In most cases, people applying for loans undergo a credit check by the lender to ensure that their credit history shows a credible profile. Based on this information, the lender then decides on the borrower’s eligibility and the associated loan terms, including the interest rate.
However, no-credit-check loans are a safe haven for borrowers with questionable credit histories as they are entirely based on their ability to return the loan. For example, lenders who give out these loans are likely to check the borrower’s bank account statements or past track of payments to assess their means of income, their earnings, and the total loan amount that the borrower can genuinely afford.
Naturally, everyone may need a loan at some point in their life, to cater to either short-term emergencies or long-term investments. Therefore, whether it’s for a new car or to cover a sudden medical expense, these no-credit-loans ensure that bad credit histories are not discriminated against.
The options to gain access to personal loans can be limited if the borrower’s credit history shows a downward trend. However, this does not mean that the potential borrower is entirely out of options. Fortunately, several avenues are still available, depending on the total amount of money the borrower needs. In addition, it is possible to acquire a loan that is specifically intended for people with bad credit, and the options are plenty.
As a result, due to the numerous options available, choosing the right loan platform for yourself can be challenging. Thus, we have shortlisted the best no-credit-check loans that are safe and do not charge heaps in interest.
Best 5 Direct Lenders For No-Credit Check Loans
- MoneyMutual: Best For No Credit Check Loans For Bad Credit, Editor’s Pick
- BadCreditLoans: Best For Improving Bad Credit History, Runner Up
- CashUSA: Improve Your Credit History
- PersonalLoans: Quick No Credit Check Personal Loans
- CreditLoan: Trusted Platform For Small Loans For Bad Credit
#1. MoneyMutual: Best For No Credit Check Loans For Bad Credit, Editor’s Pick
MоnеуMutuаl was founded in 2010 as a means of connecting short-term lenders with borrowers who seek to get access to instant funds. Instead of offering borrowers the money itself, MoneyMutual acts as a bridge between lenders who have money saved up and borrowers who seek to access these funds. The process is immensely convenient as MoneyMutual takes the responsibility of doing most of the work for the customer as it sends the customer’s loan application to multiple lenders.
MoneyMutual has a network of up to 60 lenders willing to give out loans without carrying credit checks as their requirements go beyond the customer’s credit score or history.
MoneyMutual’s network includes providers who offer an array of loans, including installment and payday loans. Therefore, it is the ideal service to aid customers in finding short-term loans without having to pay an additional fee.
The purpose of creating this network which has managed to gain significant popularity over time was that it was recognized that up to 40% of Americans were unable to gather a basic amount of only 400 dollars if an emergency occurred. Since its establishment, MoneyMutual has had more than 2 million users who have sought instant financing in times of need or unexpected emergencies. Moreover, this online lending portal is top-rated due to its commercials that feature Montel Williams and extend the promise that they are a reliable source that connects borrowers with lenders of short-term installment loans easily without any prior credit check.
MoneyMutual makes finding a loan or instant finding in times of need straightforward for people who are constantly weighed down by their poor credit score. All it requires is for the user to fill out a simple form that is free of cost. This form is then used to connect the loan applicants to potential lenders.
This online lending portal saves customers the trouble of going from lender to lender to apply for loans. It provides one single form to multiple lenders available in its network. This expands the number of opportunities, but it also saves the customer time and headache of locating lenders themselves.
Mostly, the average borrower gets a loan approved for 250 to 2500 dollars depending on the applicant’s qualifications. The process is pretty simple as these potential lenders review the information present in the form and reach out to the customer with a loan offer and all loan terms and conditions.
Once the loan application is approved, the funds are transferred to the customer’s bank account within a day. The main features of MoneyMutual include:
· Instant service: Funds are transferred within 24 hours at maximum. Sometimes loans are even approved in a matter of minutes.
· The opportunity to compare loan rates: There are multiple loan options at the customer’s disposal due to the vast network at hand. Therefore, they have the opportunity to compare multiple loan rates and make an informed decision accordingly on which loan to opt for.
