Acquiring a personal loan can be strenuous, especially if you have a bad or no credit history. Nonetheless, if you know where to locate the best no-credit-check loans, you can get the short-term loan you need without going through the hassle of checking your credit report.
Your credit score tells the lenders how you have handled your loans in the past. Most lenders can reject your loan requests because they need a high credit score for approval. Bad or no credit history is the main reason a lender rejects your loan application. Thus, if you have any recent bad remarks in your credit history, the most convenient option is to go for the no-credit-check loans.
Lenders who provide no-credit-check loans don’t check your credit score; instead, they go through your bank statements to check your ability to repay the loan. These lenders check your income range and also determine the interest rate; this helps them decide whether you qualify for the loan or not.
Since these loans have a high-risk nature, the lenders charge high fees and high-interest rates as a form of collateral. It is not uncommon to get scammed by malicious players and suffer from personal loan scams in such cases. This begs the question, how do you identify those lenders who provide genuine no-credit loans and keep yourself safe from being scammed?
We have carefully researched and identified the top no-credit-check loan providers, so you don’t have to worry about anything now. We evaluated their websites for legitimacy so that you don’t have to look elsewhere. Without any further delay, let’s move on to the best no-credit-check loans reviews.
Top 5 Best No Credit Check Loans Online:
- MoneyMutual – Overall Best No Credit Check Loans Guaranteed Approval
- BadCreditLoans – Trusted Direct Lender of Bad Credit Loans & Instant Payday Loans
- CashUSA – Reliable Loan Company For Instant Cash Advance; Fast Loans Online
- Personal Loans – Top Personal Loan Company For Bad or Poor Credit Score History
- CreditLoan – Instant Approval of Emergency Payday Loans With No Credit Check
Here are the detailed reviews of our top picks:
#1. MoneyMutual – Overall Best No Credit Check Loans Guaranteed Approval
In 2010, MoneyMutual was founded as a platform for connecting borrowers and lenders. The main aim of this website is to make the approval process of short-term loans faster and easier. This feature is beneficial for those who don’t have much time to contact several different lenders and choose one according to their requirements.
MoneyMutual is the best option for those who need same-day fund approval. The platform allows you to receive funds from a minimum of $200 to a maximum of $5000. MoneyMutual is not a lender; it is a third-party platform that allows lenders and borrowers to connect.
Because of its easy lender-matching feature, the platform has racked up lots of positive reviews and more than 2 million satisfied customers. It offers a straightforward website that allows you to connect to several lenders and thus saves a lot of time. The only requirement for this platform is that you earn at least $800 per month and are at least 18 years old.
Once you’ve applied for a loan, MoneyMutual will start processing it by spreading the information to the relevant lenders. If you’re lucky, your loan will be approved within 24 hours of applying. However, it’s up to you to accept the lender of your choice. You must also read the terms and conditions before signing.
MoneyMutual provides easy access to a plethora of lenders along with rich educational sources that are suitable for those willing to learn about ways to improve their credit score.
With MoneyMutual, you don’t have to pay any fees for using their service because it acts as a middleman. The fees you’ll pay will be lender’s fees, which vary from lender to lender. A lender may contact you by sending an email or text or call you to get more information. To have your loan request accepted early, you need to respond quickly to the lender. When you accept the loan offer, the loan amount will reach your bank account directly within 24 hours.
Apart from this, MoneyMutual is quite flexible when it comes to considering your credit score. Therefore, if you have bad credit, don’t worry because the service is for those who have bad/no credits.
MoneyMutual takes good care of your personal information as they use an advanced 256-bit website encryption technology. The technology makes sure that your confidential data is in safe hands.
- Quick and easy approval process
- No fees for using the platform
- A plethora of educational resources
- User-friendly website interface
- Excellent customer service
- Hassle-free matching of lenders and borrowers
- Loan amount of up to $5000
- Terms and services vary according to lender
- Loans not available for specific states
MoneyMutual has numerous favorable customer reviews because of its trustworthiness and reliability. Most of the customers’ feedback states that the loan request and approval process is fast and easy. Some users have also complained about the high-interest rates charged by the lenders.
#2. BadCreditLoans– Trusted Direct Lender of Bad Credit Loans & Instant Payday Loans
BadCreditLoans is a lending platform that allows you to find lenders easily if you have a bad credit score. The platform is for those borrowers who don’t have good credit histories but still need a chance to get their loan accepted. The platform works with numerous lenders who are waiting to be connected to borrowers like you.
