For bad credit borrowers, the best no credit check loans can serve as a valuable lifeline, covering short-term expenses like medical bills and vehicle repairs. Today, bad credit borrowers can take advantage of no credit check loans with favorable APRs up to 35.99%, no origination/prepayment fees, and favorable repayment terms. Popular options include cash advance apps ( e.g. Earnin, Klarna) and online marketplaces like ZippyLoans and OppLoans that connect prospective bad credit borrowers with an extensive network of lenders competing for their business.
In this guide, we will cover all options related to the best no credit check loans for your financial situation. Keep reading to learn more about the best no credit check loans, including our top recommendations, sources of legitimate/scam no credit check loans, tips on getting a no credit check loan, and how to qualify.
Best No Credit Check Loans 2023
ZippyLoan – 4.9/5.0 – Best Overall
NextDayPersonalLoan – 4.8/5.0 – Best for Smaller Loans
Earnin – 4.8/5.0 – Best Cash Advance App
Brigit – 4.6/5.0 – Best Cash Advance App for the Unemployed
OppLoans – 4.4/5.0 – Best Credit Union for Small Loans
NetCredit – 4.4/5.0 – Best Credit Union for Large Loans
Klarna – 4.4/5.0 – Best for POS Financing
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Rating: 4.9/5.0
ZippyLoans is an online marketplace that allows bad credit borrowers to comparison shop multiple no credit check lenders. Participating lenders offer loans of up to $15,000 with APRs between 12% – 35.99% and repayment terms from six to 72 months. Depending on the lender, approvals and funding take as little as one business day. We like the service for its ease-of-use and quick application to approval time.
With many ZippyLoan’s participating lenders, there is no minimum credit score requirement and low borrowing minimums. Its only downside is that its maximum loan amount ($15,000) is much lower than other online marketplaces.
How to Apply: Applying for a loan through ZippyLoan is straightforward. Its online contact form asks for your personal information and financial details, such as your name, address, social security number, employment details, and requested loan amount.
Eligibility:
● At least 18 years of age
● U.S. citizen or permanent resident
● Valid checking or savings account
● Recurring employment income
● Completed online application
Highlights:
● Loans from $100 to $15,000
● Online marketplace
● 12.00% – 35.99% APRs
● Approval in one to seven business days
Pros:
● Loans from $100 to $15,000
● No minimum required credit score
● Excellent repayment term lengths (six to 72 months)
● Funds to your account in as little as one business day
Cons:
● Not enough secured loans
● No guarantee of loan pairing
● Little visibility into forbearance/hardship options
● Some lenders require a recurring income source
Terms: ZippyLoan is not a payday, auto title, or direct lender. Personal loans made through ZippyLoans feature Annual Percentage Rates (APRs) of 12.00% – 35.99%. Every lender has different policies regarding origination, prepayment, and late/insufficient funds fees, which is deducted from the loan proceeds. Based on these APRs, if you receive a $23,000 loan and a 24% APR (no origination fee) on a 1 year repayment term, you would pay a total of $26,098.45 ($3,098.45 in total interest paid). The APR on your loan may be higher or lower, depending on your credit score, debt-to-income ratio, any applicable state laws, and other factors.
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Rating: 4.8/5.0
NextDay is an online marketplace that allows borrowers to compare bad credit loans offering anywhere from $100 upwards of $40,000. APRs range from 5.99% to 35.99%. An easy-to-use interface allows you to view all loan offers in one place. This service is available in all 50 states.
Many no credit check loans companies and no credit check loans guaranteed approval companies featured on NextDay assess no origination/prepayment fees or late payment penalties. It is a welcome change versus traditional no credit check auto title loans with 300%+ APRs and payday loans with 400%+ APRs.
How to Apply: To apply for a NextDay small payday loans online with no credit check, you must complete an application through the portal, which asks for your contact information, requested loan amount, and financial details before being connected to compatible lending partners. It takes no more than three minutes to complete. Funds can go to your checking account in as little as one business day.