· Free service: MoneyMutual does not charge its users any additional fees for connecting them to their network of lenders. Therefore, the overall experience adds to their funds as opposed to taking away from them.
· Simple online application form: The format of the online application form is pretty easy and convenient. Therefore, it does not take too much time to fill out either.
However, there is a significant drawback to this service. Even though all these facts should technically mean that customers are charged a lower rate, the unfortunate reality is that MoneyMutual matches customers with international companies that charge exceedinglyhigh interest rates.
· The website has a simple format and is pretty easy to use.
· It matches borrowers with a vast network of lenders. Therefore, it provides them easy access and saves them the trouble of pursuing every lender separately.
· The services of MoneyMutual are entirely free of charge and, therefore, budget-friendly.
· It does not require a credit check on your credit report and takes only five minutes to apply for a loan.
· There are reports of MoneyMutual charging illegally high interest rates to take advantage of customers who need instant loans without a credit check. There have been lawsuits as well.
· The terms, interest rates, and service depends on the lender, and the platform itself has no say or control in the process.
Overall, MoneyMutual is one of the most popular online lending portals with more than 2,000,000 users online. With a loyal customer base, MoneyMutual has multiple old customers who repeatedly return to use its services, along with new customers who get attracted to the company through testimonials of customer satisfaction from MoneyMutual’s features and overall service.
The most popular feature offered by this online lending platform is its ease of use and affordability. Moreover, the speed of the deposits is the most significant bonus point for customers who have bad credit and seek to obtain instant funds without a credit check.
On the contrary, customers often complain of having to pay exceedingly high interest rates charged by the various lending companies affiliated with MoneyMutual. However, it is essential to note that MoneyMutual does not set the loan terms and, therefore, has little control over the interest rates quoted by the lenders. Other complaints include bank accounts, fine print, and payday loan problems.
#2. BadCreditLoans: Best For Improving Bad Credit History, Runner Up
Functioning along the same lines as MoneyMutual, BadCreditLoans is a means to connect customers with potential lenders instead of being one itself. This online lending portal represents mainly customers who apply for loans despite having a bad credit history and, therefore, seek out loan offers that involve requirements beyond detailed credit checks on the customers.
This company was established in 1999 and, since then, has managed to provide multiple customers with loans, including those who have unfortunate credit histories. However, the loan terms are set by the lenders themselves instead of the portal, simply connecting the two parties. Therefore, customers can only negotiate loan terms with the lenders themselves.
However, BadCreditLoans has a flexible service as it does not bind its customers to accept a particular loan offer. Instead, they have the complete advantage of choosing a loan that fully satisfies their financial needs and aligns with their loan requirements.
BadCreditLoans is responsible for collecting the customer’s information through their simple application form. Then, they run through their algorithm to match them with a lender who aligns with their loan requirements and financial condition. This means that from among this vast network of lenders, including those who offer installment and payday loans and those who specifically lend loans to those with good credit scores, the specific customer is matched with lenders whose requirements align with the customers.
One of the most critical aspects of BadCreditLoans is that it saves the customers time and the headache of having to approach individual lenders. This task gets tedious and frustrating. Instead, BadCreditLoans offers to match the customer with the best lender according to their provided information.
This online lending portal is ideal for individuals and business owners who need to cater to financial necessities urgently. Moreover, this service focuses on requirements other than credit conditions, such as means of income and bank statements to prove the customer’s eligibility.
The total amount of the loans involved falls in the range of 500 to 5,000 dollars, with flexible loan terms varying from three months to 36 months. This gives the users ample time to repay the loan and takes much of the pressure of debt away.
Moreover, the interest rates vary based on the customer’s financial standing falling in the range of 5.99% to 35.99% Annual Percentage Rate. Various other details involved in the loan depend on the lender who makes the loan offer as well. These details include the monthly payments, the total interest amounts, and the total time given before the loan has to be fully repaid.
