|
You might be using an unsupported or outdated browser. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. |
Although it’s common to undergo a credit check when applying for a personal loan, not all lenders require one. If you need cash to hold you over until your next payday—or longer—there are loan apps and personal loan lenders that offer funding without a hard credit inquiry.
You can get financing with no credit check from both loan apps and personal loan lenders, but they function differently. Loan apps offer paycheck advances, which allow you to borrow money against your next paycheck and repay it once the next payday comes. With a no-credit-check personal loan, you’ll receive the loan in a lump sum and repay it monthly over a predetermined period.
Often, both of these loans need to be repaid quickly and can have incredibly high fees, two features that can make them more harmful than helpful. Before taking out a no-credit-check loan, shop around for the lowest-cost option available to you and understand the costs and terms.
Company | Forbes Advisor Rating | Loan amounts | APR range | Minimum credit score | Learn More | ||||
---|---|---|---|---|---|---|---|---|---|
Upstart | 3.5 | $1,000 to $50,000 | 7.80% to 35.99% | 300 | Compare Rates | Via Credible.com's Website | |||
Upgrade | 4.0 | $1,000 to $50,000 | 8.49% to 35.99% | 580 | Compare Rates | Via Credible.com's Website | |||
Possible Finance | 3.0 | Up to $500 | 150% to 200% | None | Learn More | Read Our Full Review | |||
OppLoans | 3.0 | $500 to $4,000 | 160% to 179% | None | Learn More | Read Our Full Review |
Company | Forbes Advisor Rating | Loan amounts | Fees | ||||
---|---|---|---|---|---|---|---|
EarnIn | 4.5 | Up to $750 | Optional | ||||
MoneyLion | 4.0 | $500 | Up to $4.99 |
No-credit-check loans may be marketed to higher-risk borrowers and can come with dangerously high interest rates, making it crucial to review fees and understand costs before borrowing. Below are tips for comparing loans.
A no-credit-check loan is a personal loan you can apply for with no hard credit inquiry. Without that inquiry, you avoid the credit score drop that typically comes after a hard inquiry and if you have poor credit, no-credit-check loans can be easier to qualify for.
Personal loans with no credit check are typically offered in amounts from $100 to $4,000, and are due within a short period, such as two weeks or 12 months. This makes them an option to cover small, surprise bills or unplanned expenses versus major purchases. Different types of no-credit-check personal loans include:
Many different types of companies offer no-credit-check loan products. MoneyLion and EarnIn are two apps that specialize in payday advances without credit inquiries. Splitit is an example of a BNPL service that doesn’t have credit checks.
Both physical storefronts and online lenders may offer payday or bad credit installment loans with a soft credit inquiry or no credit inquiry. Yet, these are the types of loans to be wary of since they’re more likely to have sky-high fees and interest.
On average, borrowers pay $10 to $30 for every $100 borrowed in a payday loan, and paying $15 on a $100 loan with a two week term is equal to a 391% APR.
OppLoans is an example of a lender that offers longer-term bad credit installment loans with APRs of 160%, depending on your state. A $1,000 loan with a 12-month term and 160% APR would result in a monthly payment of $171.53 with $1,058 in total interest paid. In this scenario, finance charges would cost more than what you initially borrowed.
It’s often best to avoid expensive no-credit-check or bad credit loans since fees and payments can be difficult to pay when in financial hardship. Although they can be appealing, there are alternatives that are worth considering.
The application process for no-credit-check loans is usually quick, with same-day funding available. Follow these steps to get a quick no-credit-check loan:
Whether you should take out a no-credit-check loan depends on your financial situation.
When used sparingly, small loans without fees, such as BNPL or paycheck advances, might be an affordable way to cover an unexpected expense. Still, overusing them can lead to a cycle of overspending and debt that limits your ability to save or handle other obligations.
These loans aren’t without their risks, but they can be a good option if you don’t have any other options. Before taking out a no-credit-check loan, have a plan to repay the money you’ve borrowed before the loan term ends.
Also, note that some lenders that don’t require a credit check at application but may still report late payments to credit bureaus for unpaid debt, which could damage your credit history.
No-credit-check loans are just one way to manage emergency cash gaps. Alternatives to payday loans include:
We reviewed lenders and apps that require no credit check based on the categories of loan details, loan costs, perks, customer experience and funding speed. Below you’ll find the methodology used for each loan type.
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology.
We reviewed 18 popular lenders based on 14 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose lenders that have no minimum credit score requirement and ranked them based on the weighting assigned to each category:
Within each category, we also considered several characteristics, including loan amounts, repayment terms, APR ranges and applicable fees. We also looked at whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification and mobile apps.
We reviewed nine popular lenders based on eight data points in the categories of loan details, loan costs, perks, customer experience and funding speed. We chose the best lenders based on lenders that offered loans over $500 and rank them based on the weighting assigned to each category:
Within each major category, we also considered several characteristics, including maximum loan amounts, repayment terms, and applicable fees. We also evaluated each provider’s customer support, borrower perks and reviews.