6 Guaranteed Loans with No Credit Check

6 Guaranteed Loans with No Credit Check
GUIDE
Eric Bank
By: Eric Bank
Posted: January 2, 2020

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In finance, as in life, there are no guarantees (except perhaps for death and taxes). However, the following loan services come pretty close, as they offer near-guaranteed loans with no credit check.

Instead, you must meet their income requirements, have a bank account, and satisfy a few other conditions.

No Credit Check | Other Lenders | FAQs

Guaranteed Income-Based Loans with No Credit Check

The following two lending services can connect you to a lender without performing a hard credit inquiry. You must meet the requisite income and satisfy the requirements for age (18 or older), U.S. citizenship or residency, and have a valid email address and bank account.

  • Short-term loans up to $2,500
  • Online marketplace of lenders
  • Funds available in as few as 24 hours
  • Simple online form takes less than 5 minutes
  • Trusted by more than 2,000,000 customers
  • Not available in NY or CT
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
Up to $2,500 Varies Varies

See representative example

MoneyMutual operates with a network of loan providers willing to compete for your business. You can be linked to a lender that provides access to installment loans and cash advances from $250 to $2,500.

If approved, you can receive your money in as little as 24 hours. Your lender will explain the interest rate and repayment terms before you accept the loan. MoneyMutual is not available in New York and Connecticut.

  • Short-term loan of $100 to $1,000
  • Bad credit is welcomed
  • Large network of lenders
  • Loan decision as fast as a few minutes; funding as soon as next business day
  • Required: Income of $1000+/month and at least 90 days on job
  • Click here for official site, terms, and details.
             
★★★★

3.9

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$100 to $1,000 200% - 2,290% Varies

See representative example

The CashAdvance.com network can get you a short-term cash advance of $100 to $999 without checking your credit. It’s been providing lender-matching services since 1997.

Lenders determine the loan terms, which you should read and understand before borrowing. The lender will deposit your cash and automatically collect payments from your checking account. CashAdvance.com is a member of the Online Lenders Alliance.

Other Loans that May Require a Credit Check

The networks for the following four lending services offer different types of loans, some of which may require a hard credit inquiry while others perform only a soft inquiry that will not affect your credit score.

You must be a U.S. citizen or resident, age 18 or older, and have a valid checking account, phone number, and email address.

   
★★★★★

4.7

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$500 to $10,000 5.99% - 35.99% 3 to 72 Months

See representative example

CashUSA.com can link you to a lender from whom you can borrow up to $10,000. Decisions and funding are quick, so you can access your loan proceeds as soon as the next business day.

CashUSA.com is a free service, but loan terms and interest rates vary by lender. Typically, loan payback periods range from three to 72 months. You must have a steady monthly income of $1,000 or more to qualify.

CreditLoan can match you to a lender that provides loans from $250 up to $5,000, no matter what type of credit you have. The company has been arranging loans since 1998 and has helped more than 750,000 borrowers.

It has a useful website featuring a personal loan calculator to estimate monthly payments. If you qualify for a loan, your lender will set the loan APR and terms.

Bad Credit Loans has been finding lenders for bad-credit borrowers since 1998. It provides the option for no-credit-check loans and specializes in loans to folks with poor or thin credit.

Typical loan amounts range from $500 to $5,000 with repayment terms of from three to 60 months. If approved, your lender will set the loan terms. You can apply for various loan types, including personal, student, business, home, and auto loans.

PersonalLoans.com may be able to arrange no-credit-check loans starting at $1,000. Typical loan durations range from three to 72 months.

This lending service operates in all 50 states. Lenders on the PersonalLoans.com network can quickly decide and fund your loan, providing you with cash as soon as the next business day. Loan types include personal, bank, and peer-to-peer loans.

Can I Get a Loan with No Credit Check?

There are two types of credit checks:

Soft inquiry: This is a credit check that you initiate or does not involve new credit. It will not affect your credit score.

Hard inquiry: This is a credit inquiry initiated by a lender or other third-party when you apply for new credit. It can temporarily reduce your credit score by five to 10 points, but the effect usually disappears within one year.

