When you hear about no credit check loans, you can rest assured that they are exactly as they sound. As you may already know, most loans out there require credit checks to determine how much risk comes with lending you money and is one of the key deciders in whether or not you get the cash you need (as well as the interest rate).
Those who apply for loans that don’t need a credit check however, will often be judged based on their capacity to pay back what they borrow. This is often done with bank account statements, pay stubs, or other financial proof of what you earn and therefore how much you’ll be able to pay back.
There’s no end to the number of reasons that you might need a quick cash injection, as there are simply far too many types of financial emergencies – and with standard loans, you might feel like there’s no hope outside of payday loans (which for most people, are less than ideal).
While there are often options available, poor credit can be a huge hindrance that will get in your way, unless you find a provider that’s willing to lend to those with bad credit, of course.
In fact, there are actually quite a few lenders out there who specialize in bad credit loans, and while they are harder to find for larger amounts, they can be perfect for many of those who require money but can’t rely on their credit to get approval from traditional lenders. For most, the difficulty isn’t in finding a loan, but in finding the one that’s best for their needs.
With that in mind, we’ve put together a list of 5 reputable lending platforms where you can find an affordable loan without having to worry about credit checks.
Top 5 Best No Credit Check Loans For Instant Approval:
- MoneyMutual – Overall Best No Credit Check Loans Guaranteed Approval
- BadCreditLoans – Small Payday Loans Online For Bad Credit, No Credit Check
- CashUSA – Online Installment Loans & Fast Loans For Quick Cash
- PersonalLoans – Personal Loan & Emergency Loan Lenders
- CreditLoan – Small Payday Loans Direct Lenders
Here are the detailed reviews of our top picks:
#1. MoneyMutual – Overall Best No Credit Check Loans Guaranteed Approval
- Receiving your funds can be done in the space of a day
- Submitting a form is quick and easy
- There are more than 2 million people on this secure website
- You can get help from a variety of lenders on the platform
To put it simply, MoneyMutual is one of the best loan referral sites around, allowing individuals to find competitive loans, swift lenders, and of course, fast loans.
MoneyMutual is one of the most well-known platforms on the market, thanks to their excellent TV ads and spokesman Montel Williams. They promise a reputable lending service for installment loans, without having to worry about the typical struggles that come with traditional lenders.
There’s no doubt that this site is trustworthy. The service was created to help deal with the large financial anxiety that looms over most Americans, with 4 out of 10 US citizens saying that they wouldn’t be able to scrape together even $400 in an emergency. Today, MoneyMutual has a large network and has helped more than 2 million people to gain the fast loans they need.
On to one of the next important points, they’re also a great choice for those with bad credit. All you need to do is fill out the application and shortly after it has been submitted, you should get replies from lenders.
An approved borrower can often obtain loans as low as $250 and as high as $2,500, although this can depend on certain factors (namely, your ability to repay the loan). Lenders who are willing to work with you will often get in touch with their offers quickly after reading your application form.
The fast-paced marketplace is mostly due to the competitiveness between lenders, although MoneyMutual has been speculated to match individuals with international companies and credit bureaus that charge much higher interest rates. Even so, those with a bad credit score will find they are still a great choice.
- A no credit application form that can be completed in minutes
- Borrowers are quickly matched with available lenders
- Straightforward and easy to use website
- The platform is free to use
- Claims of illegally high-interest rates have been alleged in lawsuits
- The terms, conditions, and customer service on loans can vary from one lender to another
Several customers have complained about the interest rates of lenders, although this may not be the fault of MoneyMutual itself. When it comes to the actual service, the most common issues are related to bank accounts, the fine print, and payday loans.
#2. BadCreditLoans – Small Payday Loans Online For Bad Credit, No Credit Check
- A platform built for sensible lending
- Connect with lenders from a quick and easy loan application
- Loans available up to $10,000
- Secure, private website with 24/7 service
Like MoneyMutual, BadCreditLoans is a much-loved platform that helps borrowers to find lenders who are willing to work with them, even with a less-than-ideal credit score.
The site works by taking the information given in the application form to connect consumers with lenders that can offer a loan suitable for their needs. From payday loans, to installment loans; there are a variety of options on offer, depending on the lender of course. It’s worth noting that some may only be willing to work with those with good credit scores, so you might need to take the time to find the right one for you.
There are several good points about BadCreditLoans, one of which being that they can help you to cut out a lot of the time that you would otherwise put into trying to find the right lender yourself. All you need to do is fill out their application and allow the platform to connect you with lenders that are willing to help.
