Can I get a personal loan without a bank account?

Why lenders require bank accounts: Lenders disburse funds via ACH transfer to a bank account. They also collect payments via automatic ACH debit from the same account. Without a bank account, both functions are disrupted.

Alternatives for unbanked borrowers: Prepaid debit card accounts: some online lenders accept prepaid debit cards with routing and account numbers (Green Dot, Netspend). However, many lenders' systems reject prepaid cards even when they have a routing number. Check with each lender. Payday lenders: most payday lenders will issue checks or prepaid cards, but rates are typically 300%-400% APR. Not recommended for any significant amount. Credit unions: some credit unions in lower-income communities accept members who are unbanked and provide both basic banking and small personal loans as a package. Search for 'community development credit union' or 'CDFI' in your area.

How to open a bank account with damaged history: If you were denied a bank account due to ChexSystems or Early Warning Services negative history, second-chance checking accounts are available from many banks and credit unions. Examples: Wells Fargo Clear Access Banking, Bank of America SafeBalance, Chime (online, no ChexSystems check). Once a bank account is established (usually 30-60 days of activity), you become eligible for most personal loan lenders.

The fastest path: Open a second-chance checking account (same-day at online banks like Chime), fund it with a small deposit, wait 30-60 days, then apply for a personal loan with that account information.