The minimum expected loan amount is $500, while the maximum is $10,000. You’ll need only 5 minutes to complete the form, and within minutes you can see if there’s a lender who offers you a loan. The payment terms vary according to lenders, and the funding time is also dependent on the lender.
The requirements of BadCreditLoans are pretty minimal as compared to its competitors. You must be a U.S. resident of at least 18 years for your loan to be accepted. You should have a valid bank account in your name and a steady income source too.
BadCreditLoans offer a variety of traditional loans that other lending platforms have rejected. They provide personal loans, mortgages, student loans, business loans, and auto loans. The good thing about this platform is that you can not only get connected to a lender but compare them too. You can get quotes from multiple lenders and then make a side-by-side comparison so that you get the best pick according to your needs.
To get started, go to BadCreditLoans.com’s homepage and fill the form. The form requires information like your credit score, the reason for requesting a loan, birth date, etc. The platform then forwards the information to the suitable lenders that suit your needs, and if the lenders find the information provided by you appropriate, they will send you an offer. It’s up to you to accept the lender of your choice and make a legal contract by signing it.
The lower your credit score, the higher the interest rate. The interest rates range from 5.99% to 35.99%, along with origination fees. The origination fee is the one that lenders charge from borrowers that have bad credit. This fee ranges from 1% to 8% of the loan amount.
After your loan approval, the money is deposited directly into your bank account within a day, or sometimes it may take longer. Additionally, the company uses advanced encryption technology to make sure that your private information is secure with them. BadCreditLoans also provides further assistance such as debt relief offers and other credit-related services.
- Lender options are available side by side
- Get 100% free loan quotes
- Finds you the applicable lenders itself
- Apply to multiple lenders with one application
- Easy and speedy application process
- Offers small loan amounts
- High annual percentage rate
- Not accredited by Better Business or Credit Bureaus
BadCreditLoans have a plethora of satisfied customers. Most of the users praise the company for its swiftness, approval time, and funding time. Some consumers have concerns regarding the security of the data too.
#3. CashUSA – Reliable Loan Company For Instant Cash Advance; Fast Loans Online
CashUSA is an online lending platform that links borrowers and lenders. The company connects borrowers and lenders from the USA to finalize the best possible deals. Though the working method is still the same, it differs from other online platforms because it provides loans in a smaller amount.
The company provides lenient eligibility requirements as well as competitive interest rates to make sure you receive your loan as quickly as possible. The minimum loan amount is $500, and the maximum loan amount is $10,000. The loan application process is quick and easy, and if it gets approved, the lender transfers the funds as quickly as the next working day. People with bad credit who need instant, short-term money can benefit from this platform.
You must be a U.S. resident and have a steady income of at least $1000 per month for eligibility. You should provide your bank account, email address, and valid home and work address. CashUSA works with personal loan lenders who offer detailed explanations on the lending terms and conditions.
CashUSA does not charge anything for the online application process. However, you must have an income of at least $1000 per month so that the lender accepts your loan request. You have to provide the correct information in the form, which includes basic personal and loan information. You get connected to a lender according to the information you have provided. The rates differ from lender to lender, but most lenders offer between 5.99% and 35.99%.
The lenders at CashUSA provide certain information to the borrowers, including the loan renewal policies, APR, loan finance charges, implications of non-payment, late payment fees, and origination fees. These things are necessary to consider to complete the loan agreement during the application process.
- More lenders with more options
- No application fee
- Quick and easy loan approval
- Best loan offer available according to financial needs
- High-interest rates
- Small maximum loan amount of $10,000
CashUSA has a profile on Better Business Bureau, but it has an F rating there. The F rating is because the company failed to respond to the complaints on the BBB website. Apart from that, the customers have good reviews and some complaints regarding inadequate collection practices.
Some third-party websites have also rated and reviewed CashUSA; for example, MoneyUnder30.com and Finder.com state that too many fees and high-interest rates can make payments difficult. Other third-party websites like FundingHero.com and LearnBonds.com consider CashUSA one of the best lending platforms because of flexible financing options.
#4. PersonalLoans.com – Top Personal Loan Company For Bad or Poor Credit Score History
PersonalLoans.com also acts as a middleman and links the borrowers to lenders. The investors directly finance loans, and you don’t need to borrow from the bank at all. The loan money you’ll get will go into your bank account from the company or the lender. The company works with a network of lenders who provide peer-to-peer loans.
