Getting a personal loan can be difficult when you have a bad credit score or no credit history at all. Lenders usually require a high credit score before approving any loan application. This is because your credit score tells them how well you handled past loans, and a low credit score can cause most lenders to reject your loan applications.
But some loans don’t require a credit check. No credit check loans are ones that don’t consider your credit score at all. Instead, they are approved based on your ability to repay the loan.
Lenders who grant no credit check loans usually consider your bank statements to confirm your income range. This information helps them determine if you qualify for a loan and also establish your interest rate.
A recent study found that 4 out of 10 Americans could not raise $400 in emergencies, with bad credit being one of the significant factors. However, with no credit check loans, everyone has the chance to get a quick loan when they need it.
Because of the high-risk nature of these loans, lenders usually require some form of collateral. Others charge higher interest rates and hefty fees to compensate for the amount of risk involved. This has made many people fall into the hands of fraudsters who are only looking to scam unsuspecting borrowers.
It is not strange to find personal loan scams requiring the borrower to pay a “loan fee” before depositing your funds into your bank account. These malicious players have created an atmosphere of distrust around businesses that offer genuine bad credit loans.
But, how do you identify which loans are genuine and which loan companies to avoid to be safe from scams? You shouldn’t worry about that now because we have searched for the best no credit check loans you can get, so you don’t have to.
So, if you need a quick short-term loan but don’t know where to look, or if you are concerned about the many fraudulent scams online, here is the only list you need to read in order to make the right decision.
Without any further delay, here are our top 5 picks for the best no credit check loans:
Here’s Our Picks Of The Best No Credit Check Loans Of 2021
- MoneyMutual – Overall Best For Payday Loans Online
- BadCreditLoans – Get No Credit Check Loans At Best Interest Rates
- CashUSA – Top No Credit Loan Approvals
- PersonalLoans.com – Small Payday Loans Online No Credit Check
- CreditLoans – Loans With No Credit Check
#1. MoneyMutual – Overall Best For Payday Loans Online
MoneyMutual is a loan service website that connects borrowers with loan companies willing to give them loans based on their fulfillment of specific criteria.
MoneyMutual itself is not a lender; it only serves as a networking platform where borrowers can search for available loan offers from lenders. The platform started its operations when a survey showed that 40% of Americans could not produce $400 in emergencies. MoneyMutual allows borrowers to quickly access no credit check loans from more than 60 lenders all in one place. Think of it as a one-stop solution for people who want to get some money fast.
Since its inception in 2010, MoneyMutual has been a great help for people who need quick cash when they are in a bind. The website has helped more than 2 million Americans with bad credit get fast personal loans within 24 hours.
Loan Offers: Loan offers available through MoneyMutual’s various lenders range from $300 to $2500, and you should start seeing loans you qualify for within a few minutes of filling a short form. These loans usually come with durations ranging from 14 days to 6 months, and in some cases, 12 months or more, depending on the loan type you get.
Eligibility Requirements: MoneyMutual does not have strict requirements, but there are basic requirements for you to be eligible to use their service. At the barest minimum, you should:
- You must be at least 18 years old
- You must be a legal resident of the United States
- Have a verifiable source of income
- Have a valid bank account
Fees and Costs: MoneyMutual’s service is free for borrowers. You don’t have to pay to get loans through the platform. MoneyMutual’s fees are charged to the lenders without any effect on the terms of your loan.
Customer Experience: MoneyMutual helps to save time and effort when searching for short-term loan offers from lenders. This is the core service their website provides, and they do an excellent job while at it. However, as over 60 loan providers are available on the platform, each lender has different requirements, terms, fees, and interest rates. Many of their customers find it hard to understand this discrepancy, leading to many complaints and negative feedback.
Many of their users complain about the predatory nature of the loan offers on the platform. The complaints are primarily about the interest rates these loans charge, bank account issues, and other discrepancies in loan terms. These allegations have resulted in several lawsuits, fines, and sanctions. But it is important to note that these complaints are mainly about the lenders available on MoneyMutual’s website and not about MoneyMutual’s service itself.
- Over 60 legitimate lenders are available on the platform
- Easy-to-use platform
- No service fees are charged to check loan offers
- A valuable library of educational resources
- The service is quick and efficient
- Ideal for small loans of up to $2500
- The website is secure and fully encrypted
- Massive variation in the loan terms and interest rates offered by lenders
#2. BadCreditLoans – Get No Credit Check Loans At Best Interest Rates
BadCreditLoans is a loan networking website that connects borrowers with bad credit with lenders willing to give them loans without credit checks. While BadCreditLoans is not a direct lender, it has connections with many lenders who offer different loan types. There are payday loan offers, installment loans, business loans, student loans, personal loans, car loans, etc., on the platform.
