Getting a loan when you need one can make a huge difference: the right loan can get you out of a tight place or get you an asset you need. No-credit-check loans can get you those advantages even if you have credit problems or no credit score at all.
A no-credit-check loan does not guarantee approval. Every lender will have approval criteria. Most will run a soft credit check and evaluate your income and employment status.
Disclaimer: Credit Summit may be affiliated with some of the companies mentioned in this article. Credit Summit may make money from advertisements or when you contact a company through our platform.
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14 Lenders Who Don’t Care (Much) if You Have A Poor Credit Score
If you don’t have good credit, it can be tough to get approved for an affordable loan. There are two types of lenders offering these loans, loan brokers and direct lenders.
Almost all will have the same basic requirements.
- Currently employed or receiving regular income
- A stable income, usually with a minimum of $700 to $800 a month
- 18 years of age or above and a resident of the U.S.
- Have an active checking account
- Have a valid phone number and email address
- Have a government-issued ID
Some lenders may have additional requirements. Many of these loans will not be available in all states. Be sure that the lender making an offer is licensed in your state.
10 Top Loan Brokers
These brokers will link you to multiple lenders. Check your offers carefully and be sure to check the lender’s reputation and license status in your state.
- U.S. Installment Loans
- True American Loan
- 1FirstCashAdvance Loans
- ASAP Finance
Disclaimer: Credit Summit may be affiliated with some of the companies mentioned in this article. Credit Summit may make money from advertisements or when you contact a company through our platform.
Let’s take a closer look at each of these lenders.
Money Mutual partners with lenders making loans of $250 to $5000. Some of the lenders that MoneyMutual works with may have additional requirements, which could include a hard credit check. Funds may be available as soon as the next business day after approval.
MoneyMutual cannot quote an APR or specific terms. These will depend on the lender that makes the offer. MoneyMutual states that “lenders offer a variety of financial products, like short-term loans, cash advance loans, payday advances, installment loans, personal loans, lines of credit, title loans, and auto equity loans.”
You will need to review each offer very carefully. You can expect APRs to be significantly higher than those of loans with credit checks, but it’s up to you to ensure that they are reasonable and not predatory.
LoansUnder36 is a loan broker that promises loan offers with an APR of 36% or less. At least the name suggests that. The website doesn’t promise it and the APR disclosure doesn’t cite any figures. Several online reviews do state that the APR is 36% or under and a test application received an offer under that figure, so it’s worth a try: 36% or under is a solid APR offer for a no credit check loan.
Loan amounts range from, $500 to $35,000, with not all lenders serving the higher end of that range. Some lenders do require credit checks, and the application authorizes credit checks. The website has little information, but online reviews indicate loan terms up to 60 months, no minimum credit score, and availability in most states. Funding is typically available within 24 hours.
FundsJoy represents lenders offering loans from $200 to $5,000. Some lenders may check your credit, and your application authorizes them to do so. The loan terms and interest rates will vary widely with the lender.
FundsJoy cites APR ranges for three different loan types.
- Personal loans: 4.99% to 450%
- Cash advance loans: 200% to 1,386%
- Installment loans: 6.63% to 225%
These ranges are extremely wide and include loans that could be considered predatory. You will have to examine the offers you receive very carefully and be sure that all of the terms are reasonable and acceptable.
WeLoans links borrowers with a network of lenders that use only soft credit checks. They claim that their lenders have 97% acceptance rates, approval is nearly instant, and funds may be available as early as the same day. They offer three types of loans.
- Payday loans are available up to $5000, but they must be paid in full on your next payday. These are expensive, high-risk loans that you should avoid.
- Personal loans may be paid back in multiple installments and are available up to $35,000.
- Title loans require you to turn over your vehicle’s title as collateral. These loans are also very expensive and put you at risk of losing your car.
WeLoans states that loans range from $50 to $35,000. Their website does not cite any figures for APRs, fees, or loan terms: these will vary with the lender and you will have to check the offers you receive. WeLoans does partner with payday and title lenders.
U.S. Installment Loans
U.S. Installment Loans offers loans of $50-$5,000, up to $35,000 in some cases. There’s only a soft credit check and the terms of installment loans are up to 36 months (3 years), ranging up to 72 months (6 years) in some cases. You will typically receive offers in as little as 5 minutes, and loans may be funded as early as the same day.,
Like many no credit check loan brokers, US Installment Loans does not specify the APRs and loan terms you may be offered. These will depend on the lender making the offer and on your qualifications.
CocoLoan states that their partner lenders have a 97% approval rate. They offer payday loans of $500 to $5,000 and personal loans up to $35,000. Application processing takes a few hours and money is often available the same or the next business day.