Eligibility:
● At least 18 years of age
● U.S. citizen or permanent resident
● Valid checking or savings account
● Regular job/receiving government benefits
● Completed online application
Highlights:
● Online marketplace
● Loans from $100 to $40,000
● Approval in one to seven days
Pros:
● Loans up to $40,000
● APRs from 5.99% to 35.99%
● No minimum required credit score
● Excellent source of emergency cash
● Extensive network of participating lenders
Cons:
● Not a direct lender
● Information shared with third-party partners
● Residents of CT, NH, WA, and VT are not eligible for cash advances
● Not all lenders are readily transparent with rates and fees
Terms: NextDayPersonalLoan is not a payday, auto title, or direct lender. Personal loans made through NextDayPersonalLoan feature Annual Percentage Rates (APRs) of 12.00% – 35.99%. Every lender has different policies regarding origination, prepayment, and late/insufficient funds fees, which is deducted from the loan proceeds. Based on these APRs, if you receive a $28,000 loan and a 22% APR (no origination fee) on a 1 year repayment term, you would pay a total of $31,447.71 ($3,447.71 in total interest paid). The APR on your loan may be higher or lower, depending on your credit score, debt-to-income ratio, any applicable state laws, and other factors.
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Rating: 4.8/5.0
Earnin is a no credit check cash advance app that offers 0% interest loans, repayable with your next paycheck. Users can borrow up to $100 a day and up to $750 per pay period. With predatory payday loans charging upwards of 400% APRs, Earnin is a godsend for many cash-strapped borrowers looking to cover emergency expenses like unexpected high utility bills or medical expenses.
One of the biggest advantages to Earnin is that it does not accept any origination or prepayment fees. Instead of interest, users have the option to tip up to $14. Its main competitor, Brigit, differs somewhat, requiring a $9.99 monthly membership fee to borrow up to $250 at a time.
How to Apply: To apply for an Earnin no credit check cash advance, you will need to download the Earnin app, connect your bank account, add your employment information (e.g., time sheets) and provide earnings. In addition, its “Automagic” Earnings feature allows you to bypass submitting timesheets by providing your physical work address. This feature is not available to those working remotely.
Eligibility:
● At least 18 years of age
● U.S. citizen or permanent resident
● Fixed work location
● Electronic timekeeping/pay stub as proof of income
● Completed online application
● More than 50% of your direct deposit regularly sent to a valid checking account
Highlights:
● 0% interest
● Approval in as little as 5 minutes
● Funds sent to your checking account
● Cash advances (up to $100 daily/$750 per pay period)
Pros:
● 0% interest
● No minimum required credit score
● Funds in as little as one business day
● Balance Shield Alert for overdraft notifications
Cons:
● Not the best option for freelancers
● Express fee of $3.99 is required for same-day funding
● Extensive paperwork process (timesheet submission)
● Different verification is needed for hourly versus salaried workers
● First-time users limited to $100
● Required minimum of 50% of your direct deposit to your checking account
Terms: Earnin is a cash advance app that offers 0% cash advances to borrowers who are currently
employed with a checking account receiving direct deposits. An example $400 cash advance with 0% interest results in total loan payments of $400. Earnin is available in all 50 states.
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Rating: 4.6/5.0
With more than 4MM members and 250,000+ App Store and Google Play reviews to date, Brigit is a highly recommended no-credit-check, cash advance service offering loans of up to $250 with 0% interest in exchange for a $9.99 monthly membership fee. Users have the option to repay manually or have funds withdrawn from their next paycheck.
To determine your creditworthiness, Brigit assigns a “Brigit Score” from 0 to 100, calculated based on your bank account health, earnings profile, and spending behavior. The lower your number of charged bank fees, the longer the deposit size/history, and similar factors — the higher your Brigit score
How to Apply: To sign up and receive a Brigit loan, you must download the Brigit from the Apple App Store or Google Play Store, provide your checking account information, and wait until an account review by Brigit is complete. From there, Brigit deposits money into your account and establishes a payback date. You will also be prompted to pay a membership fee.
All Brigit borrowers are notified two days in advance before payments are due. There are no prepayment penalties.
Eligibility:
● At least 18 years of age
● U.S. citizen or permanent resident
● $0+ checking account balance
● Minimum 60 days of checking account activity
● Receive a direct deposit every two weeks
● Brigit score from 40 to 100
Highlights:
● 0% interest
● Cash advances up to $250
● Approval in as little as five minutes
● Funds sent to your checking account
● Cash advances (up to $100 daily/$750 per pay period)
Pros:
● 0% interest
● No overdraft or late fees
● Intuitive and easy-to-use app
● Same-day funding with “Express Delivery”
● No minimum required credit score
● Available in all 50 states
Cons:
● Loans only up to $250
● Monthly membership fee required
● Must have a minimum of 60 days of checking account activity
● Does not support joint bank accounts
Terms: Brigit is a cash advance app that offers 0% cash advances to borrowers who are currently employed with a checking account receiving direct deposits. An example $300 cash advance with 0% interest results in total loan payments of $300. Brigit is available in all 50 states.