The loan application process is as simple as other lending platforms, so you won’t face any difficulty filling out such loan approval forms. The standard information required for requesting a loan includes your name, phone number, email address, birthdate, zip code, and military service member status. The lender might also ask about how much loan you want and why you need it. You also need to provide Credit card information for filling the form along with the state I.D. number or Driver’s license and social security number.
The loan amount you can get ranges between $500 and $35,000. The process is simple, and you have to pay the amount to your lender every month. The website of PersonalLoans.com states that the APR is 5.99% to 35.99%. Lenders who work with the company have a loan origination fee of 1 to 5 %.
Until you get the loan offer, you don’t get to know the fees you’ll have to pay. One thing to remember is that lenders can negatively impact your credit score, which can lower it by some points. However, you should also remember that the penalty is not much compared to if you default on loans.
The lending period lies between 90 days to 72 months, giving the customers flexibility to acquire a short-term or long-term loan. You can place a loan request at PersonalLoans.com at any time and then wait for the site to connect you to a lender. To make a loan request, you need to fill an online form on the website. The information required for submitting the form includes the loan amount, income information, and credit type. You will then receive a loan agreement along with the loan amount, terms, and APR. However, the lender may ask you for additional information. Once the lender accepts your request, you can get the loan money in one working day or five days, depending on the lender.
The company sends your information only to relevant lenders so that you don’t get hopeful for those you don’t qualify for. Your work starts here, and you have to accept the terms and conditions offered by the lender according to your preference.
- Accepts a poor credit score as low as 580
- Hefty loan amounts available
- Fast and quick funding time
- A vast network of lenders
- Too much personal information required
- Eligibility requirements are too long
PersonalLoans.com has an overall positive rating because most of the customers are happy with the service. Some people have appreciated the customer service, while others admire the low-interest rates. However, BBB has not accredited the company, and the reason is that there is incomplete information regarding the business.
#5. CreditLoan – Instant Approval of Emergency Payday Loans With No Credit Check
CreditLoan.com offers a simple way to help you get your loan request accepted. The company has been in business for more than 20 years and has assisted more than 33 million Americans in getting quick loans from different lenders. The company also acts as a middle man and is not a direct lender. It helps borrowers connect to their desired lenders and get their loan requests approved in a short time.
Like other no-credit-check loans, the interest rates and loan terms vary according to the lender. For the interest rate, you can expect anything between 5.99% and 35.99%. The loan amount ranges from $250 to $5000, and the loan terms range from 90 days to 72 months. The range of loan amounts is small, which can be a point of concern if you’re looking to acquire a significant amount as a loan.
Talking about the eligibility requirements, you must be 18 years or older and must be a U.S. resident as a borrower. You must have a stable income source and an active bank account to get the loan amount. The service at CreditLoans is free, and there are no hidden charges. Though the company doesn’t accept your loan request if you have an active bankruptcy case, it caters to those who have bad credit. Hence, if you meet the requirements, even with bad credit, you can get a loan amount of $5000 from a lender.
To start the process, you need to submit your information through a form to get a lender who offers small personal loans. When a lender decides to provide a loan to you, the platform will take you to the lender’s website, and there you can have the terms and conditions and accept the agreement. The money transfer can be within a day, but the time varies according to the lender too.
At CreditLoans, borrowers with a bad credit score can also get a loan, while lenders will readily approve borrowers with high credit scores on good terms. If you have bad credit, you just need to research and get the right lender that caters to your needs. In the past, it was like if you had bad credit, you had to visit various banks, but now you can all do this online.
CreditLoan has a website that provides helpful information to help you with debt management and sound financial literacy knowledge. The website also states ways to improve your credit score and has tips on handling your personal information.
- Accredited by BBB
- No complex guidelines to meet the eligibility criteria
- Available loan amount from $250 to $5000
- No service fees
- Educative and helpful resources
- High-interest rates
- They don’t serve C.T. or N.Y. customers
CreditLoans has more positive reviews than negative ones. The Better Business Bureau has rated the company A+, which proves that it’s a trustworthy platform. Many customer reviews admire the user-friendliness of the website. Many customers say that the service is easy to use and the process is fast. However, some users have also complained about the lenders’ high origination fees and interest rates.
Factors to Consider Before Applying for No Credit Check Loans
Size of Loan Required
Before you choose a no-credit-check loan provider, you must determine the amount of loan you need. MoneyMutual, for example, offers small-sized loans of around $300 to $500, whereas CreditLoan offers personal loans of $250. However, most of the lenders offer a minimum loan amount of $1000 to $2000.