While perfect for business owners or individuals who need to cover a financial emergency or commitments, it’s essential that you can prove your ability to pay off the loan.
Many of the lenders will offer loans up to $5,000 and even have terms lasting as long as 36 months, which can be useful for those who want to spread out their repayments. Another important factor is APR, typically between 5.99% and 35.99%, which can vary from lender to lender.
- An easy to use platform
- It’s especially handy for those who have bad credit
- The application will be sent to a variety of lenders
- Applying for a money loan can be a little more extensive than other sites
- Their rating on the BBB (Better Business Bureau) isn’t ideal
- They don’t offer any particularly high loan amounts
Even with low credit, many people have been able to get the loans they need thanks to the quick responses and funding, as well as great approval rates of the site. One of the main issues that most users have is that they’re not as confident in the site when it comes to the safety of their data.
#3. CashUSA – Online Installment Loans & Fast Loans For Quick Cash
- Applications are fast and free
- It’s often easy to qualify
- Privacy and security you can rely on
- You can get loans up to $10,000
This platform is one of the most well-known in the US for helping consumers to find good lenders. Most will see that the loan amounts on CashUSA are lower than those on other platforms, but there’s still a lot to love.
For example, the quick and easy form will allow you to reach a broad range of lenders willing to work with those with a bad credit history – and no fee comes with submitting your application, either.
If your score is less than perfect, you could use CashUSA to get the funds you need without a fuss.
One of the reasons why it can be so easy to qualify on this platform is because most lenders will often require higher interest rates as a result, but this is common among bad credit loans.
Another benefit of this site is that your safety and privacy are a top priority, which means that you won’t need to worry when using their services.
- A quick, easy, and free application form with fast approvals
- Bad credit scores shouldn’t be much of an issue
- Lenders come from across the US
- Great customer support services
- You can compare a variety of loans before making your decision
- A minimum of $1,000 in monthly income isn’t always doable for borrowers
- For some lenders, the maximum you can borrow is $10,000
- The interest rates might not be ideal for all borrowers
It’s worth noting that there was only one review on TrustPilot, and it wasn’t particularly positive.
While the site is registered with the BBB, there isn’t much on their profile there either – as well as the fact that they’re rated with an F, because they don’t respond to the complaints that have been made against them.
#4. PersonalLoans – Personal Loan & Emergency Loan Lenders
- Borrowers can get as little as $500 or as high as $35,000
- One of the best services for finding personal loans
- Plenty of loans with manageable terms
- You could receive the cash in the space of a day
As the name suggests, this platform specializes in connecting borrowers with lenders who provide personal loans.
PersonalLoans is overall a great choice for anyone in need of emergency funds, thanks to everything that’s on offer such as peer-to-peer and installment loans.
There is also a range of loan terms available on this site too, with varying APRs between 5.99% to 35.99%, a borrowing capacity up to $35,000, and terms that can last as little as 3 months and as long as 6 years.
Finding a lender shouldn’t take too long either, and the fact that you’ll be presented with everything you need to know on their offer only makes it even easier to make the right choice.
Another benefit is that most lenders won’t ask for credit checks, but keep in mind that some will require it and that this could lower your score further (temporarily, at least) – but this is often preferable to not being able to manage your current financial situation at all.
- Credit scores as low as 580 still qualify
- PersonalLoans has a quick and easy application process
- The large network of lenders offers more loan options
- You can receive a loan in 24 hours
- It’s not usually the best choice for those with low credit and a spotty repayment history
- Most borrowers will need to provide personal information in the application
- The requirements to qualify are a little extensive
Their profile on the Better Business Bureau leaves a lot to be desired, as well as the fact that they’re not even accredited with the BBB.
On the plus side, there are several positive reviews on TrustPilot and a rating of 4.2/5 stars. Most customers are happy with the customer service, quick funding, and everything else on offer.
#5. CreditLoan – Small Payday Loans Direct Lenders
- Fast, free, and secure lending platform
- Funds can be received within 24 hours
- TRUSTe verification makes it an even more reliable site
- Several smaller loans with lower funds available
CreditLoan has been in the industry for over 20 years, helping countless people to obtain the loans they need thanks to their large lending network.
The different lending networks of the site are based on the credit scores of their applicants, ensuring that they are matched with willing lenders who know what they’re getting into.
