Payday loans are a cash loan product that does not require you to have a bank account. Payday loans are also referred to as cash advances, because the loan is based on the future income you expect from employment. Payday loans are offered by numerous companies in the U.S. To apply for a cash loan without a bank account, you must show proof of income, typically copies of your two most recent paycheck stubs.
Identify a payday loan or cash advance lender in your area.
Make copies of your two most recent paycheck stubs for the payday lender. You don't want to give the lender your original paystubs, so make copies the company can keep in its records. If you do take the originals, ask the payday lender to make copies for its file and to return the originals to you.
Complete the application. Payday loan or cash advance applications are generally short, about one page long. The information you need to fill in includes your full legal name, Social Security number, employer's name, income information and the desired amount of the loan.
Sign and date the application.
Submit the application to the lender. Include the copies of your paycheck stubs and your photo identification card. The lender processes the application and makes a lending decision while you wait—usually within 10 minutes.
Some payday lenders approve cash loans if you don't have perfect credit. Before applying for a loan, find out the minimum credit score and order your credit score from the three credit agencies—TransUnion, Experian and Equifax—to make sure you meet the minimum qualifications.
The lender pulls your credit report, which the lending representative uses to make a cash loan decision.
If you don't have a bank account, the payday lender will give you the loan in cash or loaded on a prepaid card. When you repay the loan, you must visit the location in person, and repay the lender using cash or money order payments.
Things You'll Need
Copies of two recent paycheck stubs
Photo I.D., such as a driver's license