Most, if not all, loans require credit checks. It’s a routine procedure to ensure your ability to pay back the loan. However, no credit check loans are one of the few exceptions.
No credit check loans (aka installment loans) are perfect for someone with a low credit score and they’re available to almost everyone. You can use an installment loan with no credit to pay for a new car, school tuition, or mortgage. Whatever the case may be, you can get it even with a bad credit score.
Conventional loan options like banks might deny your request for a quick loan. Your low credit score may limit your options. Fat, juicy loans might be out of reach.
However, there is a way around it. There’s something you can do even when you have exhausted all your resources and you might actually have more options than you think. There’s a national network of trustable lending services specializing in helping people in a tight financial place.
The truth is, more lenders are willing to lend a hand than you imagine. Your only worry should be choosing the best lender for you.
We’ve done the work for you and shortlisted the top no credit check loans providers online. These companies are trusted and can give you loans without risking your financial security. Furthermore, you can avoid predatory lenders by knowing your rights.
Now, all that’s left is choosing a loan offer that fits your situation.
List Of Top 5 Best No Credit Check Loans
- MoneyMutual: Overall Best No Credit Check Loans
- Bad Credit Loans: Best Loans for Poor Credit Score
- CashUSA: Oldest Lending Company
- Personal Loans: Member of the Online Lenders Alliance
- CreditLoan: Multiple Lenders for Bad Credit Loans
#1. MoneyMutual: Overall Best No Credit Check Loans
MoneyMutual is an online marketplace where borrowers and lenders meet. Using it connects you to a wide range of lenders and increases your chances of landing a no credit check loan.
Television personality, radio talk show host, and Navy Seal, Montel Williams recommends MoneyMutual. According to Williams, it’s possible to find no credit check loans with MoneyMutual.
Two million Americans got an emergency loan in a few days through MoneyMutual. And you can be next. According to statistics, 4 out of 10 Americans can’t generate $400 if their lives depended on it. So, MoneyMutual exists to fill that gap and help you get the emergency money you need quickly.
So, how does MoneyMutual work, and how much can you get? On average, you can get an instant loan up to $5000.
You fill a form and submit it through MoneyMutual. Then, lenders will review your application and decide whether they’ll work with you. When a lender accepts your application, they’ll send you a no credit check loan offer.
The lender will give you the details of the loan agreement. However, you don’t need to accept it without understanding all the details. You usually get a bit of time to read and comprehend the terms before agreeing or refusing. Once agreed, the lender will deposit the loan in your account within 24 hours.
Luckily, it’s relatively easy for any borrower to qualify. Many people got their desired loan when no one else was there to help. They depended on MoneyMutual for being an honest marketplace. MoneyMutual isn’t a lender, but it’ll connect you to trusted lenders.
When you’re in a tight situation, you too can depend on MoneyMutual. Furthermore, you’ll find some of the best lenders through MoneyMutual. However, depending on how bad your credit is, you’re going to need to hone your negotiation skills to get a fairly low interest rate. Luckily, you’ll have several offers, so you can choose the best one for you..
- Easy, secure, and safe process
- Connects you to a network of lenders
- Free to use
- Get a loan within 24 hours
- Online repayment
- Millions of dollars borrowed
- Requires patience to find a suitable loan offer
Seekers of no credit check loans complain the most about allowing bad lenders on the platform. However, all MoneyMutual does is connect you with lenders and all further agreements are between you and the lender. So, MoneyMutual doesn’t guarantee that you’ll get what you want. Additionally, some borrowers find it hard to understand the fine print, which should always be understood before agreeing to anything.
#2. Bad Credit Loans: Best Loans for Poor Credit Score
Bad Credit Loans is an online lending platform that connects you to a nationwide network of lenders. In other words, it uses its algorithms to match you with suitable lenders based on your application.
You don’t pay any fees to apply for a loan. Once you reach an agreement, the lender will pay the fees to Bad Credit Loans. All lenders are compliant with the Truth in Lending Act. So, you’ll get a cost and terms disclosure before you sign any documents.
