We live in a world today where savings and future financial planning can be considered both important and irrelevant by individuals of different opinions, none of whom need to be wrong. What makes the latter opinion valid? It’s likely to be the robustness of today’s lending market, which is only still improving over time.

One of the most favored form of borrowing to address urgent needs, is a cash advance. Essentially a short amount of money borrowed for a short period of time, a cash advance can come in the form of a credit card cash advance or a non-bank direct lender short term personal loan; much like a payday loan – which in fact is considered by many as an interchangeable reference.

Credit Card Cash Advances and Bank Accounts

Credit Card Cash Advances are small amount loans available to credit card holders who have an available limit yet to spare. A cash advance of this sort is typically a percentage of the available credit limit. People without a credit card or without ample limit still left in their credit card would not have access to such a loan.

If such a loan is available to you, all you shall need to apply for is would in most cases either be your credit card or the internet-based banking system linked to your credit card. These loans are normally instant and feature a fee and a compounding interest as dictated in your credit card terms.

A bank account is not needed for the transaction of a Credit Card Cash Advance – you simply receive money from an ATM machine as physical cash. However, most credit cards require you to have an active bank checking or savings account to apply for the credit card in the first place. Hence if you have a credit card, chances are that you already have a bank account and if you plan to apply for a credit card, most chances are that you shall need a bank account.

Getting Cash Advances without having Credit Cards

Direct Lender Cash Advances from non-bank direct lenders are the cash advances you can avail without having a credit card. However, you shall need a bank or a checking account for such a transaction, in most cases. If a direct lender chooses to offer a cash advance without a bank or a checking account being provided, it can be a sign of a fraudulent offer being made and it is advisable to perform further research about the lender before agreeing to such a transaction.

While direct lender cash advances are considered to be at the expensive end of the spectrum of loan product interest rates, the figure below shows what people find to be the main advantages that make such loans appealing and useful.

cash advance without a bank account

Checking vs. Savings Accounts for Direct Lender Cash Advances

In the earlier days when banking was not highly dependent on electronic and computerized systems, a checking account was typically one designed for faster transactions with the tradeoff of that being the lack of interest being paid for the deposits. Now, there is limited practical difference in these two types of accounts when it comes to loan transactions. Whether you provide your lender the details of a checking account or a savings account, the difference it can make is almost negligible.


It is important to have an active savings or checking account when you need to borrow money using any sort of a reliable credit product. Credit products that do not require you to have a bank account are likely to either be less reliable or illegitimate altogether and such an option should be a red flag in the borrower’s mind. Today, the process and requirements for opening a bank account are fairly simple and straightforward.

With regards to direct lender cash advances, dealing with a trustworthy and legitimate lender is key to getting a fair deal and having a safe transaction. With CashAmericaToday, all your direct lender loan needs can be met with competitive deals offered by one of the most reputed service in its class.

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