The maximum amount of loan offered by most of the lenders is $35,000. You can get this huge amount of loan from MoneyMutual and PersonalLoans.com. If you need a significant loan, you shouldn’t consider lenders like CashUSA, which offer a maximum loan of only $10,000.
Repayment Terms and Methods
The repayment term is the number of days you will take to repay the loan amount to your lender. Some lenders will offer shorter terms, while others will provide longer repayment terms. Shorter repayment periods have lower interest rates as compared to more extended repayment periods. However, the monthly installment payments are higher with short repayment periods compared to long repayment periods.
Repayment methods and terms differ from lender to lender. Lenders take various measures to make sure that repayment is easy for you and that you can pay out the loan amount with interest. For example, some lenders might offer automatic monthly payments drawn from your account, while others prefer online payments or mailing checks.
Annual Percentage Rate (APR)
The Annual Percentage Rate (APR) includes the processing costs and the origination fees. The interest rate is also similar to APR, but the interest rate doesn’t have any prepayment or origination fee. The APR also differs from one lender to another, but it is always good to go with a lender that offers a low APR.
An origination fee is an upfront charge, and the lender charges it only once. The lender usually charges it to pay for the processing and administration costs. The fees are between 1% to 5%. For example, if you took out a loan for $15,000 with a 5% origination fee, you will receive $14,250, and the remaining amount will go back to the lender. So, if you want to avoid this, consider a lender that offers no origination fee.
The interest rate charged by lenders depends on a lot of factors, such as your credit score. The lower your credit score, the higher the interest rate offered by the lender. Other factors that affect the interest rate include repayment terms and the loan amount. The interest rate mainly varies between 3.49% and 29.99% and can be even higher. The interest rate can be lower if you choose a shorter repayment term.
Before you apply for a no credit check loan, you must know your credit score. Most online banks and personal loan lenders prefer borrowers with good credit history and scores. But that doesn’t mean that you won’t have a good deal if your credit score isn’t good. You can also get a good deal if you have paid your past loans on time and fulfilled the terms of previous accounts.
Lenders also check if you have a steady income, they make sure whether you’ll be able to repay the loan amount quickly in the future. Some lenders may require the borrower to have a minimum annual income. Others will check your financial aspects and employment to determine your ability to repay the loan.
Effect On Your Credit History
Any activities that lead to bank transactions can affect your credit score. Thus you must consider the effects of borrowing on your credit score. Your credit score can drop if you apply for a loan at multiple lenders at the same time. Furthermore, some lenders produce a ‘hard pull’ on your credit score. To avoid such a situation, you must do good research before finalizing a deal with the lender.
Under the right conditions, the lenders can approve installment loans within a day. On the other hand, it can take around a week to receive the funds. The funding process delays further if the lender requires more documentation during the approval process.
How to get a No Credit Check Loan
Check Your Credit Score
In most cases, to qualify for a personal loan, you must have a good credit score. If you haven’t checked your credit score, do it now, along with your credit report. There is detailed information on your credit report, which you can go through to improve the chances of loan approval. The credit score will also help determine the APR that the lender will offer to you for the loan amount you request. If you are planning to request a loan in the future, now is the time to improve your credit score by making your monthly payments on time.
Have a Steady Source of Income
Another essential factor to make sure you qualify for the loan has a steady income source. Having a good and stable source of income will improve your chances of approval, and it will also take less effort to prove your ability to repay the loan. The online lenders approve most of the personal loans if you are financially stable and have an excellent ability to repay the loans on time.
A Creditworthy Cosigner
If you aren’t eligible for a no credit check loan, don’t worry because there’s still a chance that you will get the loan. You can have your loan request approved if you have a creditworthy cosigner. However, not all lenders offer the option of cosigner when they offer personal loans.
Use Pre Qualification Tool
A pre-qualification tool allows you to check whether you qualify for a loan or not. The tool is a convenient one as it saves you from lowering your credit score. If you directly apply for a loan through multiple lenders, it produces a negative effect on your credit score. However, using a pre-qualification tool for multiple online lenders won’t do so.
When you visit a lender’s website, look for an option that says ‘Check Your Rate’ or something like that. It should have an invitation to submit information so that you get to know how likely you are to get a loan. A pre-qualification online form may require your income, the amount of loan, housing payments, and your ideal loan requirement.