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Rating: 4.4/5.0
OppLoans is an excellent payday loan/no credit check alternative for bad credit borrowers that want a loan from $500 to $4,000. APRs are in the higher range, starting as low as 59%. Its repayment terms are from nine to 18 months. OppLoans biggest benefit is that its lenders do not process any origination or prepayment fees. Its terms are straightforward with no hidden fees.
With traditional payday lenders charging upwards of 400% APRs, OppLoans offers a welcome refuge from predatory rates. It’s also a good source of funding for no credit check debt consolidation and refinancing.
According to OppLoans, only 44% of U.S.-based adults have enough savings to cover $1,000 in unforeseen expenses. Fortunately, a service like OppLoans exists to help fill the void for adults who lack access to traditional credit.
How to Apply: To apply for an OppLoan, you must complete an application through the website, providing your contact/financial information, requested loan amount, and other details. Not everyone is approved, as there is no guaranteed approval.
Eligibility:
● At least 18 years of age
● U.S. citizen or permanent resident
● Recurring employment income
● Minimum 3-month work history
● No minimum credit score required
● 90+ day old bank account
● Completed online application
Highlights:
● Loans from $500 to $4,000
● APRs from 59% to 160%
● 9 to 18-month repayment terms
Pros:
● Loans from $500 to $4,000
● Soft inquiry
● Excellent customer service
● Easy qualification criteria
● Good for short-term expenses
Cons:
● Max loan amount tops at only $4,000
● Only offers unsecured loans
● So-so APR range (59% to 160%)
● $15 late payment and insufficient funds fees
● Not available in West Virginia, New York, or the District of Columbia
Terms: OppLoans is not a payday, auto title, or direct lender. Personal loans made through OppLoans feature Annual Percentage Rates (APRs) of 59% – 160%. Every lender has different policies regarding origination, prepayment, and late/insufficient funds fees, which is deducted from the loan proceeds. Based on these APRs, if you receive a $10,000 loan and a 60% APR (no origination fee) on a 1 year repayment term, you would pay a total of $13,539.05 ($3,539.05 in total interest paid). The APR on your loan may be higher or lower, depending on your credit score, debt-to-income ratio, any applicable state laws, and other factors.
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Rating: 4.4/5.0
With more than 10,000 reviews with an average 4.7-star rating on Trustpilot, NetCredit is an excellent choice for people looking for no credit check loans from $500 to $10,000. APRs range from 19.90% to 150% with 6-month to 5-year repayment terms. It is one of our preferred no credit check lenders offering small loans to cover short-term expenses like unexpected medical bills.
In addition, NetCredit offers lines of credit up to $4,500, revolving access to funds, and the ability to draw from your available credit as much as needed.
How to Apply: To apply for a NetCredit loan, you must visit its online portal and complete an application, which asks for your contact information, requested loan amount, and financial details.
Eligibility:
● At least 18 years of age
● U.S. citizen or permanent resident
● Recurring employment income
● Completed online application
Highlights:
● Loans from $500 to $10,000
● APRs from 19.9% to 150%
● 6-month to 5-year repayment term
● Lines of credit up to $4,500
Pros:
● Soft inquiry
● Loan deferral program available
● Funds in as little as one business day
Cons:
● Not available in all states
● Loan origination fees of up to 5%
● Higher-than-average APRs up to 150%
● $15 late payment fee ($25 after missing grace period)
Terms: NetCredit is not a payday, auto title, or direct lender. Personal loans made through NetCredit feature Annual Percentage Rates (APRs) of 19.9% – 150%. Every lender has different policies regarding origination, prepayment, and late/insufficient funds fees, which is deducted from the loan proceeds. Based on these APRs, if you receive a $15,000 loan and a 48% APR (no origination fee) on a 1 year repayment term, you would pay a total of $19,179.39 ($4,179.39 in total interest paid). The APR on your loan may be higher or lower, depending on your credit score, debt-to-income ratio, any applicable state laws, and other factors.
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Rating: 4.4/5.0
Klarna is a solid no-interest POS financing choice for borrowers that prefer no credit checks and quick funding while shopping at participating retailers. Shopping at participating retailers allows you to use Klarna to split purchases into four payments (Paid in 4 plan), with ensuing payments made every two weeks. In addition, Klarna assesses 0% interest with no fees if all payments are made on time.
The way Klarna works is simple. Pretend a purchase costs $600. Upon checkout, you would pay $150 with three remaining payments of $150 ($450 total) billed to your card every two weeks until the entire balance is paid.