The impact can be greater if multiple hard inquiries occur within a short period. However, multiple inquiries that indicate rate shopping for a mortgage, student loan, or auto loan will usually not affect your credit score as long as you complete your rate shopping within 30 to 45 days.

Hard vs Soft Credit Inquiries

All six of the loan services in this review may be able to provide you with a loan without performing a hard inquiry. Inquiries are directed to one or more of the three major credit bureaus — Experian, TransUnion, and Equifax.

All three use the FICO scoring system in which credit inquiries account for 10% of your credit score. Hard inquiries remain on your credit report for two years but impact your credit score for only one year.

When you request a no-credit-check loan, you are signaling to the lender that you have a low credit score. Your credit history may include derogatory information, such as delinquencies, collections, defaults, foreclosures, or bankruptcies.

Naturally, you’d prefer not to depend on your credit history if it is littered with unhelpful information. That makes a no-credit-check loan a valuable alternative, but keep in mind, this type of loan is usually more expensive. It may have a higher APR, a smaller loan amount, or more restrictive repayment terms.

What’s the Best Online Loan Company for Bad Credit?

If you want a short-term cash advance, MoneyMutual has the highest score. Its lending network can provide you with a cash advance of from $250 to $2,500. You repay the advance on your next payday.

MoneyMutual also offers installment loans that have a longer term. You repay these in monthly installments over a fixed term.

Either way, this lending service is happy to work with bad-credit consumers who need a no-credit-check loan. If you don’t qualify for a no-inquiry loan, it may find you another type of loan to meet your needs.

For longer-term loans, the top score goes to CashUSA.com for installment loans of up to $10,000. You can get a loan with a term ranging from three to 72 months, and you only need to earn as little as $1,000 a month to qualify.

We have evaluated other types of bad-credit online loans, and you may find one of these suitable. For example, you may be able to arrange an automobile refinance loan and cash out the equity in your vehicle.

Our top auto loan provider is Auto Credit Express. Its network specializes in bad-credit loans, even if you’ve experienced repossessions or bankruptcies. You need to earn $1,500 a month to qualify for one of its loans.

If you are a homeowner, you might try a cash-out home refinancing loan or home equity line of credit. Our top choice is LendingTree for home loans, but it also offers personal loans.

When you refinance your home, you must first calculate your equity, which is your home’s current value minus the current balance on your mortgage. Lenders may be willing to lend you up to 100% of your equity, though many may set a lower limit.

What is the Easiest Way to Get a Loan with Bad Credit?

In terms of ease and convenience, credit card cash advances are hard to beat — that is, if you already own a credit card that offers cash advances. You can perform a cash advance online or through a mobile app, in which you transfer the advance amount to your bank account.

What makes this an easy type of loan is that you don’t have to apply for it. You did all that work when you applied for the credit card. Be aware, however, that the APR on a credit card cash advance may be higher than your regular purchase APR.

Example of Credit Card Terms and Conditions

The APR and any additional fees you’ll be charged for a credit card cash advance are laid out in your card’s terms and conditions.

Equally easy are loans from a home equity line of credit (HELOC). Like credit cards, these are revolving credit lines from which you can repeatedly borrow, repay, and reborrow. They are similarly convenient because all you have to do is write a check or perform an online transfer — no need for a new loan application.

If you must fill out an application form, the online lending services reviewed here are super convenient because just one loan request can generate loan offers from one or more lenders. They all follow a similar procedure.

First, you fill out a short loan request form that does not generate a hard inquiry. The loan service circulates your request to its lender network, which can generate one or more loan offers. You can then complete the application process quickly and receive your loan the next business day after the loan is approved.

Find a Lender that Reports Your Payments

Guaranteed loans with no credit check do exist. The “guarantee” is really an assurance that the lender will do everything possible to get you a loan, notwithstanding your low credit score.

Of the six lenders reviewed in this article, two are good prospects for a short-term cash advance with no credit check. The other four provide longer-term loans that may be available with or without a credit check.

If you get a no-credit-check loan, its best to find a lender that will report your repayments to the major credit bureaus. This can help you rebuild your credit score so you no longer need no-credit-check loans in the future.