Complete Loan Application
After you’ve pre-qualified for a loan, the lender will give you a specific period to complete your loan application process. The process may take several weeks, depending on the lender. During this time, if your offer expires, you’ll get the same request if your credit report and income remain the same.
Alternatives to No Credit Credit Check Loans
Short Term Loans
Short-term loans are much smaller than personal loans and are suitable for those who need to borrow small amounts. Though these loans also come under bad credit loans, they can prove an excellent alternative to the standard ones. However, if you need more than some hundred dollars, this might not be a suitable alternative for you.
Overdraft is not a dedicated form of borrowing because you have to pay it back quickly to avoid the associated fees. Though it is an easy form of lending, you still have to go through the application process, and your account provider verifies through your payment history if you are a good fit for it.
Credit Builder Card
A credit builder card, as the name suggests, improves your credit score on borrowing. Though it doesn’t allow you to borrow a large amount, it has a credit limit to help you get some loans for spending. A credit builder card is a good option for those who want to apply for a mortgage later.
With secured loans, you can get a considerable amount, but the risk here is higher too. A secured loan means you are getting the loan because of any valuable asset that you have. For example, you can have a secured loan if you have a house, but the lender will repossess your home if you fail to repay the loan amount.
Local Credit Unions
If you have bad credit, the local credit unions will help you get a loan in a financial emergency. The local credit unions offer PAL (Payday Alternative Loan) available in small amounts, up to $1000 and $2000.
FAQs about No Credit Check Loans
- What is bad credit?
Lenders use the borrower’s FICO score and other information on the credit report to determine the credit risk. Most of the lenders use a credit score between 300 and 850. A FICO score of 670 and above is good credit; below 670 is fair credit, but less than 580 is very poor.
- How much interest will I be charged with bad credit?
If you fall in the ‘very poor’ category of FICO score, it will be challenging to determine the APR a lender offers you. Though most of the interest rates on personal loans lie in the range of 5.5% to 36%, having bad credit can result in an even higher interest rate.
- Are bad credit loans good for borrowers with low credit scores?
No-credit-check loans can suit anyone, even if you have a low credit score. However, it all depends on the amount of loan you can afford. You must always consider that you should borrow a loan only when you see yourself capable of repaying it on time. If you fail to make your payments on time, your credit score will be further lower.
- How can I improve my credit score to get a good loan offer?
To improve your credit score, you must pay your bills on time, keep a regular check on your credit report, remove the errors, avoid acquiring too many new cards at once, and close old credit cards. If you consider these points, you’ll hopefully improve your credit score and get a better loan offer.
- Can I get a loan if I’m not employed?
Lenders always check if you have a steady income to ensure that you’re able to repay the loan quickly. However, it is also possible to get a loan if you’re not employed but have any other source of income apart from a traditional job. For example, if you have social security benefits, your spouse’s income, unemployment benefits, or a side hustle, there are chances that your loan request might get approved.
- What documents do I need to apply for a no-credit-check loan?
Lenders might ask for different documents for loan approval including a driver’s license I.D. or any other I.D. with a photo, Social security number with proof, tax returns, W-2 forms, and Paystubs.
- Can I get a loan with bankruptcy?
Loan approval with bankruptcy is almost impossible. In such instances, it would be best if you reach out to your close friends and family members.
- What does a ‘hard pull’ on credit mean?
A ‘hard pull’ or ‘hard credit inquiry is a process where the lenders or financial institutions go through your credit report and history to decide about approving your loan request. Lenders do a hard pull when applying for a personal or mortgage loan, affecting your credit score.
- What is an unsecured personal loan?
Contrary to a secured loan, an unsecured loan doesn’t require any asset as a security for loan repayment. While secured loans are riskier for the borrower, unsecured loans are risky for the lenders. For this reason, lenders charge a higher interest rate for unsecured loans and provide smaller loan amounts.
Conclusion – No Credit Check Loans
In case of a financial emergency, you always resort to borrowing from financial institutions or lenders. However, if you have a bad credit score, there are chances that the lender will reject your loan application. Fortunately, some lenders already know that your credit score is not fair. In such a situation, you don’t need to request a loan at a bank or any other traditional financial situation and end up being embarrassed.
A bad credit score is not bad in the lending market because many lending platforms can provide no credit check loans. After extensive research and careful assessment, we reviewed the best online lending platforms that offer no credit check loans. These are legitimate platforms, and they can approve your loan request despite the bad credit.