Read and study the terms again before you take the loan offer. It’s vital. Why? Because it’s a legally binding agreement with civil and criminal repercussions.
Bad Credit Loans can also help you get student, business, and Personal Loans. It’s an all-in-one financial service advertiser. However, you don’t borrow from Bad Credit Loans. It’s not a lender. It’ll help you connect to state-licensed and tribal lenders, so you can find a no credit check loan that works for you.
Bad Credit Loans can be your one-stop shop for no credit check loans. For best results, be honest in your application. Most of all, you want to be a little patient until you get the perfect loan offer for you.
It takes around 10 minutes to complete the application and get your first emergency loan offer. You can get the loan by the next business day. Furthermore, it’s only a matter of time until you get a loan with a low minimum credit score requirement.
Repaying the installment loan will be according to the agreement you have with the lender. The loan can be from $500 to $10,000. The average interest rate is 20% paid in 12 months. So, when you borrow $5000, expect to pay around $1000 every month. Again, the interest rate, monthly installments, and terms will depend on your agreement with the lender.
- No fees
- Get a loan of up to $10,000
- No collateral necessary
- Flexible installments
- Quick loan form
- Less secure than a bank
- Shares your contact information with advertisers
On the other hand, satisfied borrowers praise helpful customer service, same-day approval, and transparent security measures.
#3. CashUSA: Oldest Lending Company
CashUSA is an online funding resource that has been in business for 24 years. It’s active in 29 states and offers a range of no credit check loans from many lenders.
Once you submit your free application, lenders will start contacting you. Since many lenders are willing to help, you can find a lender that accepts your low credit score. You can further filter lenders where you find an offer that you want to take. Without pressure or coercion, you can get your emergency loan with reasonable terms.
When you have a bad credit score and are running out of time, CashUSA can help. It’ll help you meet and connect with lenders near you in minutes. Within days, you can finalize your loan.
Qualifying for a no credit check loan is easy on CashUSA. However, you may have to pay a slightly higher interest rate on unsecured loans (more on that later.)
All in all, it offers more functionality than other platforms. According to Financer, it ranks at the 18th position among 205 companies at a 3.9 average rating.
- 5.99% to 35.99% APR
- Repay in up to 72 months
- Up to $10,000
- Fast approval
- Reasonable requirements
- Not available nationwide
- May sell your contact information to lending partners
Borrowers complained to the Better Business Bureau (BBB) that they received unsolicited emails. But CashUSA has a public unsubscribe page on the website. Also, BBB gave CashUSA a “B” rating. Furthermore, Money Under 30 gives CashUSA a 7.5/10 rating, citing a variety of offers and options as the best reasons to use CashUSA.
#4. Personal Loans: Member of the Online Lenders Alliance
Personal Loans (aka Signature Loan) is an Arrow Eagle company and a member of the Online Lenders Alliance.
According to Trustpilot, Personal Loans is a top-rated company with a 4.2 rating. Overall, it’s a must-have service in your financial emergency kit as a hardworking American.
Personal Loans will help you get a loan for up to $35,000 that you can repay in 72 months with a maximum 35.99% APR. Furthermore, it’ll connect you to lenders, credit repair, and debt consolidation services.
Looking at the big picture, you can get a no credit check loan for your home renovation, upgrading your business, or buying a new car. So, whether you’re tight on money or looking to invest in yourself, Personal Loans can help.
Personal Loans isn’t a direct lender. But it’ll give your information to third-party lenders who will make you loan offers. Not all proposals will be perfect for you, so you will need to study them before committing.
Applying is free without hidden fees and only takes a few minutes. The lender might charge you an origination fee, however. Furthermore, the borrower’s risk is also minimal. The lender is taking the risk of lending you the money when you have a bad credit score.