Other borrowing options include Klarna’s “Pay Later in 30 Days” program. Paying within 30 days will help you avoid fees.
How to Apply: To use Klarna, you must download the Klarna app (iOS and Android) and connect your debit/credit card and start shopping at participating retailers that have it listed as an option in their checkout. Klarna may also present you with more than one financing option.
Eligibility:
● At least 18 years of age
● U.S. citizen or permanent resident
● Shop at a participating Klarna retailers
Highlights:
● 0% interest
● No credit check
● “Pay in 4” program
● No prepayment penalties
Pros:
● Soft credit check
● Minimum spend requirement of only $10
● Excellent rewards program (Vibe)
● Thousands of participating retailers
● Spending limit increases with a long history of on-time payments
● Option to reschedule payments
Cons:
● Does not report payments to major credit bureaus
● Late fees of $7 or 25% of installment, whichever is less
● May lead to overspending for undisciplined buyers
● Not all applicants are accepted
● Cannot disable automatic payments
● “Pay in 4” is not available in Hawaii or New Mexico
Terms: Klarna allows you to split your purchases into four 0% interest payments, paid every two weeks. As an example, purchasing a $400 mattress will produce installment payments of $100 each for a total of $600 without interest and fees. All Klarna users must be 18 years or older. Your spending limits with Klarna depend on your payment history and outstanding debt. Not all qualify.
What Are No Credit Check Loans?
No credit check loans and alternative best payday loans online are issued by lenders who do not perform hard FICO score inquiries or check your credit history to determine your creditworthiness. Borrowers in the 350 to 600 credit score range are likeliest to benefit from no credit check loans.
Most no credit check loans are short-term and extended to borrowers looking to pay for unexpected expenses such as medical emergencies or much-needed vehicle repairs.
Legit sources of no credit check loans include loan apps (e.g., Earnin, Brigit), Buy Now, Pay Later (BNPL) services like Affirm/Klarna, and alternative payday no credit check loans with APRs capped at 35.99%.
There is also a subset of predatory no-credit-check loans, which include pawn shop, payday, auto title, and high interest-rate personal installment loans.
However, they are known for charging APRs upwards of 300% (auto title loans) and 400% (payday loans), so we encourage borrowers to avoid them altogether.
How Do No Credit Check Loans Work?
There are three types of legit no-credit-check loans: loan apps, Buy Now, Pay Later (BNPL), and personal no credit check secured and unsecured loans.
Each of them works very differently from the others in the following ways.
Loan Apps. Also referred to as cash advance or direct-to-consumer apps, loan apps are an excellent choice for people looking for fast funding, minimal fees, and no interest. In addition, it allows borrowers to secure funds against their next paycheck or direct deposit.
The cash advance amount is deducted from your bank account upon the due date. Advances work differently between apps.
For example, Earnin allows you to cash advance $100 per day or up to $750 per pay period. In turn, Brigit will enable you to cash advance up to $250 with no interest, no minimum upfront deposits, and no credit check required in exchange for a low $9.99 monthly membership fee.
Some of the more popular online no credit check loan apps on the market today include Brigit, Earnin, and Dave.
Buy Now, Pay Later (BNPL). Available at participating retailers, this installment loan allows you to divide your online purchases into equal installments, with the first payment due at checkout.
BNPL has exploded in popularity over the past several years thanks to a revamped focus on online spending, especially during the height of the COVID pandemic.
One of the more popular BNPL programs is a “Pay-in-4r” plan, a 0% -interest plan that allows you to divide your by into four equal payments, paid at regular intervals (with the first payment due at checkout).
Other longer-term BNPL programs exist, but they usually charge interest capped at 30% with late or rescheduled payment fees at a fixed dollar amount or up to a certain percentage of the purchase value.
Some popular BNPL apps include Affirm, Afterpay, Klarna, and PayPal.
Alternative Payday Loans. Also referred to as PALs, banks, credit unions and online lenders issue alternative payday loans.
There are two alternative payday loans: PAL 1 and PAL II.
● PAL I loans offer up to $1,000 and one to six-month repayment periods.
● PAL II loans offer up to $2,000 on one to 12-month repayment terms. In addition, PAL I and PAL II Loans are capped at 28%, a significant improvement over traditional payday loans and their outrageous 400% APRs.
To qualify for alternative payday loans, you must be a participating bank or credit union member with a minimum deposit of $5 to a checking account. Different lenders will also review your income and debt-to-income ratio over your credit scores.
Some of the more popular payday loan alternatives include ZippyLoan, LifeLoans, FundsJoy, OppLoans, and NetCredit.
