via direct withdrawal from your account.

Finding a lender who’s willing to work with you without an everyday checking account and offers alternative methods for disbursement will require some looking around, as finding a lender with the requirement is easier than finding one without. But, there are some out there!

If you do luck upon a lender who will extend you a payday loan without a checking account, be aware that there is a chance that that lender may not be so concerned about being repaid on time—seeing that they stand to make considerably more money in interest and exorbitant rollover fees if you don’t repay according to schedule. 😬

Learn: Can I get a payday loan with a savings account?

As a result of this, you can end up in potentially inescapable financial hardship. So, tread carefully.

If you don’t have a checking account, opening one is simple! Most banks only require a quick application, verification of your identity, an opening deposit, and you’re all set. To make it even easier, this process can usually be completed entirely online (as online banks are growing quickly in popularity) as well as in-person.[1]

If your roadblock is bad credit or a turbulent banking history having resulted in you being denied for a checking account in the past, there’s also what’s called a “second chance checking account” made just for that![2]

Learn: Do banks offer payday loans?

Second chance checking accounts usually come with monthly fees and additional requirements like completion of a money management class (which is actually pretty awesome). But, this is a stellar option if a traditional checking account is currently out of your reach.

To simplify things for yourself and widen your range of options for reputable lenders, I highly recommend you get yourself a checking account. Happy and safe borrowing, amigo! 🙂👍

  1. How to open a bank account ↩︎

  2. Second Chance Checking Accounts Across the U.S. ↩︎

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