- Minimum 5.99% APR
- Direct deposit
- Up to $35,000
- It takes a few minutes to apply
- Easy to use website
- Faster than your bank
- Too many emails from third-party lenders
- May get you low-quality loan offers
One commenter on Consumer Advocate mentioned getting referred to debt relief programs as if it was “bait and switch.” Personal Loans does share your contact information with third-party financial services. It’s how the service works. Other past clients loved the fast approval (within 15 minutes), simple processing, and intuitive website design.
Furthermore, past borrowers recommend using Personal Loans services. They also said they’ll return in the future for more loans when needed.
#5. CreditLoan: Multiple Lenders for Bad Credit Loans
Nearly one million borrowers use CreditLoan to get one-day funding loans. Since it’s one of the oldest lending platforms, it’s also the one with the most experience.
Lenders do a “hard” check when you apply for a loan, which may harm your credit score. However, CreditLoan can connect you with lenders that will do a “soft” pull to keep your credit score intact. Alternatively, you can get help from a co-signer who might be a relative.
Luckily, CreditLoan offers loan products for both borrowers with good and bad credit scores. So, you shouldn’t have any obstacles applying for a no credit check loan. The key is to filter through the loan offers and accept the best one for you.
CreditLoan is a great choice for people with low credit scores. You can get a bad credit loan starting from $250 with a limit of up to $5,000. But you can also get $40,000 personal loans. Of course, the higher your credit score, the bigger the loans you can get.
A $5,000 loan isn’t that bad if you can invest it properly. You can even use it to pay off bills, which will increase your credit score. Then, you can apply to get a personal loan. That way, you get to climb out of your financial rut once and for all.
- Loans from $250 to $40,000
- Rich knowledge base
- Bad credit loans are available
- Been in the business for almost two decades
- Trusted by 750,000 borrowers
- Bad credit loan offers have a small limit
CreditLoan has a BBB listing, which is a good trust signal. It has a 3.3 rating on Trustpilot, which can be better. It also has a listing on Crunchbase, another good trust signal. However, the reviews on Trustpilot are not so good.
On other review websites, CreditLoan has a 4-star average rating. Most of the negative reviews are about being denied a loan, not for the integrity of the service.
Similarly, positive reviews come from borrowers who obtained a loan despite their poor credit scores. Safe to say, customer experience depends more on the lender loan terms than the platform.
Factors to Consider When Getting No Credit Check Loans
In theory, you can borrow anywhere between a few hundred to a few thousand dollars. Determine how you’ll spend the loan and how much you need. Then, you can apply for a loan.
Sometimes, you can lean on family and friends. Or even save the amount yourself. Either way, some lenders offer a $1,000 minimum loan. So, it’s wise to calculate how much you need against the interest rate you’re comfortable paying.
Loan Repayment Terms
Next, consider how long you’ll be repaying the loan. Similarly, it can be a few months to a few years according to the terms. The repayment period will also determine the interest rate and the amount you pay every month. Either way, you’ll start repaying your loan within 30 days.
Annual Percentage Rate (APR)
APR is the annual cost of the loan, and it includes loan origination fees and other charges. Most states put a rate cap to prevent predatory lending. For your general knowledge, here’s the median APR limit by the size of loan:
- $500 six-month loan: 36.5%
- $2,000 two-year loan: 31%
- $10,000 five-year loan: 25%
Furthermore, some APRs are shockingly high, and some states don’t have APR limits at all. Notably, the Federal Truth in Lending Act requires lenders to be upfront about the APR.
It’s your job as a borrower to compare between lenders. Then, select the lender with the best APR for you. Avoid lenders that charge you origination fees and other upfront costs if possible. Otherwise, you might get $9,500 of a $10,000 loan instead of the total amount because of these fees.
It’s similar to APR, but don’t confuse the two. The primary difference is that you’ll pay your monthly installments according to the interest rate, not the APR. The interest rate can be anywhere between 3.49% and 29.99%.
The higher your credit score and the faster you pay off your loan, the lower the interest rate. Like APR, loan size will also affect the interest rate. Unlike APR, it doesn’t include other charges or fees.