Even though borrowers can make loan applications as high as $25,000, most of those with bad scores can only borrow up to $5,000. On the plus side, with a minimum borrowing capacity of $250, it’s perfect for any small, short-term needs.
$5,000 is still larger than ordinary subprime loans and could still be a generous sum for whatever you need, especially when compared to other personal loans of a similar amount.
- Bad credit shouldn’t be much of an issue on CreditLoan
- Funds are directly deposited in your account as soon as agreements are approved
- Those with bad credit can take out a loan between $250 and $5,000
- Not everyone agrees on the reliability of the site
- The rather high-interest rates can be troublesome for some
You’re likely to find both positive and negative reviews of CreditLoans when looking online.
Typically, the bad reviews are from those who couldn’t get a loan, and these reviews haven’t had much of an impact on the platform’s overall good ratings.
As is expected, loans suitable for those with bad credit tend to have high-interest rates, and the same goes for CreditLoans.
The APRs and any terms and conditions will be shared before you accept a loan offer, so be sure to take the time to read everything carefully before making a decision.
What Do You Need to Know When Trying to Get a No Credit Check Loan?
How Much Money Can You Get?
First of all, you need to consider how much you need to borrow. Some personal loans can be obtained as low as $500, but keep in mind that many lenders have a minimum requirement of $1,000 (or in some cases, even $2,000).
If you’re in a tight financial spot and $500 is too much for you to borrow, it might be a better idea to get a cash advance on your credit card instead of taking out a large loan that you will have to pay off.
What Are the Terms and Conditions?
In most cases, you will need to at least start paying off the loan within 30 days, with a term of 6 months to 7 years in monthly installments (depending on the loan amount and lender of course), including the loan amount plus any additional interest.
How High Is the Interest Rate?
Interest will often be determined by a variety of factors; from your credit, to the loan’s term. Lower ones can be as little as 3.49%, while more expensive ones could reach up to 29.99%.
Lower interest rates are usually found on loans with short repayment terms and are typically reserved for borrowers with good credit.
What Is the Loan’s Term?
You can usually choose a repayment plan that best suits your needs with personal loans. You might be able to get a lower APR by using autopay, which is worth taking into consideration.
Scoring the lowest possible monthly repayments is a goal for most people, which is why most will go for terms that allow them to pay off their debt over a longer period of time – on the other hand, some prefer to get it done as soon as possible, which comes with a higher monthly payment requirement.
Those who choose a lower monthly amount with a long term tend to take on higher interest. While seemingly not too much of a difference, the extra you pay throughout the loan will be significantly higher by the end of your repayments.
Here’s a tip; Try to minimize your debt obligations to 35%-45% of your income. So, if you usually earn $4,000 per month, try not to go any higher than a repayment plan of $1,720.
What Is an annual percentage rate?
The APR on a loan is the total yearly loan amount, taking all the costs and fees into consideration.
While some credit bureaus (namely the bigger ones) charge origination fees, you’ll often find that most will just charge interest on your loan.
Origination fees, a term that covers administration and processing requirements, is a one-off cost for taking out of the loan, usually between 1% and 5% of the loan amount (that being said, some online lenders do prefer fixed fees instead).
So, if you wanted a loan of $5,000, an average 5% origination fee would take out $250 of the loan amount, leaving you with $4,750 – because of this, it’s often best to avoid these fees when possible.
How Does Your Credit History Affect the Loan?
It’s important to know your credit score before applying for personal loans, in order to make sure you are able to qualify for the most fitting no-credit-check loans. The majority of personal loan lenders are interested in working with applicants who have a good credit score and consistent credit history, and online banks are particularly notorious about this.
All the same, if you already have an existing relationship with a bank, you may be able to get approved for favorable loan terms if you have a reliable credit history of paying your bills on time, and honoring any past loans and accounts terms.
How Long Do Loans Take to Process?
If you qualify for a bad credit loan, funding could be acquired on the same day, or it could require up to a week of waiting for the right lender. As part of the approval process, lenders might ask for more documentation, including pay stubs or W-2s, which could also affect the funding time of a loan.
How Can Personal Loans Affect Your Credit Score?
While installment loans don’t boost your score in any significant way, repaying off a revolving debt with a personal loan could help to improve your score.
Credit cards are considered revolving credit, unlike installment credit (from personal loans), and having both can look better to lenders.
Diverse credit isn’t a bad thing, but it’s far from the most important aspect of your score. Some people would say it’s worth taking out an installment loan to get the credit score boost, but taking on more debt could do more harm than good if you’re unable to pay it off.