Why Do People Search and Apply for No Credit Check Loans?
People take out no credit check loans from direct lenders and online marketplaces for many reasons, such as paying for unexpected medical expenses, paying past due bills, emergency vehicle repairs, or any scenario requiring fast and easy cash.
How Do I Qualify For No Credit Check Loans Guaranteed Approval?
Here are all the steps needed to qualify for no credit check loans.
Find a Lender. Online marketplaces like ZippyLoans and OppLoans are excellent sources of no credit check loans.
Pre-Qualification. Pre-qualification involves having lenders vet your financial/credit profile to provide an estimated rate and loan amount before you apply. Income and debt-to-income ratio may be used to determine your creditworthiness. Consider pre-qualification as an invitation to start the application process, not a sign that you are already approved.
Compare Terms. Once pre-qualified from a minimum of three no credit check lenders, compare APRs, rates, and terms. Of all of these criteria, take into account APRs. For example, an 8% APR on a $10,000 loan with a 1-year repayment term will net $438.61 in interest proceeds versus $774.45 on a 14% APR loan with the same repayment term. Every percentage point counts.
Be sure to compare bad credit loan fees as well. Kudos for loans with no origination, application, and prepayment penalties.
Wait for a Decision. Expect same-day or guaranteed approval for many no credit check lenders, while others can take upwards of seven business days.
How Do I Find The Best Personal No Credit Check Loans with Bad Credit?
Making a needs assessment to find the best no credit check loans is essential.
Understand Your Financial Need. The first step is to determine the loan amount you need. Are you looking to cover a $5,000 emergency expense? An alternative payday loan from a federal credit union may be on the cards. What about a quick cash advance of up to $750 to pay for an absurdly high, past-due water bill? Loan apps Earnin and Brigit are two possibilities.
Become Knowledgeable with APRs and Credit Scores. To become a more informed no credit check loan borrower, it is essential to understand the APRs your credit score qualifies for. For example, excellent credit score borrowers in the 720-850 range can expect sub-10 % APRs on personal loans, whereas good credit borrowers in the 690-719 can expect estimated APRs from 15.7% to 19%. Bad credit borrowers with scores in the 300-629 range are not automatically disqualified from securing APRs below 25%, but it does take some work.
Shopping Around. One of our top recommendations for finding the best no credit check loans is to shop around. Online marketplaces like ZippyLoans and OppLoans connect prospective borrowers with a network of qualified, reputable lenders competing for your business. Although no credit check loans typically come with higher APRs and more restrictive fees, there are plenty of sub 35.99% APR deals for those with bad credit.
What Are The Best No Credit Check Payday Loan Alternatives?
Our best no credit check payday loan alternatives are selected based on low APRs, generous repayment terms, flexible qualification criteria, and minimal fees.
Loan Apps. Looking for quick and easy cash advances up to $750 at 0% interest? Popular loan apps like Earnin and Brigit fill the void. Earnin offers cash advances up to $150 per day or $750 per pay period, versus Brigit, which provides lower cash advances of up to $250. Instead of credit checks, these loan apps verify employment through electronic timesheets and pay stubs. Kudos for its same business day turnaround, a vital lifeline for those needing to cover short-term expenses like late utility and medical bills quickly.
POS Financing. Looking for that hot item at a participating retailer with your budget just out of reach? Popular POS financing apps like Klarna allow you to split purchases into four equal payments at 0% interest. For example, an $800 watch purchase is divided into even $200 payments, paid every two weeks. Remember, many participating retailers require that you pay the entire balance within 30 days to avoid extra fees. Consider this a nice accountability method that could prevent you from entering a vicious debt cycle.
Installment No Credit Check Loans/Alternative Payday Loans. These types of loans offer higher loan amounts and longer repayment terms than loan apps and POS financing. One of the most reputable lending companies for no credit check installment loans is Opploans, good for 59% to 160% APRs on loans up to $4,000 with no origination fees. Think of alternative payday loans as the sweet spot between personal loans (5.99% to 35.99% APRs) and payday loans (400%+ APRs).
What Payday No Credit Check Loans Are Legit and Which Are Most Likely Scams?
Legit
Loan Apps. Loan apps like Earnin and Brigit are cash advance apps that allow you to withdraw as much as $750 per pay period at 0% interest rates, assuming your next paycheck covers the entire balance due. These services require linking your bank account with funds received within one to three business days.
Expect auto payback on your next payday with safe and secure transactions and no additional fees.