Once you visit the website and fill a short questionnaire, BadCreditLoans’ algorithm checks through its network of lenders to find the best loan offers for you within a few minutes. This process saves you a lot of time on loan applications as you only have to fill the form once to get offers from all the platform’s lenders.
Loan Offers: You can quickly get loan offers starting from $500 to $5000 with interest rates ranging from 5.99% to 35.99% APR. These loans also have repayment terms ranging from 2 weeks to 36 months, depending on the lender you connect with.
Eligibility Requirements: When submitting a loan request form on the website, you will be required to provide information about your identity, employment information, credit type, loan reason, monthly income, and bank information. You are also required to disclose if you are in active service with the US military during the loan application process.
Although BadCreditLoans does not have extreme requirements, there are a few basic ones that you must fulfill in order to be considered for their loan services:
- You must be a US resident aged at least 18
- You must also have a verifiable income source, and
- Must have a valid bank account
Fees and Costs: Their service is available round-the-clock and costs nothing to use. So, you don’t need to pay to see loan offers. However, BadCreditLoans does not issue direct loans, which means that once you click to check a suitable offer, you will be redirected to the lender’s website.
Customer Experience: BadCreditLoans.com is easy to use, and there is round-the-clock customer support to help borrowers with their issues. All these points guarantee that customers have a good experience with their service.
They also have good reviews from customers about their fast funding times, fast approval of loan requests even with bad credit history. Moreover, customers loved that they were given access to hundreds of lenders, all from a single platform. However, a quick check online shows that they have a poor rating from the Better Business Bureau, which means that some customers were less than satisfied with their service.
- It saves time and effort
- Easy-to-use website
- An effective platform for no credit check loans
- 24/7 customer support
- Safe, secure, and privacy-protected
- Using the service costs nothing
- Loan amounts are small, topping out at $5000
#3. CashUSA – Top No Credit Loan Approvals
CashUSA is an online loan aggregator with a platform that connects borrowers with loan providers willing to work with them. Their service is similar to all the others on this list in that you only need to fill their application form once to get loan offers. In addition, they provide personal loans for people with bad credit history without credit checks.
Once you fill the form on their website, they process your application through their network of lenders and show you offers based on your profile. This saves you a lot of time and effort when you urgently need funds.
CashUSA helps more than a million active users to find bad credit loans monthly. They also have serious security measures to protect their users’ information and identities from malicious threats.
Loan Offers: CashUSA is not a direct lender; it only connects you with lenders on their platform. This means that the loan terms and interest rates will vary greatly depending on the lender you are connected with. Generally, loan offers on the platform have interest rates ranging from 5.99% to 35.99% APR and repayment terms ranging from 14 days to 72 months. The loan amounts also range from $500 up to $10,000.
One thing that makes CashUSA stand out among others is its fast loan processing times. If you are approved for a loan, you can expect to get the funds in your bank account within 24 hours of accepting the offer.
Eligibility Requirements: Similar to BadCreditLoans.com and MoneyMutual, CashUSA does not have terribly strict eligibility requirements. Regardless, there are basic factors for you to be eligible to use their service. This includes:
- You must be a US resident aged at least 18
- You must also have a verifiable income source
- Need a valid bank account
Getting approved for a loan only takes a few minutes after you fill their questionnaire. The questionnaire is designed to build your user profile and requires a lot of information upfront. You will be required to provide basic information about your identity, location, contact information, employment information, income source, monthly earnings, bank statements, and other information.
Fees and Costs: CashUSA’s platform costs nothing to use. The lenders cover all the fees on the platform. Their repayment arrangement is also convenient and automated. You will never get mailing checks or incur late payment fees due to postal delays. You can simply set up automatic repayment schedules from your bank account, which will send your monthly installments to your lender’s bank account on the specified dates.
Customer Experience: CashUSA’s secure website ensures that borrowers’ information is protected. They have lenders in all 50 states in the US, which helps get the best loan offers in any situation. What many of their customers like about CashUSA loans is the convenience of their repayment plans. The loan payments are made online in an automated process. This method favors people who want to build their credit scores to a more acceptable level.
However, a quick check online shows that there have been a few complaints about their collection practices. This, of course, only applies to some of their lenders.