The information required by the company is rather detailed as it does not discriminate against those with bad credit by conducting detailed credit checks. Instead, the company has the following requirements:
· The customer should be at least the age of 18.
· The customer’s phone number.
· Unfortunately, the customer has to be a U.S. citizen, and the company requires proof of this.
· The customer must have a good source of income that is also consistent.
· The customer must have an approved checking account to ensure credibility.
· The format of the platform is simple and, thus, easy to use.
· Borrowers can approach numerous loan lenders through a single online application form. Therefore, it saves time and effort of pursuing lenders individually.
· This online lending platform is ideal for those with a bad credit score as it offers loans without credit checks.
· The total amount of the particular loans is small. Therefore, the borrower can use it for a limited variety of needs.
· The Better Business Bureau has given this online lending portal a poor rating for its services.
· Though there is only one application, the process is time-consuming and requires the customer to give lengthy details regarding their personal information, including their bank information.
Overall, customer reviews consist of ample praise from customers regarding the time it takes to deposit the funds, the instant nature of the service, and the rate of approved loan applications despite a poor credit score. However, on the alternative, applying is rather lengthy and requires a lot more private information than other online lending portals. Moreover, there is evident concern regarding the safety and security of the customer’s data.
#3. CashUSA: Improve Your Credit History
Like most online lending portals, CashUSA takes up the responsibility of connecting borrowers to various lenders who expand their loan requirements beyond credit checks. However, unlike other online loan services, the loan amounts offered by CashUSA are somewhat smaller.
This company was established in 2002 to bridge the gap between lenders who have funds saved up and borrowers who need quick access to these funds. The loan amounts range up to 10,000 dollars depending on the customer’s credit condition.
However, due to its extensive network of lenders, there is no discrimination against those with unfortunate credit histories and expands its loan requirements beyond credit checks. Moreover, the amount offered to customers in the form of loans also depends on their credit conditions.
The process of applying through CashUSA is pretty simple. First, the customer must fill out a single application form through the website, completely free of charge. This application, including the customer’s personal information, is then shared with a network of lenders at the disposal of this online lending portal. Since this network is immense, lenders are available to cater to loan applicants across all credit types.
If you are hoping to acquire a loan that does not conduct a credit check and discriminate based on a poor credit score, CashUSA might be your go-to, which will connect you to a lender which can instantly deliver the funds you need. This is because lenders in this network do not require a credit check or an excellent credit score, and therefore, qualifying for a loan is simple. However, these approved loans may be associated with an exceedingly high interest rate.
The interest rates associated with the network of this platform fall in the range of 5.99% to 35.99%. The quoted interest rate depends on the customer’s credit condition or credit score. However, this online lending portal differentiates itself from others due to its website’s incredible online educational sources. These include information regarding finance, credit scores, calculation of debt, planning of paying back student loans, budget to expenditure alignment, and a lot more.
Therefore, this company gives its customers ample information regarding their financial situation while giving them the means to acquire loans despite having poor credit. Still, it also takes pride in protecting the user’s information provided to the website. Therefore, it establishes itself as a safe and reliable platform while prioritizing the safety and privacy of the user’s personal information.
· CashUSA offers several loan offers and allows customers to choose the one that best aligns with their profile and financial needs.
· The service of this website is entirely free of charge.
· Customers have reported immense satisfaction regarding the customer service that CashUSA offers.
· The application process is relatively easy and is associated with instant approval and access to funds.
· The network of lenders that CashUSA has comes from all 50 of the U.S. states.
· It does not discriminate against borrowers with poor credit scores.
· The minimum earning required to check if the customer qualifies for a loan offered by a CashUSA lender is 1,000 dollars per month.
· It has a maximum loan amount limit of 10,000 dollars.
· Some of the lenders in the network quote exceedingly high interest rates.
All in all, the customer reviews appreciate the services provided by CashUSA especially, the online educational sources that the website offers. In addition, the fact that its lenders are open to offering loans without conducting a credit check is also appreciated. However, there is only one customer review present on Trustpilot, which complaints about the collection methods by the company.