To qualify for loan apps, you must download the app and complete a verification process that requires linking your checking account and submitting employer information.
All in all, loan apps like Earnin and Brigit are an excellent alternative to traditional auto title and payday loans with their outrageous 300% and 400% APRs, respectively.
We highly recommend Earnin over the others, as it offers the highest cash advance amount (up to $750 per pay period) at 0% interest.
Buy Now, Pay Later (BNPL): Our preferred BNPL apps include Affirm and Klarna. These services are an excellent alternative to traditional payday loans, offering instant approval of 0% interest and no credit check. However, 0% interest applies on short-term financing, whereas longer-term financing may assess fees. Expect repayment terms of up to two months.
Alternative Payday Loans. Alternative payday lenders like FundsJoy offer as little as $100 up to $40,000 with no credit check required.
APRs are usually kept at 35.99%, but some participating lenders on online marketplaces like these may charge upwards of 160% APR, still well below traditional payday loans.
Scams
Payday Loans. Although many payday loans require no credit checks and are easy to access (legal in some states), they offer outrageously high 400% APRs.
In some cases, payday loans have exceeded 1000% APRs, forcing borrowers to enter a vicious cycle with interest rates payments that may exceed the actual principal amount. That is not including renewal fees when extending loans.
On top of that, many payday loan companies used predatory collection practices, with threatening letters and limited transparency into all repayment options available. Avoid payday loans at all costs.
Pawnshop Loans. Also known as a collateral loan, pawn shop loans require that followers use their personal property as collateral. This may include watches, jewelry, expensive coats, heirlooms, and other valuable assets. Like payday loans, no credit checks are required.
With pawn shop loans, loan amounts are only valued up to a fraction of your item’s actual value. Standard repayment terms are 30 days, with the ability to extend loans in 30-day increments with regular on-time payments.
Remember, in case of default on your loan, you lose your property. So, expect slightly lower APRs than payday loans, roughly 200% APR. Still, pawn shop loans offer one of the more expensive ways to borrow funds for your short-term expenses. You will have better luck looking elsewhere, with many no credit check loans available at sub 35.99% APRs or 0% with cash advance apps.
Auto Title Loans. Like payday and pawn shop loans, auto title loans offer higher-than-average APRs (~ 300%!) on short-term, 30-day loans up to $10,000 in exchange for putting up your vehicle as collateral. Defaulting on auto title loans forces lenders to repossess your car.
Fortunately, payday and auto title loans are illegal in some states, such as New York. Unfortunately, however, plenty of states continue to allow it, forcing victims to fall into vicious debt cycles for months and years until the legislation is passed.
According to the Federal Trade Commission, nearly 3.3 billion dollars is lost due to personal loan fraud (2020). One of the main culprits is no credit check personal loan scams.
Many no-credit-check personal loan scams exist outside payday pawn shops and auto title loans. These are predatory loans disguised as legit personal loans.
Here are some surefire signs your no credit check personal loan may be a scam.
Payment Demands. No credit check personal lender scams are notorious for requesting banking information, gift cards, prepaid cards, and similar “up-front” payment styles. Then, they claim to need it to cover fees and other nonsensical expenses.
Remember, legitimate lenders may imply a combination of one or more fees: prepayment, origination, late, insufficient funds, and application fees. Therefore, they will never ask for prepaid cards or other types of untraceable methods of payment to secure a loan.
Bad Telemarketing. Some personal loan company scams advertise loans by phone or door-to-door. The Federal Trade Commission explicitly bans this behavior, although loan offer advertisements via snail mail or email are OK. SoFi, a good credit direct lender, is well known for doing this.
Non-Registration. All lenders are required by the Federal Trade Commission (FTC) to maintain an active license in the states where they operate. Be sure to check your lender’s website for more information.
Offer Marketing. No credit check personal loan scams are also notoriously for creating a sense of urgency, imposing nonsensical deadlines on loan offers. In the worst cases, they may even threaten to file lawsuits or withhold your rights.
Are No Credit Check Loans with Guaranteed Approval?
Not all no-credit-check loans offer guaranteed approval. Remember, some no-credit-check lenders verify your creditworthiness by checking your income and debt-to-income ratio, which adds time to the clock.
Some of the more popular no credit check loans guaranteed approval include payday loans and high interest rate installment loans. However, they charge 400% APRs (even higher in some cases), so we highly advise against them.
Do No Credit Check Policies Come from Direct Lenders?
No credit check policies do not necessarily have to come from direct lenders. Nowadays, many legitimate online marketplaces like OppLoans and ZippyLoan promote no credit check loans guaranteed approval and online no credit check loans.