In your loan offer, the lender will disclose the expected duration of the loan. The lender might also suggest using automatic payments to lower your APR by 0.25%-0.50%. Furthermore, you can negotiate almost everything about your loan, including loan duration.
At any rate, paying your loan faster is best for you. After all, it’s a debt that you need to pay off quickly. So, you may choose to repay the loan in a few monthly installments. However, you can stretch your installments over several months or even years.
Again, the interest rate rises when you pay less money over a long period. It drops when you repay more money over a short period. That’s also where APR comes into play. Why? Because the longer you keep paying the loan, the more interest accumulates.
In general, it wouldn’t be fair to spend more than 35%-45% of the loan value. In other words, if your monthly salary is $5,000, you better keep loan payments under $1,750. This principle also applies to mortgages, emergency loans, and auto loans.
Since you’re seeking a no credit check loan, your credit score is probably not that good. You still want to keep the big picture in mind, though. Plus, a good credit score will give you negotiation leverage.
Furthermore, if you can prove that your finances are in good standing, you can get better loan offers. If you pay your bills on time, have fewer debts and fewer credit cards, it’ll also improve your credit score.
Getting an installment loan might mean more money in your bank account, but it won’t improve your credit score. How you spend that money will. For example, you can use the loan to pay off credit card debt. That way, your credit score will improve.
After all, a loan is a form of debt. Therefore, choose a lender that reports on-time payments to major credit bureaus. When you pay on time, it’ll improve your credit score.
If you’re acting against time, you can get a no credit check loan by tomorrow with terms that work for you. Furthermore, it may take up to two weeks of negotiation to get a loan at a reasonable interest rate.
Submit your application now to start getting offers. This way you can kick start the process early and get a suitable loan sooner.
How to Get a No Credit Check Loan With Bad Credit History
Check Your Credit Score
A healthy credit score won’t only accelerate your approval, but it’ll also help you get a bigger loan. Furthermore, you can get a low APR and interest rate with a high credit score.
Furthermore, even when your credit score is low, you can still get a no credit check loan. However, the APR, interest rate, and size of the loan will not be the best. Of course, you can get the best loan for yourself with time and patience.
If you haven’t checked your credit score lately and you want to see your credit report, you can do so on AnnualCreditReport.com. Your lender might also provide free credit checking tools on their website.
Remember, you get one free credit score check a year. So, use it wisely.
Prove Financial Stability
At some point during the loan negotiation, you’ll need to produce a proof of income document. You may also need to show additional documents like tax reports or pay stubs.
Naturally, the bigger the loan, the more you want to prove that you can repay it.
For example, a millionaire entrepreneur has more creditworthiness than a minimum wage construction worker. So, stack your financial documents to convince the lender that you’re financially stable enough to borrow the money.
Enlist A Co-Signer
If you don’t have enough supporting evidence of financial stability, consider a co-signer. According to the Consumer Financial Protection Bureau, a co-signer assumes total responsibility for paying back a loan with the original borrower.
Your co-signer could be a family member or a close friend. If you don’t pay, the co-signer will have to pay missed installments or even the total amount of the loan. If you’re late, the co-signer will lose credit score points.
Having a co-signer will assure the lender that you’ll pay the loan. However, the lender might have a rule against having a co-signer. If a co-signer isn’t on the table, consider adding collateral.
Submit Your Loan Application
If you prequalify, your lender will give you a few weeks to finalize your agreement. If your application expires, you can reapply as long as your information stays the same.
Lenders request your information based on their terms. In general, you may provide bank statements, photo identification cards, tax returns, credit history, and things of that nature.
Alternatives to No Credit Check Loans
Local credit unions are a good option for bad credit borrowers. Credit unions offer lower rate Payday Alternative Loans. But you must become a member to apply for a credit union loan. Furthermore, credit unions will do a hard credit pull to qualify you. Therefore, it’ll drop your credit score temporarily.