As with the brokers described above, CocoLoan does not discuss APRs, fees, or loan terms on their site. These will vary with the lenders making your offers. Like the other brokers, CocoLoan represents both payday lenders and lenders making more conventional loans. You will have to assess the offers carefully to decide which, if any, you want to deal with.
True American Loan
True American Loan partners will lend from $500 to $35,000 with terms of up to 60 months (5 years). Not all lenders will lend amounts as large as $35,000 or with terms as long as 60 months. Actual cash transfer times will vary with the specific lender’s policies, but money may be available as soon as the next business day.
Some of the lenders in the network are payday lenders, and True American Loan states that some lenders may have an automatic renewal or “rollover” policy. This is a warning sign: these rollovers often come with high fees and can quickly drag you into a cycle of high-interest debt.
PersonalLoans is a broker offering loans ranging from $1,000 to $35,000. Terms typically range from 90 days to 72 months (6 years). Some lenders may have a minimum credit score.
PersonalLoans states that many providers offer rates between 5.99% and 35.99%. They also state that their network contains some tribal lenders. These lenders operate through fronts on Native American reservations and use sovereign immunity to avoid state laws. Rates and fees are typically extremely high and may change without notice. You should avoid these loans at all costs, so be very careful about the offers you receive.
PersonalLoans specifically states that your contact information will be sold to marketing partners providing both credit and non-credit services, so be prepared for a deluge of spam if you apply.
1FirstCashAdvance represents partners offering three types of loans.
- 1-hour payday loans of $50 to $1000: fast decision, no hard credit check, money by next business day. APRs may range from 154% to 677% depending on your state. payment is due in full on your next payday.
- Installment loans of $1000 to $5000: fast decision, money available as soon as the next business day. No hard credit check. Terms are up to two years. APRs will vary with the lender and will be fully disclosed in your loan offer.
- Personal loans of $5000 to $15,000 with terms up to 60 months: decision within a few minutes, funds are available as early as the next business day. Some lenders may do a hard credit check. APRs will vary with the specific lender.
As with all loan brokers, you will need to review the loan offers carefully and be sure that you are not dealing with predatory lenders.
ASAP Finance handles both payday loans (paid on your next payday) and installment loans (18 or 36 monthly installments over 18 months). Loan amounts range from $100 to $5000. Approval is within 15 minutes and funds may be released as early as the same business day. There’s no hard credit check. ASAP website cites a “representative range” of APRs from 391% to 782% for payday loans and a fixed rate of 209% for installment loans.
ASAP states that they handle payday and tribal loans, both of which are hotbeds of abusive predatory lending. The cited rates are very high and could get you into serious trouble if you can’t pay the loan quickly.
4 Top Direct Lenders
If you use these lenders, you will deal directly with the lender. Not every lender will lend in all states, and credit unions will only lend to members.
RISE Credit is a direct lender providing both payday loans and installment loans. Loan amounts range from $300 to $5000 and APRs range from 50% to 299%. There are no origination fees, late fees, or prepayment fees, and you can prequalify. Loans are payable in 4 to 26 months. Larger or longer-term loans may require a hard credit check.
An approval decision is typically available “in a matter of seconds,” and funds are released as early as the next business day.
RISE credit has generally positive reviews on Trustpilot, though reviews on other sites are not always as good. The APRs are high but may be viable if there’s no other option.
Check Into Cash
Check Into Cash provides payday loans of $50 to $1000 and installment loans of $100 to $3000. Available amounts and loan availability may vary in different states. Approval decisions are available in seconds and funding is usually on the next business day. APRs are high and may range up to 400% for payday loans. APRs may vary with state laws.
Check Into Cash is essentially a payday lender. It has also been in business for over 25 years and is generally considered to be one of the most reputable payday lenders in the country. Customer reviews on most platforms are generally positive – very unusual for a payday lender – and Check Into Cash is a founding member of the Community Financial Services Association of America, which has worked to upgrade practices in the industry.
If a short-term high-interest loan is your only option, Check Into Cash will be one of your better choices.
Credit Human QMoney Loan
Credit Human is a direct lender: you apply to the lender and your information will not be shared to other entities. This means you only get one quote, but it also means your information is less likely to be compromised and you can get much more specific information on the loan than you would from a loan broker.
The Credit Human QMoney loan is designed as an alternative to payday loans, title loans, and pawnshops. You can borrow from $200 to $500 with 60 days to pay the money back in two equal installments. The interest rate is 28%. There’s no hard credit check, but you will not be approved if you have overdrawn accounts, past-due loans or charged off accounts.