These two no credit check loan companies are especially noteworthy as they work with bad credit borrowers, offering APRs as low as 5.99% with up to 72-month repayment terms. Origination and prepayment fees vary by lender, although they offer competitive terms.
How Do I Qualify for A No Credit Check Loan?
To qualify for a no-credit-check loan, you must adhere to one or more of the following requirements.
● U.S. citizen/permanent resident
● 18 years of age or older
● Currently employed (minimum one month). Some lenders may require longer minimums.
● Checking account
Lenders offering no credit check loans may determine your creditworthiness by verifying your income and debt-to-income ratio. For this reason, no credit check lenders offer guaranteed approvals.
Remember, each lender determines loan eligibility. For more information on lender policies, please refer to their website.
How Can I improve My Credit Score
Here are our top recommendations for improving your credit score.
Check Your Credit Report for Errors. According to the
Federal Trade Commission, one in five people discovers errors on their credit reports. This may include identity errors (wrong phone number), closed accounts reported as open, incorrect loan balances, erroneous credit limits, and even the same debt appearing more than once.
Even a single credit report error could drop your score by 30 points or more, easily the difference between a 5.99% and an 11.99% APR loan.
Contact the credit reporting company if you see an error on your credit report. They will walk you through providing all supporting documentation to create a case. Credit disputes are addressed in as little as 30 business days.
To pull your credit reports, visit annualcreditreport.com. It has credit reports from the three credit reporting bureaus, which are TransUnion, Equifax, and Experian.
Make On-Time Payments. According to FICO, payment history accounts for 35% of your credit score. So be sure to make all payments on time, whether a credit card, installment loan or retail account.
Lower Your Credit Utilization Ratio. In addition to making regular, on-time payments, some lenders review your credit utilization ratio or your total depth versus max credit limit. Try to keep it at 35% or less.
Lengthen Credit History. The longer your credit history, the more favorably lenders view you as a risk. Try to keep all accounts open, even with a zero balance. Length of credit history is calculated based on the average age of all your accounts, including your oldest and newest accounts. Usage is considered as well.
Diversify Your Credit Mix. Auto credit mix only accounts for 10% of your FICO score. Evidence of a good credit mix lets lenders know you know how to manage different lines of credit.
Diversifying your credit mix is another reason closing accounts is not a clever idea.
Remember, the higher your credit score, the lower your interest rates and the more favorable your fees and repayment terms.
What Is the Difference Between No Credit Check, Soft Inquiry, and Hard Inquiry
No credit checks, soft and hard inquiries refer to how lenders check your credit before loan approval.
Lenders perform soft inquiries to verify your background for pre-approval. They are not intended to approve an application for new credit.
Hard inquiries by lenders look directly into your credit file to determine creditworthiness. Instead, they do a deep dive into your credit history, checking for on-time payments and outstanding balances.
In the short-term, hard inquiries could drop your credit score by a few points. However, its effect will last for only a few months, at best, although it will remain on your credit report for up to two years. Plus, applying for new credit only accounts for 10% of your FICO score.
Unfortunately, hard inquiries are a fact of life, especially notable with mortgage and auto loans.
To negate the effect of hard inquiries on your credit score, look to apply for multiple credit cards and loans within a longer period (90 days to 6 months in between each credit type).
No credit checks are just that. No credit check personal loans lender performs neither a soft or hard credit inquiry. However, this does not disqualify other methods used to determine if you are. For example, they may still verify your income and debt-to-income ratio.
Tips on Getting a No Credit Check Loan
Here are our top suggestions for getting a no-credit-check loan.
Check Your Credit Score. Despite no credit check personal loans and no credit check payday loans not requiring minimum credit scores, it is always wise to do a reset and check your credit score. Visit annualcreditreport.com and request free reports from TransUnion, Equifax, and Experian.
Borrowers with credit scores above 620 typically qualify for better interest rates. So even if you are not looking outside of no credit check loans, for now, this exercise is helpful further down the line.
Use Online Marketplaces. Online marketplaces such as ZippyLoan are excellent sources of no credit check personal loans, no credit check installment loans, and no credit check payday loans for bad credit. With hundreds of participating lenders in its network, ZippyLoan makes it easy to compare shop and evaluate each lender’s rates, fees, and terms in a simple, easy-to-use interface.
Shop Around. Be sure to compare a minimum of three no credit check loans guaranteed approval and no credit check loans without guaranteed approval. Then, carefully evaluate each lender’s rates, repayment terms, and fees, including one or more of the following: origination, prepayment, application, and late fees. Pre-qualification by your lender is an excellent place to start.