Requirements for No Credit Check Loans
Getting loans typically requires at least a good credit score for approval – although there are still many lenders who are willing to provide cash even to those with a low amount. Before you go out looking for a loan, it’s often a good idea to check your credit report and score to get a better idea of how it will impact your chances of getting the cash you need.
Approvals will generally be determined by the info found in your credit report, which is why it can often be so essential to check it before a lender does to see what kind of information it contains and how that will sound to potential lenders.
Credit is also important in other ways too, often determining your borrowing capacity and APR. Typically speaking, better scores lead to better rates.
Those who want to improve their score will often have to put in the effort to make their monthly payments on time and pay as much as they can off existing debts (as well as avoiding taking out new ones where possible).
Getting a loan that doesn’t require a credit check will often look to proof of earnings (such as tax returns and pay stubs) to show that you’re capable of paying off the loan. Similarly, those who earn less will have a lower chance of getting approval (as well as being a decider in how much they will be able to borrow).
Those who have a good income with a steady job in an industry-orientated business will often find that creditworthiness is less of an issue. Personal loans without credit checks can be approved based on your capability to repay the loan (judged by your income), which is why financial stability can be an important aspect of this to most borrowers.
If someone doesn’t quite meet all the qualifications, they might be able to get the loan anyway by having a trustworthy cosigner apply with them. Even though this can be a great way to get a loan even with bad credit, not all lenders allow cosigners on personal loans, so it’s not always a reliable method of approval.
Some lenders will review your creditworthiness without having to do a hard check on your credit report, which could damage your score if you don’t get the loan.
Instead, you can use a lender’s prequalification tools (if they offer any), which can help you to compare offers and find you how likely you are to be approved for a particular loan. Additionally, applying for preapprovals can be a great way to avoid any hard credit checks on loans that you won’t be able to get anyway.
If you go to a lender’s site, look out for the option to submit your information and get a better idea of what your options are, without needing to go through a credit check first.
Some preapprovals might require details on income, how much you want to borrow, why you need a loan, and several more factors to determine what will be available to you. In most cases, it can be a good idea to gather all the information you’ll need and have it ready to make your life easier when filling out the loan application.
Once you’ve been preapproved, you’ll have some time to decide whether or not you want to proceed with the actual application. While it can sometimes be as long as a few weeks, you can still get a similar offer after it expires if your details (income, credit, etc.) are the same.
While the information needed can vary from one lender to another, you can generally expect to provide the basic details, such as your Social Security Number.
What Are the Alternatives to Bad Credit Loans?
Some short-term loans can be similar to bad credit options, although these are typically ideal for obtaining smaller funds, making them a great choice for those who don’t require too much cash.
While this does give you the chance to borrow, the fact that it’s only available for lesser amounts could leave you with less than you need. For anything more than $300, it might not be worth your time.
Overdrafts tend to be an incredibly simple way to borrow money, and these are essentially an extension to your current account (rather than taking out a new loan from a new lender). Either way, there’s still an application process, which will be used by the account provider to determine whether or not to give you an overdraft (and how much) based on your credit report.
A great solution for small funding needs, they’re ideal for taking out a little extra just in case rather than for general borrowing, especially since using an overdraft can come with a daily fee if you don’t pay the money back. If you don’t think you’ll be able to pay your debt on time, this might not be the right choice for you.
Those who want to increase their score while gaining a cash boost might want to try a credit builder card. While not ideal for large sums of money, they give you a guaranteed credit limit that you are allowed to spend. If you need a lump sum, no credit check loans are probably your best bet.
On the other hand, those in need of smaller amounts will find that these are great for their ability to boost credit, which could offer better access to greater loans in the future (especially for those who are hoping to get a mortgage someday).
When it comes to borrowing higher amounts, secured loans can be a feasible alternative, although it’s worth remembering that these financial products do come with a higher risk to borrowers.
Secured loans basically offer the lender financial protection by backing the loan with collateral, such as a car or house – and if you don’t pay off your loan, the asset offered as protection will be forfeited.
If this isn’t much of a concern to you if you require a larger loan amount and know that you can make repayments, and could be a potential alternative for those who need a lump sum without much influence on credit score. Even so, make sure that you are well aware of the risks and only take out a loan like this if you’re certain that you can repay your debt. At the very least, look around for any good unsecured loan options that might be available to you first.
In a tough financial situation, those with bad credit might be inclined to get a loan from a payday lender – however, if you go to a credit union, you could find an alternative option; a PAL.