It can be emotionally hard to pawn a valuable possession. Furthermore, pawn loans are riskier than installment loans with no credit. APR is also high. But pawning your valuables can be a quick way to get money.
Car Title Loans
You can also get a car title loan instead of an installment loan. Typically, the lender will lend you the equivalent of the car’s value without checking your credit score. If you don’t pay off the loan, the lender will take your car forever. You might be better off using it as collateral.
Get Help From Your Community
Ask for a loan from your church, mosque, or temple. In general, religious organizations can help their adherents overcome financial difficulties. They’re able to collect donations on your behalf, find you a job, and cover your health expenses. If you’re secular, call nonprofit organizations and community centers that might be able to help with your circumstances.
Monthly Installment Plans
Ask about monthly installment plants for medical bills, car payments, or school tuition. Some sellers of goods and services already offer this service. Simply put, ask them if they’re willing to put in a monthly payment plan. If you’re getting a loan to cover these expenses, it’s best to go straight to the source.
Borrow From Family and Friends
If you need a few hundred dollars, ask a family member or a friend. You can get this small loan, but you might need to pay a rather large amount of interest. Lean on a friend instead. However, make sure you have an agreement in place of how much and when you’ll repay.
Start a Lending Circle
While it’s a long-term commitment, it can boost your income temporarily. Gather a group of people who are willing to pay a fixed amount of money monthly. Each month, a member can take the amount of money collected from everyone. You can be the first to collect and get the fast cash to solve your problem.
Monetize Your Skills
Start a small online business. It’ll take time to raise enough money, but it’s worth a shot. Offer your services to people on the internet and get paid for your time. For example, if you know how to design websites, many businesses will pay for your skills.
A time-tested way to raise money quickly is a garage sale. Sell the things you don’t use anymore. People in your neighborhood will love you for it. Home appliances, clothes, old electronics are all fair game. Turn it into a regular event and have fun.
Is a yard sale taking too much organizing, haggling, and time? Take it online on Facebook Marketplace. It’s one of the best places to sell your stuff and get paid quickly. List your items and let the buyers find you.
No Credit Check Loans FAQ
What is a bad credit rating?
Congratulations, you have learned the FICO score. On a scale of 1 to 1000, 300 to 579 is bad credit. 580 to 669 is somewhat better but still is bad credit. So, if your credit score is below 580, you’re in the red zone.
A low credit score translates to high interest rates, small loans, and more installments. But you can get no credit check payday loans with online platforms such as CashUSA.
What is the typical interest rate for no credit check loans?
The average interest rate for no credit checks loans hovers between 30% and 40%. APR could climb higher, though. It also depends on your lender terms.
Again, a credit score below 580 makes you a subprime borrower. That’s a “very poor” range. However, every lender has its own rules. So, a 580 credit score might be “good.”
How do you qualify for no credit check loans?
The bare minimum no credit check loans qualifications are a stable job, income, and debt-to-income ratio. Furthermore, you can submit additional documents to prove your ability to repay. Your lender will also ask for bank statements and pay stubs.
Are no credit check loans a scam?
No credit check loans aren’t a scam, but they come with some risks. Predatory lenders may take advantage of innocent borrowers in a tight situation. Borrowers may accept bad terms to get no credit check loans quickly. But you can review every lender and study their terms before accepting the loan offer.
Look for TIFA-compliant lenders, keep up to date about the latest laws, and research common industry scams. There are also some red flags that you can keep in mind.
If your lender ignores your credit score or credit history and jumps into discussing the advance fee, they’re likely to be a fraud. Furthermore, if you receive unsolicited calls from “debt collectors,” ignore them.
If the loan offer is too good to be true, it probably is. Also, steer clear from unlicensed lenders, fake emails from the BBB, and wire money requests.
Scams are hard to spot. However, if you stay vigilant and control your emotions, it’ll be harder to manipulate you.
What makes no credit check loans a good option for bad-credit borrowers?
