12 Social Security Loans, No Bank Account

It is possible to get a loan on Supplemental Security Income (SSI), even if you don’t have a bank account. The most common type of available SSI loan without a bank account is a title loan. Title loans are secured using your vehicle title as collateral. However, you should note that title loans are often considered predatory and are only legal in certain states.

Title lenders open to SSI applicants without bank accounts include Advance America, Check Into Cash, Finova Financial, 1st Choice Money Center, LoanMart, MaxCash, Moneytree, Speedy Cash, and TitleMax. For full details on these lenders, as well as a few other options for Social Security loans without a bank account, see below.

In This Article

Loans Available to SSI Applicants

Some lenders will work with Supplemental Security Income (SSI) applicants. SSI benefits can count as income for personal loans, payday loans, title loans, and pawn loans. Most personal and payday loans require a bank account. We found two payday lenders that accept SSI applicants and don’t require a bank account, along with a handful of title loan lenders. For a pawn loan, you’ll need to visit your local pawn shop. Here is a breakdown of available loans for SSI applicants by type:

  • Personal loans: Personal loans are “unsecured,” meaning they don’t require collateral like a title loan. This makes a personal loan less risky to you. Personal loans let you borrow a specific amount of money with a lower interest rate than payday or title loans. The loan is paid back in monthly installments. Personal loans can be used to consolidate higher-interest debt or make major purchases. The catch? These loans may be harder to qualify for. They often require a bank account and factors like your credit history are considered.
  • Payday loans: Payday loans are short-term loans that are meant to be paid in full on your next payday. The total cost of the loan will include a fee. If you’re unable to pay the full amount on time (typically within a few weeks), your loan will “roll over” to the following payday and a second fee will be assessed. Rollover makes it difficult to pay off the loan. Only apply for a payday loan if you are able to pay it back quickly.
  • Title loans: Title loans, also known as auto equity loans or auto title loans, are easy to be approved for. While there are few requirements, title loans have expensive fees. These short-term loans require you to give the lender your vehicle title, along with a borrower’s fee of up to 25%. If you can’t repay the loan, it will roll over, causing fees to add up. Eventually, your vehicle could be repossessed if you default on the loan.
  • Pawn loans: Another option is to pawn items you own at a pawn shop. To learn more about pawn loans and what items will earn you the most money, see our articles: Pawn vs. Sell: What’s the Difference? and What Do Pawn Shops Buy? This is a safer option if you have an item valuable enough to pawn. After all, it’s better to lose a TV or piece of jewelry than your car!

Where to Get Social Security Loans, No Bank Account: Title Lenders Listed

While most lenders require a bank account, title loans generally do not. So, if you’re on SSI and don’t have a bank account but do own your car, you may qualify for a title loan. The following nine lenders offer title loans to customers without bank accounts and accept SSI as a valid form of income.

1. Advance America

  • Terms of loan: Interest rates and title loan availability vary by state. Advance America offers monthly payment plans. You can pay off your loan early at any time with no penalty. Your title will be returned after the loan is fully repaid, including all interest and fees.
  • Loan amount: Varies based on the value and condition of your vehicle
  • Requirements: Your car should be paid off and have no other liens on the title. Bring your car, clear title, proof of residence, and government-issued photo ID to an Advance America store location. Some states also require proof of income and insurance. Your vehicle will be inspected by Advance America to determine its value.
  • Fees: Vary by location
  • When will the funds be available? Immediately. The application process will take about 30 minutes; you’ll leave with the loan amount.
  • Find an Advance America store to apply for a title loan
  • Source: Advance America Title Loans and Advance America Title Loans FAQ

2. Check Into Cash

Check Into Cash title loans are available in Alabama, Arizona, California, Georgia, Idaho, Illinois, Kansas, Louisiana, Mississippi, Missouri, New Mexico, Ohio, Tennesee, Texas, Virginia, and Wisconsin.

  • Terms of loan: Interest rates and payment schedules vary in accordance with state law. Your title will be returned after the loan has been repaid in full.
  • Loan amount: Up to $25,000; some states have lower maximum amounts
  • Requirements: Bring your car, title, government-issued photo ID, proof of residence, and SSI statement to a Check Into Cash store location. Your vehicle will be inspected to determine its value.
  • Fees: Vary by location
  • When will the funds be available? In as little as 30 minutes
  • Find a Check Into Cash store to apply for a title loan
  • Source: Check Into Cash Title Loans

3. Finova Financial

  • Terms of loan: Finova title loans have a maximum repayment term of 12 months but can be paid off early without a fee. The maximum APR is 30%.
  • Loan amount: Varies by state, the value of the vehicle, and your ability to repay the loan
  • Requirements: You must own your vehicle and have a lien-free title. You must also be at least 18, have a driver’s license, provide proof of income and residency, and carry collision insurance. You must not currently be in bankruptcy. SSI benefits count as income but must be at least $800 per month.
  • Fees: There is a $75 lien fee and a Document Stamp Tax. The Document Stamp Tax varies based on the amount of the loan.
  • When will the funds be available? Funds are available the same day you are approved.
  • Apply for a title loan from Finova Financial online
  • Source: Customer service; Finova Financial FAQ

4. 1st Choice Money Center

1st Choice Money Center only issues title loans in Idaho and Utah.

5. LoanMart

LoanMart title loans are available in Alabama, Arizona, California, Georgia, Illinois, Missouri, New Mexico, South Carolina, and Utah.