Moreover, despite having a Better Business Bureau profile, it has a low F rating. However, this rating results from a lack of response to the six reported complaints on the official BBB website.
#4. PersonalLoans: Quick No Credit Check Personal Loans
PersonalLoans.com was established in 2015 and, similar to other online lending portals, had the mission of connecting borrowers with its network of lenders to give its customers access to loans. As it progressed, PersonalLoans.com successfully offered loans to customers regardless of their credit type and catered to those with bad credit scores.
Not only does this online lending portal excel in offering immense security, but it also has an instant approval process. Moreover, its services are entirely free for its users, which makes it even more appealing.
All in all, the company acts as a means of convenience for customers who seek to borrow loans without having a credit check run on them as they hope for the lender to see beyond their unfortunate credit histories.
PersonalLoans.com offers its customers loans of amounts ranging up to 35,000 dollars while maintaining efficiency. The lower limit of these loans is as low as 500 dollars, and therefore, they cater to short-term emergencies and long-term financing.
This online lending platform is ideal for those who need an instant source of funds to cater to any urgent needs that may arise. The type of loans offered includes a peer-to-peer, bank, and installment loans. However, out of all things, its immense flexibility of loan amounts, the interest rates, and the payback period, which ranges from 90 days to as much as 72 months, is the most appealing factor. This makes it much more convenient for the borrower to pay back this loan and makes timely payments more manageable, improving their credit. The Annual Percentage Rates quoted through this medium fall in the range of 5.99% to 35.99%, depending on the customer’s financial and credit condition.
The process is pretty simple as it requires one online application form circulated by the company to its vast network of lenders. After this, the customer is matched with a lender who makes a loan offer within a few minutes and provides the customer access to a loan agreement consisting of all terms. These terms and conditions are meant to be scrutinized by the customer to ensure that they align with their paying capabilities and other needs.
Another critical factor is that in the rare occurrence that a customer misses a deadline, they can always request their lender to extend the deadline as per their capability and payback schedule. In many cases, the lender may accommodate their conditions through negotiation. However, it is essential to note that PersonalLoans.com does not have any control over this as it is merely a matching service for borrowers and lenders and cannot impact or change the loan terms itself.
· Access to instant funding within 24 hours.
· This company has a fast and easy online application process.
· This company has a vast network of lenders at its disposal.
· Lenders associated with PersonalLoans.com offer loans to those with bad credit scores of as low as 580 and, thus, does not discriminate.
· The company has requirements beyond a good credit score, and these requirements are immense and essentially detailed.
· The company requires a lot of personal information from its customers.
· Deficient credit scores and bankruptcy cases or a long history of delayed payments might make the customer ineligible to acquire a loan from the lender network provided by PersonalLoans.com.
Overall, the customer reviews for this online lending platform are positive, and I appreciate its fast and easy service. The company is ranked 24th on the list of online lending platforms as customers cherish the company’s security and seem satisfied with the Annual Percentage Rate.
The company does not have accreditation by the Better Business Bureau among other credit bureaus and lacks rating because of incomplete information or consistent reviews. However, there are plenty of reviews available on Trustpilot which are immensely positive and show a high overall rating of 4.2 out of 5 stars. The main attraction areas for customers about PersonalLoans.com include how instantly they receive their funds and the overall customer service.
#5. CreditLoan: Trusted Platform For Small Loans For Bad Credit
Credit Loan was established in 1998 and successfully emerged as an online lending portal that matched borrowers with lenders. It acquired over 750,000 customers who it successfully connected with credible lenders for loan offers as it progressed. The main goal of this company is to provide security tools for its users for finance management.
This online lending portal differentiates from others because it comes with low interest rates on the loans it offers. Moreover, there is no discrimination against customers with unfortunately low credit histories and offers loans to those who cannot acquire them when needed.
