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Yes, you can get a payday loan without a bank account – this payday loan is known as a ‘doorstep loan’. It is very difficult however to receive ‘typical’ payday loans as the majority lenders will require their prospective borrowers to have a bank account and will likely deny anyone who does not have one.

There are a number of reasons why you might not have a bank account, some of which may include payment from your job in cash, or losing your bank account after getting into financial difficulty. Not having a bank account may even cause someone further financial difficulties, as some employers may require a bank account for payment to go into, and it can make it very difficult to borrow money. As such, it is no surprise that payday loans may appear appealing to those without bank accounts who may need extra cash quickly.

Why do Payday Loan Lenders Want you to Have a Bank Account?


There are a number of reasons as to why a payday loan lender is likely to require that their prospective borrower has a bank account. These include proof of income, as it is a straightforward way of proving that you have a regular income flow through your bank statements, as well as it makes repayments easier as bank accounts can allow their customers to set up direct debits or standing orders. This helps to guarantee the lender that they will receive the repayments on certain dates.

Other relevant information that your payday loan lender might need includes proof of citizenship, as well as a valid phone number. This would enable them to contact you to discuss your contact as well as any issues concerning your repayment plan.


Can I Get a Payday Loan Without a Bank Account?


What Kind of Loan Can I Get Without a Bank Account?


The only type of quick loan that you are really able to get without a bank account is a doorstep loan. These loans are typically small and completely unsecured. As such, they usually attract those with a poor credit history and are without a bank account. They certainly do not come without their risks.

You must first contact a doorstep loan company, filling out their application form with personal information and financial history. If the company would like to pursue, they will contact you to arrange a meeting and discuss the terms of a potential loan.

Once the terms have been agreed by both parties, they will lend you the amount in cash, as opposed to transferring the funds into a bank account. The lender will then visit you weekly to collect the weekly owed repayments and will continue to do so until it has been completely cleared.

These home collections can be rather intimidating and aggressive. They are regulated by the FCA but it is important to note that many doorstep loan companies operate without official authorisation.

So yes, it is possible to get a loan without a bank account – but it is certainly not advisable.


What are Some Alternatives to Loans if I don’t Have a Bank Account?


There are a number of alternatives that you could use in instances where you need funds quickly. These include borrowing money from friends or family, taking on extra shifts at work or working overtime, making cuts to other costs such as subscriptions services and contacting your creditors. The final alternative is suitable for when you need cash to pay off a bill or payment that you cannot afford. For instance, if you are unable to cover the funds to pay your tax bill, the HMRC will set up a suitable payment plan for you. The same typically applies for banks and utility bill companies too.


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Ilana Koffman

Read expert articles from Ilana who has lots of experience in the financial world. Learn from her useful guides on loans, money, savings and lots more.