Bad-credit borrowers already have limited options. No credit check loans aren’t only a good option because they’re available but also because they can potentially improve credit scores. Paying off a no credit check loan on time will boost your credit score.
How fast can you get a no credit check loan?
It takes a few days to get a large loan. However, you can acquire a small, short-term loan in 24 hours. Less paperwork, documents, and processing are what make no credit check loans so fast.
How can you fix your credit score?
Five factors determine your credit score. If you want to increase your credit score, you should focus on paying your installments on time, reducing debts, and maintaining a long credit history. These are the priority areas. However, keeping your account active and diversifying your credit products will also help.
How does an unsecured personal loan work?
Unsecured loans are loans without collateral. Usually, you don’t add collateral to secure the loan when you borrow money, like a car or house. No credit check loans fall into that category. But in secured loans, you add collateral the lender can sell if you don’t pay.
Furthermore, unsecured loans have more requirements than secured loans. Therefore, unsecured loans put the risk on the lender’s side. If you don’t pay, the lender will take legal action against you.
How can you get a loan without a job?
When you’re unemployed, you can still get a no credit check loan. Lenders would require that you have a job to make sure you can pay the monthly installments. However, if you don’t have a job, you can enlist the help of a co-signer. Furthermore, if you’re self-employed, it’ll increase your approval rate.
What are the required documents for a no credit check loan?
Each lender will provide a list of required documents. However, expect to produce your identity verification documents such as your government-issued photo identification, SSN, and tax documents. You’ll also need bank statements, paychecks, and significant purchase receipts.
Will a no credit check loan affect your credit score?
If you don’t pay your monthly installments on time, it’ll affect your credit score negatively. Furthermore, if the lender makes a “hard” credit inquiry, it’ll lower your credit score. Find a lender that uses other means to assess your ability to pay back the loan. Also, avoid applying for several loans in a short time.
How big can a no credit check loan get?
It depends on your lender as well. A no credit check loan can be up to $35,000 and more if your credit score is high enough. But even with a low credit score, you can borrow as much as you need. Furthermore, with a big loan comes a high APR and longer payment installments.
Can I use a no credit check loan for anything?
It’s your loan, and you can spend it the way you want. However, the lender can limit the uses of your loan. For example, you may want a loan for business upgrades, which will help you make more money. So, you can pay the loan back. You don’t have to agree to the lender’s terms and find another one. Other than that, you’re free to use your loan as you wish.
You can use it for renovating your home, paying urgent bills, or investing. Some people also pay hospital fees, repair their cars, or throw a wedding party. Therefore, it’s all up to you how to use your loan.
What’s the best no credit check lending company?
You can probably find thousands of lenders online. However, not all of them will be a good fit for your particular situation. Therefore, the best way is to apply through a lending platform that gets you loan offers from several lenders. That way, you can compare between lenders and go with the best one for you. In this respect, MoneyMutual, Bad Credit Loans, and CashUSA are a cut above the rest.
Your low credit score might limit your options but you don’t have to depend on predatory lenders to fix it. Even with bad credit, you can pick and choose your lender. It’s not always easy, but it’s possible to find a fit lender that helps you out of your financial rut.
In this industry, a good reputation is everything. The industry has a few bad players, but there are also honest lenders eager to help. You can find those highly reputable lenders through a lending platform.
Lending platforms don’t charge you any fees, and you can submit your application in a few minutes. They’ll match you with a fit lender. But it’s upon you to vet lenders to get the loan offer you want.
MoneyMutual, Bad Credit Loans, CashUSA, Personal Loans, and CreditLoan are the best lending platforms. So, prepare to get your no credit check loan. Apply as soon as you can to get your loan ASAP.
Bad players are everywhere. If you feel like someone is pressuring you, report it to the CFPB. Don’t let intimidation games stop you from getting your loan. If you follow the rules, the risk will be low, and the reward will be more. So, know that you have protection and apply for that loan today.