- An easy-to-use website with helpful features
- There are a wide variety of lenders and loan options to choose from
- There are no service fees
- Fast loan applications and approvals
- Great for people with poor credit scores
- Convenient repayment methods
- Interest rates vary between the different lenders on the platform
- Has a $1000 minimum monthly income requirement to qualify for loans
#4. PersonalLoans.com – Small Payday Loans Online No Credit Check
PersonalLoans is a loan aggregator website that works as an intermediary between borrowers who need no credit check loans and lenders willing to provide such loans. They have a wide network of lenders and different loan types that give borrowers more options for personal loans.
Loan Offers: Loan amounts offered on the platform range from $500 to $35,000, up to $100,000 in rare cases. Generally, borrowers can choose between:
- Peer-to-peer loans,
- Installment loans, and
- Bank loans, depending on their needs
These loan options come with varying repayment terms and interest rates. The general interest rates range from 5.99% to 35.99% APR, and the repayment terms are flexible, ranging from 90 days up to 72 months.
Eligibility Requirements: Getting loan offers on PersonalLoans is a straightforward process. You only need to fill a short form which is then used to search through the vast directory of lenders on the platform. PersonalLoans will then show you offers you qualify for within minutes of submitting your application.
To get a loan offer on PersonalLoans,
- You must be a US resident aged at least 18
- You must also have a verifiable income source
- A valid bank account
However, unlike other platforms, PersonalLoans has some strict eligibility requirements for borrowers. Firstly, there is a minimum requirement of a credit score close to 600. This means that there is little hope for people with below 580 credit scores. Secondly, borrowers must also earn a minimum monthly income of $2,000. Any amount lower than that reduces your chances of getting a loan on their platform.
Fees and Costs: PersonalLoans’ service is completely free. In addition to that, you will also get an overview of the probable origination fees to expect from actual lenders, depending on your credit score and other factors.
PersonalLoans offers speedy service, has a secure website, charges no service fees, and has a vast financial education library to help you learn how loans work.
Customer Experience: Using PersonalLoans’ website is a straightforward process, and their quick approval rate is also commendable. Many customers appreciate the wide variety of loan options available through the website. Customers also like that they can get loan offers without providing too much personal information upfront.
A quick check on Trustpilot shows that they have a good 4.2 rating. The reviews from their customers are also mostly positive. However, they don’t have accreditation from the Better Business Bureau due to insufficient information about their business/ongoing business review.
- A vast network of lenders
- Best for short-term loans
- User-friendly and easy to use website
- Get personalized loan offers within minutes
- A library filled with helpful financial education resources
- Borrowers can get personal loans up to $100,000
- Has a $2000 minimum monthly income requirement to qualify for loans
- Has several strict eligibility requirements
#5. CreditLoans – Loans With No Credit Check
CreditLoans is an online no credit check loan website established in 1998. It has helped more than 33 million Americans to get emergency loans from their vast network of lenders. They are not a direct lender, but they help their users to get loan offers from many lenders at the push of a button.
Their service is free and straightforward, saving you precious time and energy. Instead of visiting lenders individually and checking if you are eligible to get loans from them, CreditLoans lets you fill a quick form on their website and does the rest for you.
Within a few minutes of filling their questionnaire, their algorithm searches across their directory to find lenders who are ready to give you a loan. Once you get offers, a click redirects you to the lender’s website, where you will see more details about the loan.
What makes CreditLoans great is the ease of use and user-friendliness of their website. The website is also secure, and your data is protected from malicious threats.
Loan offers: Like other bad credit loan providers, their loan terms and interest rates vary significantly from one lender to another. In general, you should expect an interest rate ranging between 5.99% and 35.99%. Typical loan terms range from 90 days up to 72 months. However, the loan amounts you can get may be considered small, usually ranging from $250 to $5000.
Eligibility Requirements: CreditLoans has some basic requirements that borrowers must meet before they can be approved for loans. At the minimum:
- You must be aged 18 or above,
- Be a US resident,
- Have an income source, and
- An active bank account to receive funds if your loan request is approved
You will also be required to state if you are in active military service.
If you meet the above requirements, you can get a loan quickly. However, CreditLoans cannot provide you with loan offers if you have an active bankruptcy case.
Fees and Costs: Using CreditLoans’ service is free with no hidden costs. However, you can expect varying APRs and fees from whichever lender you eventually choose.
Customer Experience: Generally, CreditLoan has more positive than negative reviews from users. They have an A+ rating with the Better Business Bureau, and that says a lot about their services.
A quick check on Trustpilot shows that they have an average rating of 3.3 from mixed reviews. Many of their customers’ feedback confirms that CreditLoan is fast and easy to use. However, some users have concerns about the predatory interest rates and fees offered by lenders on the site.