Credit Human is a credit union and you must be a member to apply for a QMoney loan.
CornerStone Credit Union
Cornerstone Credit Union provides Emergency loans with no credit check. They handle two types of emergency loans.
- $500 to $1000: term up to 6 months, 28% APR
- Up to $2000: term up to 12 months, 28% APR
You must be a credit union member for one year before applying for these loans.
Cornerstone’s emergency loan is what’s known as a Payday Alternative Loan. These are offered by many federal credit unions as a better alternative to high-interest payday loans. The repayment terms are more flexible. Unlike payday loans — which must be paid in full on your next payday — PALs are installment loans. You will usually make biweekly or monthly payments over a specific loan term. Check with your local credit unions to see if you’re eligible for membership or whether they require you to have a membership history before you’re eligible.
What You Need to Know About No-Credit-Check Loans
A no-credit-check loan is a personal loan. That means it can be used for almost any legal purpose. These loans are usually unsecured: you don’t need to put up your house, car, or other assets as collateral.
Most lenders will perform a hard credit check before approving you. You won’t get the loan if you have no credit score or your score is below the lender’s cutoff.
A hard credit check scrutinizes:
- Borrowing history. Lenders want to know what you owe
- Repayment history. On-time payments help your credit. Late payments or defaults will kill your credit score
- Credit utilization. If you have maxed out your credit cards you look like a high risk
- Length of credit history. If you are new to credit your score will be lower
- Credit mix. Using both credit cards and loans responsibly helps your credit
- New applications. If you’re applying for every loan or card you see, you look desperate
No-credit-check loans use a less detailed soft credit check in combination with alternative data that the credit bureaus don’t include in your record. These include.
- Employment status
- Outstanding loans
- Recent history of making monthly payments
No credit check doesn’t mean everybody gets approved. These lenders still have approval criteria, they consider a wider range of information instead of basing decisions purely on your credit score.
Almost all lenders who make no credit check loans will have a downside. APRs will be high and may be extremely high. This is simply a reality of shopping for loans with no credit or bad credit. For better deals, wor on improving your credit.
How to Spot a Predatory Lender
Predatory lenders will get you the cash you need, but they will also likely trap you in a cycle of high-interest debt. Watch out for these lenders.
- Title lenders will demand your vehicle title as collateral. Interest rates are high and you will lose your car if you can’t pay.
- Tribal lenders work through fronts based on Native American reservations. They use sovereign immunity to avoid state laws. They charge astronomical fees and interest rates, and they may misuse your data and change the terms of your agreement without warning. If a lender is based on a reservation or owned by a tribal entity, watch out!
- Payday lenders charge huge interest rates, and their loans are designed to pull you into a debt trap. If a loan has to be paid in full on your next payday, the interest rate is in the triple digits, or there’s an automatic renewal clause, be careful.
No credit check loan brokers will offer these loans, but they will only make your situation worse. Look for legitimate alternatives instead!
How They Work
Two types of lenders offer no-credit-check loans.
- Loan brokers will send your application to multiple lenders and offer various options. Brokers will get you more offers from a single application, but they distribute your personal information across many loan providers, some of which may be untrustworthy. This increases the risk of having your data compromised or misused. Many brokers require you to authorize them to sell your personal information
- Direct lenders deal directly with customers. You’ll apply to the lender of your choice. You apply to the lender, and they approve or decline your application. A direct lender can only give you one quote, but it’s easier to check the lender’s reputation and the loan terms. There’s also less chance of your personal information being stolen or misused
Very few direct lenders provide legitimate no-credit-check loans. Most lenders in this category will be predatory lenders.
No-credit-check loans usually have a simple loan application process. Applicants will need to provide:
- Birth date
- Employment details
- Proof of income
- Bank account information
- Social Security number
Many online lenders use automated systems that can almost immediately give you an approval decision. Loan funding can be as fast as the same business day, though it may be longer.
Pros and Cons
Like any other form of credit, no-credit-check loans have advantages and disadvantages.
- Lower interest rates than payday loans or title loans
- More time to pay: Repayment terms are better than those of short-term loans, so your monthly payment will be more affordable
- Low credit scores don’t matter: Lending decisions aren’t based on your credit score
- Fast approval decisions: Many online lenders use automated systems that can almost immediately give you an approval decision.