6. MaxCash

  • Terms of loan: Vary by lender. Generally, interest rates can fall anywhere between 52 and 300%, with MaxCash listing the average APR at 96%.
  • Loan amount: Varies by lender and vehicle
  • Requirements: You’ll need a government-issued photo ID, your free and clean title, three references not related to you, your Social Security card, and pictures of your car. Proof of insurance is required in some states. Some lenders require a check credit.
  • Fees: Varies by lender
  • When will the funds be available?: Pre-approval takes only a few minutes, but the exact time it takes to receive the funds varies by state and lender. Usually, it is the same day or within one business day.
  • Apply for pre-approval for a title loan at MaxCash
  • Source: MaxCash: How Car Title Loans Work and MaxCash FAQ

7. Moneytree

Title loans from Moneytree are available in Idaho and Nevada.

  • Terms of loan: Title loans are available for six-month terms. The number of payments and payment amount will vary based on the total loan amount. Larger “auto equity” loans are available in Idaho only and have 12-month terms.
  • Loan amount: Up to $500 for a title loan or up to $25,000 for an auto equity loan
  • Requirements: Title loans require verification of income and the clear title to your vehicle. Moneytree accepts titles for cars, vans, and trucks. You’ll also need to bring your photo ID and either your Social Security number, Alien Registration Number, or Individual Taxpayer Identification Number.
  • Fees: $25 per $100 borrowed
  • When will the funds be available? Same day
  • Find a Moneytree store to apply for a title loan. To accelerate the process, you can download the Moneytree loan application and fill it out ahead of time.
  • Source: Moneytree Idaho Title Loans and Moneytree Nevada Title Loans

8. Speedy Cash

  • Terms of loan: Vary by state
  • Loan amount: Varies based on state laws and the value of your vehicle
  • Requirements: You’ll need a valid ID, the title, and proof of income, address, and insurance.
  • Fees: $28 to $38
  • When will the funds be available? The Speedy Cash application process can take as little as 30 minutes but may take longer in states that require additional paperwork.
  • Find a Speedy Cash store to apply for a title loan
  • Source: Speedy Cash: Title Loans FAQs

9. TitleMax

  • Terms of loan: Varies; your payment schedule and terms will be decided at the time of your agreement. Car and motorcycle titles are accepted. There are no early payoff fees.
  • Loan amount: Up to $10,000
  • Requirements: Vary by state; generally, applicants should be at least 18, have a lien-free car or motorcycle title, and have a government-issued ID.
  • Fees: Vary
  • When will the funds be available? Same day
  • Apply for a title loan online from TitleMax
  • Source: TitleMax FAQs and TitleMax Payment Guide

Related: When Does TitleMax Repo Your car?

Other Options for Social Security Loans with No Bank Account

Non-title SSI loans without a bank account are few and far between. Title loans are your best bet for getting approved since using your vehicle as collateral reduces the lender’s risk of not being paid back. However, not repaying your loan on time puts you at risk of losing your car. We were able to track down a couple of options for no bank account loans that don’t require a vehicle title. You’ll find one nationwide pawn loan option and two payday lenders listed below.

Cash America Pawn

  • Type of loan: Pawn
  • Terms of loan: Most loans are for 30 days. An additional 30-day grace period is typically available. Extensions and renewals are available in some states. If you’re unable to pay back the loan, you can choose to surrender your items as payment.
  • Loan amount: Varies by item
  • Requirements: Cash America processes pawn loans for gold, diamonds, watches, tools, electronics, and more. Bring the item to a store for appraisal, along with your photo ID.
  • Fees: Vary
  • When will the funds be available? Immediately
  • Find a Cash America Pawn store to apply for a pawn loan
  • Source: Cash America Pawn

Handy Payday Loans

Moneytree

Moneytree’s no checking account payday loans are only available in Idaho, Nevada, and Washington.

  • Type of loan: Payday
  • Terms of loan: Your loan will be due on your next payday unless your next payday is within seven days or less. (If this is the case, you can repay your loan on the following payday.) APR varies based on how much you borrow and your repayment schedule. There are no early repayment penalties. In Nevada, the maximum loan term is 35 days.
  • Loan amount: Varies based on your eligibility
  • Requirements: Moneytree will need to verify your source of income, address, and phone number. You’ll also need to provide your Social Security number, Individual Tax Identification Number, or Alien Registration Number. Written verification of your income is needed if borrowing in Nevada.
  • Fees: $16.50 per $100 borrowed
  • When will the funds be available? Same day
  • Visit a Moneytree store to apply for a payday loan. Online applications aren’t available to applicants without checking accounts.
  • Source: Moneytree: Loans No Checking Account Needed and Moneytree FAQs

In Summary

Social security loans with no bank account exist. However, the options aren’t ideal. Your best chance at being approved will be through a title lender. You should only use title loans if absolutely necessary since you could lose your car if you are unable to repay. There are a few payday loan companies that offer loans to people without bank accounts, though these loans are also risky. Pawn loans are another option if you have items of value. Regardless of the type of loan you choose, making your payments on time can help you avoid extra fees. For more information on borrowing while on SSI or disability, see our articles: Can You Get Payday Loans with SSI Debit Card? Requirements Listed and Loans for People on Disability with Bad Credit and Social Security Payday Loan Options: SSI Payday Loan Companies.

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