- Free to use with no service fees
- Users can apply for loans and get approved in minutes
- Great for people with poor credit scores
- Safe and secure website
- Availability of helpful and educative resources
- Irregular interest rates and loan offers
This Is How We Made the List Of The Best Check Loans With Bad Credit Score
Later in this article, you will find our top 5 picks for the best no credit check loans you can apply to even with bad credit. But first, here is a breakdown of how we made this list and what we looked out for in our top 5 picks.
What We Looked For:
- Legitimacy Check: Getting a personal loan without a credit check involves a high risk on the lender’s part. Some of you might even think it sounds too good to be true. In most cases, too-good-to-be-true offers are what fraudsters use to scam people online. There are many fraudulent no credit check loans online. When compiling this list, we carefully checked each website to confirm its legitimacy.
- Ease of Application: We carefully researched how easy it is to apply for personal loans from these lenders. Generally, it’s easy to apply for the no credit check loans on this list. They also have a fast approval rate and quick deposit times. In addition, most of them don’t even require any personal information upfront.
- Security Check: It is easy to get scammed online while searching for one of these loans. If you are unlucky, you may land on phishing websites and unknowingly compromise your personal information. We carefully researched how secure these websites are and included only the most secure ones on this list.
- Transparency: Fraudulent lenders often hide sensitive information about their terms, requirements, rates, and fees. We carefully researched the level of transparency of the lenders included on this list.
- Amount Offered: We also researched the minimum and maximum loan amounts these lenders can provide. While most no credit check loans only grant small personal loans, the ones on this list have sufficient loan amounts to quickly get you out of any emergency.
- Interest Rates: No credit check loans are more expensive than regular ones, but that doesn’t mean that affordable loans don’t exist. The ones on this list have the most affordable and competitive rates you’ll find anywhere.
- Customer Experience: Apart from security and affordability, we also researched the feedback these loan providers have from their customers. Each loan provider’s level of customer satisfaction determined their general rating and chances of inclusion on this list.
- Business Registration: We carefully researched these loan providers and ensured they all had the appropriate registrations needed to conduct their business. All the lenders included on this list are licensed and approved by the relevant bodies.
Factors to Consider Before Getting a No Credit Check Loan
Getting a no credit check loan is a tricky process. If certain factors are not kept in check, then you can possibly find yourself in deep waters. So, to get a no credit check loan, you will need to consider the following important factors.
You must have a verifiable income source. A steady income source helps bad credit lenders determine if you as a borrower can repay the loan you are requesting. Without an income source, your loan requests will get turned down.
You must be mindful of the interest rate specified in your loan offer. Interest rates for bad credit loans are usually higher than normal, making them more expensive.
Before you sign any agreement with any lender, make sure that the interest rate offered is within your limits. You don’t want to get trapped in a loan that will lead you down the rabbit hole of debts.
Before you sign off on any personal loan offer, ensure that you choose a repayment plan that is convenient for you. You will have a choice between a shorter repayment duration or a long one. A longer repayment term may look cheap at first glance, but it will cost you more money over the loan’s lifespan. Lenders often incentivize shorter repayment schedules with slightly lower APRs, so choose whichever one favors you more.
Annual Percentage Rate
While this may sound similar to an interest rate, APRs include origination fees and other processing costs. It is good to avoid loans with hefty origination fees to prevent bad credit loans.
Effect on Your Credit History
Since your activities can affect your credit score, it is essential to consider the effects of getting a loan on your credit score. If you apply for many lenders at the same time, your score will drop. Most lenders also do a “hard pull” on your credit history, reducing your score. You must consider all these factors before going ahead to search for loan offers.
Luckily for you, all the websites on this list allow you to search for loan offers from multiple sources without affecting your credit score.
FAQs about Best Bad Credit Loans
Q. What is Considered Bad Credit?
A FICO score less than 580 is considered poor and makes you a high-risk borrower. In most cases, lenders decline personal loan requests from borrowers with FICO scores lower than 600.
When you have a low credit score, the only loans you may qualify to get are bad credit loans.
Q. What range Does My Credit Score Fall In?
The FICO credit score ranges from 300 to 850 and is classified as follows:
- 800 – 850: Excellent credit
- 740 – 799: Very good credit
- 670 – 739: Good credit
- 580 – 669: Fair credit
- Less than 580: Poor credit
Q. Where Can I Get a No Credit Check Loan?
Many online lenders offer loans without credit checks, but they come with a huge backlash, which means higher interest rates. If you’re in a bind and you need a little bit of cash, you should consider borrowing from a friend or family member, as that will save you a lot of money in the long run.