Learn Your APRs. Tips on getting a no credit check loan mean being an educated consumer. Aim for no credit check loans capped at 35.99% APR.
Alternatives to Get Cash for People with Bad Credit
Unfortunately, no credit check loans may not be an option for many people with bad credit.
Fortunately, there are options for people with bad credit to get cash.
Secured Personal Loans. Also referred to as collateral or cosigner loans, secured personal loans require that borrowers with bad credit put up collateral (e.g., home or vehicle) repossessed by the lender in case of default. Reducing your risk profile in this manner will allow you to enjoy lower interest rates on same day installment loans for fast and easy cash.
Credit Unions. Credit unions have long been known to base your loan eligibility on factors other than your credit score. Income, debt-to-income ratio, and financial account history are all fair game. Kudos to credit unions for charging lower average interest APRs on 3-year loans than banks.
Credit Cards. Most credit card APRs are capped at 35.99%. On top of quick funds access, they are an excellent credit-building tool if used correctly. Be sure to make on-time payments, pay off outstanding balances, and keep your credit utilization ratio at or under 35% to make them work for you. Consider this one of the best ways to get same day, instant fast cash.
How We Ranked the Best No Credit Check Loans
To produce our top no-credit-check loans, we evaluated each lender with a magnifying glass, grading them based on five key categories: rates, fees, repayment term lengths, loan amounts, and verification methods.
Rates. We strongly prefer no credit check loans with APRs capped at 35.99%, long considered an acceptable industry standard. That is why it is no secret why we are big fans of cash advance and POS financing offered by the likes of Klarna and Earnin.
However, we need to disqualify online marketplaces with participating lenders offering 35.99%+ APRs. They allow prospective borrowers to compare hundreds of lenders to find the best rates and terms for their financial situation.
Fees. We prefer no credit check loans offering no interest, origination, and prepayment fees. We also avoided lenders charging late fees exceeding $39, irrespective of the balance due. Many lenders on our list check this off, particularly Klarna and its popular “Paid in 4” plans, which offers 0% interest on month-long installment loans used for online purchases.
Loan Amounts. Naturally, no credit check loans offer lower loan amounts than low-interest-rate personal loans for good credit borrowers.
Lastly, we prioritize no credit check lenders offering one or more verification methods, including but not limited to your income, debt-to-income ratio, employment status, and financial history.
Frequently Asked Questions
Are no credit check loans and payday loans the same?
No credit check loans, and payday loans are not the same.
For starters, payday loans are short-term loans up to $500, usually repaid in four weeks or less. APRs are outrageously high, exceeding 400% APR in some cases. One of the many reasons why payday loans are illegal in many states, such as New York.
In turn, no credit check loans usually issue higher loan amounts of up to $50,000. APRs go up to 35.99%, although higher APRs are possible. They may or may not offer guaranteed approval.
Both options allow funds to be dispersed to your checking account in as little as one business day. Origination, prepayment, application, and late fees vary by lender.
Are there no credit check loans with guaranteed approval from direct lenders?
Yes, getting no credit check loans with guaranteed approval from direct lenders is possible. Interest rates on these loans are capped at 35.99% but may exceed that, depending on the lender.
Remember that these direct lenders verify your creditworthiness in other ways. This includes verifying your age, income, legal residency, and debt-to-income ratio.
Do no credit check loans offer instant approval?
Not all no credit check loans offer instant approval. No credit check lenders may qualify you for a loan in other ways by verifying your income or debt-to-income ratio. In any case, expect approvals in at most three business days.
What is the difference between payday and personal loans?
Payday and personal loans differ in repayment terms and interest rates.
Payday loans are smaller, outrageously high-interest loans charging upwards of 400% on loans up to $500, paid back no later than four weeks. They are known to create a vicious debt cycle, with interest rate charges exceeding principal amounts sometimes.
Personal loans typically go from $1,000 to $50,000 with 6% to 35.99% APRs. Repayment terms are also much longer, in the three to seven-year range.
Lastly, the difference between payday and personal loans is also a matter of qualification. For example, most payday loans offer no credit checks, whereas personal loans do.
In short, the battle between payday and personal loans is a one-sided contest. Therefore, avoid payday loans at all costs.
Final Thoughts
All in all, there are still plenty of lending opportunities available to bad credit borrowers with no credit check loans. However, low APRs, favorable repayment terms, and limited fees make no credit check loans a viable option for anyone looking to cover short-term expenses.