PAL loans are regulated by the National Credit Union Administration (better known as the NCUA), where a borrower can obtain up to $1,000 on a PAL I loan and twice as much for a PAL II loan, so be sure to do some research if this sounds like a good option.
FAQs Regarding No Credit Check Loans
Q1. What Is Considered To be Bad Credit?
Lenders tend to follow the FICO model, which generally has scores between 300 and 850 points – with subprime borrowers generally being anything below 670, which is a “fair” score when anything below 580 is considered “very poor” based on their standards.
It’s essential to understand how pricey personal loans can be for those lacking a good credit score. Your rating will have a massive impact on your interest rates, as well as affecting your ability to have longer loan or borrow larger amounts.
Q2. What Are the Credit Score Ranges?
- Excellent – 850-800
- Very good – 799-740
- Good – 739-670
- Fair – 669-580
- Poor – 579-300
Q3. What Interest Rates Can You Expect with Low Credit?
To lenders, any score below 670 is subprime, and anything below 580 is considered to be very poor.
While it’s not always easy to define a general APR since lenders tend to have their own criteria which are unique to them, some general guidelines apply to most.
For personal loans, the interest will typically be somewhere between 5.5% and 36%, with bad credit borrowers taking on more interest than those with a good score.
Q4. Where Can You Get Low Credit Loans?
Many payday lenders and those who work online are more willing to provide loans without looking at your credit report, although it’s worth remembering that while qualifying isn’t often hard, paying it back might not be as easy as you would hope, due to their higher interest rates and fees.
Q5. How Do You Qualify for No Credit Loans?
In most cases, factors like a steady income stream and stable job are the most important factors when trying to apply for a no credit check loan. To prove your capability, you typically need to provide pay stubs and bank statements.
Q6. How Reliable Are These Loans?
While it’s safe if you find a reputable lender, you must take the time to ensure that they are trustworthy – which you can often do by checking things like reviews of the company, for example. Remember to be especially mindful of anything that seems too good to be true. Also, remember that personal loans should typically be backed by a bank or credit union.
What should you avoid?
- Aggressive or pushy lenders
- Any lender who doesn’t make fees or conditions clear
- Credit score or proof of earnings aren’t required
- Guaranteed approvals for anyone
- Unsecure websites
Q7. Are No Credit Check Loans Best for Those with Bad Credit?
Any of the platforms mentioned earlier could be a great place to find a good loan (with feasible terms and rates), but it’s always best to consider your current situation and how much you can actually pay back. Regardless of the situation, it’s never a wise idea to borrow more than you can repay, since you’ll often end up in a worse financial position than the one you’re currently in.
Q8. How Fast Can You Get No Credit Check Loans?
While there’s no guarantee that these loans will go through fast, most will have a quick process from approval to funding, with many people getting the cash they need within 24 hours. Larger loans however might take a few days or weeks, especially if they require collateral.
Q9. Is It Possible to Get a Loan Without a Job?
It’s often much harder to get a loan if you’re unemployed, although it’s not impossible. Having a stable source of income (such as freelance work or disability benefits) can often make it far more plausible, even if it can still be difficult.
Q10. What’s Needed to Apply for a Bad Credit loan?
While the requirements can vary from one lender to another, there are some things that most will ask for, such as:
Driver’s license (or another form other photo ID)
Social Security Number
Tax returns (for previous income) and pay stubs (for current income)
W-2 forms (for our employment records)
Q11. What Can Personal Loans Be Used For?
Again, while limits might differ between lenders, some of the most common uses for personal loans are:
- Boosting travel costs
- Covering medical bills
- Credit card refinancing
- Debt consolidation
- Financing costs of relocation
- Offsetting auto repairs
- Paying off home repairs
Conclusion – No Credit Check Loans Online
Payday Online lenders are far from your only option if you need to deal with a financial emergency fast, but don’t have a good enough credit report to score a traditional loan. By comparing all your options, you’re likely to find that there are actually several opportunities available to you.
Of course, some no/bad credit companies will have a good public reputation, which you can use to help you to find a reputable lender.
There are several businesses and non-profit credit unions that have built a solid reputation over the years thanks to their ability to provide loans and support to those who require help in a tough financial situation.
The platforms we mentioned earlier, from MoneyMutual to PersonalLoans, are all excellent places to go if you need to find a quick yet manageable loan without a great credit score.
With no credit check loans, you won’t have to allow your credit report to damage your chances of getting the financial help you need.