Q. Are No Credit Check Loans Legit?
Yes, many lenders offer genuine personal loans without credit checks. To avoid scams, do your due diligence on the lender you want to work with. Avoid personal loans from non-accredited lenders.
Check out their customer reviews and opinions from official sites. And remember, if an offer sounds too good to be true, it probably is.
There are a few ways to identify scam loans quickly; just watch out for these signs:
- Unsecured website
- Obscure loan details
- The lender asks for an upfront payment before you get a loan
- The lender is impatient
All these signs are red flags; once you identify any of them, run!
Q. Can I Qualify for a No Credit Check Loan?
Qualifying for a no credit check loan works differently from regular loans. Bad credit lenders are more interested in confirming that you have the means to repay a loan if they give you one.
So, you have better chances of qualifying for a loan if you have a stable income source and a fair debt-to-income ratio. To evaluate this, lenders usually ask for bank statements or paystubs.
Q. How Fast Can I Get a No Credit Check Loan?
It depends on your eligibility and how fast your application is processed. All the websites on this list have quick approval rates. You can get a loan the same day you apply or within 24 hours.
Q. How Much Can I Borrow?
This depends on your credit score and the lender you choose. You can borrow more money with a great credit score. In contrast, lower credit scores reduce your chances of getting loans.
Q. How Can I Fix My Credit Score to Get a Better Loan?
Here are a few things you can do to improve your credit score and increase your chances of getting a better loan:
- Verify your credit score’s correctness: There are free services that can help you check your credit score for errors. Most times, you may have incorrect reports in your credit history. Report any errors you find to the appropriate credit bureau to improve your credit score.
- Pay your bills promptly: Your payment history makes up 35% of your FICO score. Pay your bills early and in full, as late payments will affect your score.
- Don’t apply for too many loans within a short period: Your lender checks your credit history when you apply for a loan. This is known as a “hard pull,” and it may impact your FICO score negatively. If you must apply for multiple loans within a short period, work with lenders who do “soft pulls” as those won’t affect your credit score.
- Keep your credit activity to a minimum: Your recent activity makes up 10% of your FICO score. Actions like opening too many cards at once will affect your score.
- Keep your old credit cards open: The older the card, the better. The age of your credit history determines 15% of your FICO score. A longer credit history improves your score and increases your chances of getting a better loan.
Q. Are Bad Credit Loans Right for People With Low Credit Scores?
Yes, all the loans on this list are right for people with bad credit. However, it is important to consider the terms of each loan to see if they are affordable.
It would be reckless and unwise to get into more debt with a loan that you can’t afford. So, while a bad credit loan may be right for you, you should be sure you can afford it.
Q. Can I Get a No Credit Check Loan If I Am Unemployed?
Lenders often require borrowers to have a monthly income source; this assures them that you can make monthly payments towards your loan. If you are unemployed, you can still get a loan, but you must have the means to repay the loan.
Alternative income sources like unemployment benefits, spouse’s income, social security benefits, or side hustle can improve your chances of getting a loan.
Q. Can I Get Multiple Loans at Once?
No, you can get multiple loan offers from any of the websites on this list. But once you accept any of them, you cannot get another one until it is repaid in full.
Q. Can I Get a Bad Credit Loan to Pay Child Support?
Yes, you can get a personal loan for any reason you want as long you are deemed eligible by the lender.
Q. Can I Get a Loan in Bankruptcy?
Getting a loan if you are currently in bankruptcy will probably be impossible.
Q. What Documents Are Required for a No Credit Check Loan?
These requirements depend on your lender. In most cases, you will be required to submit these documents:
- Proof of Identity: Driver’s license or other valid means of identification
- Social Security Number
- W-2 forms
- Tax returns
- Bank statements
Having a bad credit score does not mean you are out of options when you need an emergency loan. It also does not reduce your chances of getting a sufficient loan for any reason you might have.
A bad credit score shouldn’t make you take loans from loan predators who will bury you in a debt pile. This list has gone a long way to show you that there are safer and more affordable alternatives. You should also know what to expect when seeking out a no credit check loan.
Online loan marketplaces like MoneyMutual, CashUSA, PersonalLoans, CreditLoan, and BadCreditLoans are legit sources where you can find a bad credit loan with a few clicks.
They have simplified the application process, making it easy and straightforward. Fill in a form once and get multiple offers. It is also important to note that the lenders they work with don’t “hard pull” your credit history.
You can rest assured that applying for multiple loans through their platforms will not impact your credit score negatively. However, bad credit loans come with higher interest rates, so choose wisely. Alternatively, if you have a membership in a local credit union around you, you could get an affordable loan without the fear of scams or foul play.