- Fast release of funds: Many lenders can release funds by the next business day, though it may be slower with some loans
- Higher interest rates than most loans with a credit check would offer
- A limited number of loan providers: You won’t have many choices
- Lower loan amounts. No credit check loans involve risk for lenders, so don’t expect large loan amounts
- Fewer loan options. Don’t expect the variety of loan products that you can choose from with good credit
- You may have to pay an origination fee. Some no credit check lenders will charge these fees
Overall, no credit check loans are a much better deal than payday loans or title loans, but you’ll pay more and have fewer options than you would with conventional lenders.
Types of Online No-Credit-Check Loans (That Aren’t Payday Loans)
There are two types of no-credit-check loans.
A secured loan requires collateral. This could be your home, car, or another asset. The lender can seize the collateral if you don’t pay, so there’s less risk. That lets lenders offer these loans with only a soft credit check and relatively low interest rates.
The downside is that you could lose your collateral if you can’t repay the loan.
Unsecured loans have no collateral. If you don’t pay, the lender can report your default to the credit bureaus, sell your account to a collection agency, or sue you, but there’s nothing they can seize and sell to get their money back.
Unsecured loans with no credit check are risky for lenders. Because of that risk, the maximum loan amount may be low and the interest rate will be higher than it would be for a loan with a credit check.
The lender will do a soft credit check and ask for other information to assess your creditworthiness before approving your application.
If you’re struggling with debt, credit counseling can help. Check out this video to learn more:
Other Ways to Get Quick Cash
A no credit check loan is not the only way to get cash in a pinch. Try these options as well.
- Cash advance apps: Cash advance apps like Albert and Dave offer short-term cash advances without a credit check. You can draw a small amount of money (usually from $100 to $500) from the app and the app will repay itself from your bank account on your next payday. To use these apps, you will have to join before you need the money. You won’t be charged interest on the advances, but the app has a monthly fee.
- Credit card cash advance: A credit card cash advance is not something we’d normally recommend. Cash advances carry higher interest rates than purchases and there’s no grace period: the interest starts accruing as soon as you draw the advance. That makes cash advances expensive, but they are still much cheaper than payday loans or title loans, and they are a better option than either of those loan types. You’ll want to pay that balance off as soon as possible, but as a last resort a cash advance is an option.
- Home equity loan or home equity line of credit (HELOC): These loans let you borrow against the equity in your home (the value of your home minus the balance on your mortgage). Your home is collateral for the loan, so the loans are available even with bad credit and interest rates are usually low. There may be a minimum size for these loans, so they may not be an option if you need a relatively small amount of money. Avoid borrowing more than you absolutely need: if you can’t pay the loan, you could lose your home.
Steps to Take If You Have Poor Credit History
Almost everyone will need a loan or a credit card at some point. If your credit is poor, try to do something about it before you need to use credit. If you’re looking for a no-credit-check loan, building your credit will help you get more options and a better deal next time!
Here’s how you can improve your credit score.
- Check your credit score with the major credit bureaus (Experian, TransUnion, Equifax)
- Review copies of your credit report to ensure there are no errors; if you find errors, have them removed.
- Take advantage of credit counseling: A nonprofit credit counseling agency will advise you and help you develop a financial solution.
- Sign up for a credit-building service like Experian Boost
- Consider a credit-builder loan
- Explore debt consolidation
The Bottom Line
If you’ve got a poor credit score, your loan options will be limited. But you don’t have to turn to a payday lender — there are other (better) options for no-credit-check loans. Just be sure to do your homework to ensure that the lender is legit, and don’t forget to consider credit union Payday Alternative Loans, which could be your best bet at a lower interest rate.
Payday loans have extremely high interest rates. They are inherently predatory loans that are designed to trap borrowers in a cycle of debt. The payday lender doesn’t expect you to pay. The idea is to get you to roll the loan over, ultimately paying far more than you borrowed. According to this report, 90% of payday loan users regret their original loan.
A bad credit loan is designed for borrowers with too low to be approved for conventional loans. There will still be a credit check, and there will still be a minimum credit score. A no credit check loan has no credit check: the lender will use other criteria to determine your creditworthiness.
Both bad credit loans and no credit check loans have higher interest rates and offer lower amounts than loans aimed at borrowers with better credit.
A good credit score means you’re a low-risk borrower, and credit providers will roll out the red carpet for you. You’ll get approved for the best loans and credit cards. You’ll have more credit options and get the best interest rates, terms and loan amounts.
A good credit score can help you in other ways as well. Renting a house or an apartment will be easier, and you’ll get cheaper car insurance. You won’t need to pay deposits for phone or utility service.
OppLoans does not offer a no-credit-check loan. They do consider data other than your credit score, so you may get approved even without great credit. OppLoans use a soft credit check, so applying will not affect your credit score.