However, similar to other online lending portals, it does not directly offer funds to its customers but is mainly responsible for acting as a bridge between lenders who have access to funds and borrowers who need this access. Therefore, the loan terms and conditions are set by the lender himself and not by Credit Loan.
Credit Loan possesses two diverse lending networks, which are divided based on the customer’s credit performance. One of these lending networks is for those who suffer from poor credit, while the other is for those who have managed to sustain a fair credit score over time. However, the guarantee is that Credit Loan connects its customers with lenders who precisely align with their credit conditions, loan requirements, past credit histories, etc. Therefore, it ensures that their customers meet the right match.
CreditLoan’s website promises to welcome loan applications of amounts ranging up to 25,000. However, the group of lenders primarily assigned to poor credit customers for personal loans has a maximum loan limit of 5,000 dollars only.
All in all, Credit Loan gives its customers access to instant funding when in need to cater to short-term emergencies as it offers loan amounts of as low as 250 dollars. Therefore, if wrong credit customers seek to acquire short-term loans that are easily repayable and do not involve conducting a rather interrogatory credit check before accepting their loan application, Credit Loan is a good option.
The process is relatively simple and is similar to other online lending portals. Customers are required to fill out a simple online application that requires personal information such as bank details, phone numbers, zip codes, etc. Credit Loan provides immense safety of personal information by prioritizing the protection of the information offered, making it a reliable and trustworthy online lending platform.
This security is backed up by the fact that Credit Loan is certified by numerous security companies such as TRUSTe and McAfee SECURE. These companies ensure that the customer’s personal information is completely secure while they opt for the services of this online lending platform.
The loan application is forwarded to numerous lenders available in the vast network associated with Credit Loan. Once a lender connects with the customer, they are redirected to the lender’s website. This is where Credit Loans service is complete, and moving forward, all dealings related to the loan are between the borrower and the lender himself.
The customer must scrutinize the loan terms and conditions to ensure that they match his financial capabilities. Then, the borrower can accept the loan offer if the customer is delighted with the interest rate, the monthly repayments, the payback period, and other details. The process is instant as funds are reported to be deposited in the customer’s bank account within one business day once the loan offer has been accepted.
· Credit Loan offers loan amounts ranging from 250 to 5000 dollars.
· The loan amount is directly deposited into the customer’s account.
· Once the loan offer is accepted, the customer gains access to these funds within 24 hours.
· Lenders within the network of Credit Loans do not conduct detailed credit checks and are open to offering loans to people who suffer from low credit scores.
· The company itself is immensely reliable as it is certified by multiple security companies.
· The loan amounts are limited as they have a maximum limit of only 5000 dollars. Therefore, customers who require more considerable funds are worse off.
Like most online lending platforms, CreditLoan has mixed customer reviews with a few dissatisfied customers and many satisfied ones. This company manages to maintain a high rating on most websites, but there are a few bad customer reviews here and there, mainly from customers who were denied loans.
The process is somewhat confusing for most customers as they associate a negative rating with the company if they are granted loans with higher costs. This is mainly because low credit customers are only eligible for loans that come at a higher cost than those who have reasonable credit histories.
However, it is entirely up to the customer to choose a loan that aligns with their preferred interest rates and monthly repayments as there is no binding contract to choose the loan that has been offered.
Factors to Consider When Seeking No Credit Check Loans
The Total Amount the Customer Needs in the Form of The Loan
It is essential to be fully aware of the customer’s amount when applying for a personal loan. Most lenders offer loan amounts ranging from 1000 to 2000 dollars. However, the companies mentioned above also cater to low amounts of 250 to 500 dollars.
The amount required needs to be evaluated to decide the type of loan that the customer should apply for and whether or not it is possible to acquire this amount through alternative sources of finance.
Terms of Repayment
The process of repayment begins within 30 days of acquiring the loan. Most companies set varying terms of repayment, which generally fall in the range of six months to as much as seven years. This period is crucial as it impacts the monthly payments and the interest payments that the customer has to pay.
The lender’s interest rate depends on numerous factors, including the customer’s credit score, total loan amount, and the total loan term. The interest rate can range from 3.49% to 29.99% and higher. The interest rate usually is dependent on how good the customer’s credit score is.
How Quick the Loan Is Obtained
The funds from bad credit loans can be deposited into the customer’s bank account within a day but could take as long as a week. Therefore, the loan’s funding time is a crucial aspect to consider.
The Annual Percentage Rate
Closely mimicking the interest rate, the Annual Percentage Rate also considers any alternative fees that the lender may charge the borrower such as, advanced fees or origination fees.
These alternative fees are essential to consider as they add to the overall cost of the loan and, therefore, can make it less affordable.
The Impact of a Personal Loan on Your Credit Score
It is important to note that a personal loan can vastly improve the customer’s credit score by repaying existing debt. Personal loans fall under installment credit, while credit cards fall under the category of revolving credit. These two combined can largely contribute towards the improvement of credit.
Ways to Get a No Credit Check Loan
Even though several online lending services provide access to lenders who are willing to provide loans to people with bad credit, the borrower’s credit score impacts the annual percentage rate and the overall monthly repayments of the loan. In addition, it is common for someone with a low credit score to be offered a high interest rate. Therefore, it is recommended to go over your credit profile before applying for a loan and remove any negative items that may lower your credit score unnecessarily.
Source of Income
As no credit check loans expand their requirements beyond the credit conditions of the borrower, the source of income is an essential requirement. It is common for lenders to require a consistent source of income to ensure that their loan will be repaid timely.
By Finding a Cosigner
If the borrower cannot meet the loan requirements individually, it is still possible to gain access to a loan by bringing in a credible and eligible cosigner. This ensures that if the borrower is unable to pay back the loan, the cosigner will be liable. However, it is essential to note that many personal loan lenders do not allow for cosigners.
Alternatives to No Credit Check Loans
These forms of loans are a much easier and smaller value than other personal loans despite sometimes falling under a bad credit loan. However, these work best for borrowers who seek to acquire a small amount for a loan and are a reasonably convenient option.
A bank overdraft is a mere extension of the borrower’s current account and, therefore, is less risky than other forms of loans. Therefore, this is classified as one of the easiest ways of borrowing. However, this form of financing does require a credit check and takes past credit history into account.
This form of loan caters to those who seek to acquire access to relatively more significant funds. However, these loans involve higher risk as they keep an asset as collateral, such as a house. Therefore, in case this loan is not repaid on time, the lender acquires the asset. However, this form of financing is a good option for people with bad credit as such loans are offered regardless of credit histories. Therefore, if the borrower is open to risking a personal asset and is open to taking that risk, a secured loan may also be an excellent option to acquire a large amount of funding.
Frequently Asked Questions about No Credit Check Loans
Q. What score is considered a low credit score?
Most lenders use credit scores that fall in the range of 300 to 850. According to most standards, a score lower than 670 is considered a fair score, while a score lower than 580 is considered a poor score.
Q. Where can I get access to a no credit check loan?
Numerous online lending platforms have a vast network of lenders. Some of these lenders do not carry out credit checks and expand their requirements of loan approvals beyond the borrower’s credit history. However, such loans come at a high cost through high interest rates. Examples of these online lending platforms include MoneyMutual and CashUSA.
Q. Is it possible to get a loan if the borrower is unemployed?
It is not impossible to acquire a loan if the borrower does not have a job. However, it may be challenging. Lenders primarily seek security when giving out a loan and, therefore, require proof of employment. An alternative could be to offer proof of alternative sources of income such as unemployment benefits which may give you higher chances of getting approval for a loan with no credit.
There are numerous no credit check loan services available online. These online lending platforms are associated with a vast network of lenders, and can match you with those amongst them that don’t require credit checks and are willing to extend funds, even if you have a poor credit history.
However, these loans come at the cost of high interest rates, which is a price that you will have to pay in exchange for bad credit history. Having said that, do your research well and select the platform that offers you the best deal.