Written by: Matt Walker
Edited by: Lillian Guevara-Castro
Reviewed by: Ashley Fricker
If you’re in need of fast cash, you might be tempted into taking one of those short-term payday loans to meet your immediate needs. I mean, what could go wrong? You’ll just pay the loan off when you get your next paycheck, right?
According to data from the Pew Charitable Trusts, the average payday loan requires a total payment of $430 due on the following payday. It further indicates that 80% of all payday loans are taken out within two weeks of borrowers paying off a previous loan, and three-quarters of payday loans are issued to borrowers who take out 11 or more of these loans in a year. Now that doesn’t sound like a practical solution.
A far more manageable and affordable way to access quick cash is with a long-term installment loan that lets you pay back the borrowed amount over a period of months or even years. A loan with installments means fewer fees, a fixed payment amount each month, and a generally lower APR. And many lenders have installment loans available with no credit check requirement. In this article, we’ll take a look at the top options on the market today when it comes to long-term installment loans with no credit check.
Installment Loans | Credit Cards | FAQs
Installment Loan Providers with No Credit Check to Prequalify
When it comes to borrowing money, there are concessions to be made throughout the entire process. If you have less-than-perfect credit, you know the tradeoff will be a higher interest rate on your loan. If you prefer not to have your credit checked at all, then you’ll probably be limited to a smaller loan amount. That said, you can still get a small loan you can repay over time instead of in a lump sum like a payday loan.
Here are some lending companies we recommend for long-term installment loans, all of which will let you prequalify without a credit check.
1. Avant
- Personal loans of $2,000 to $35,000
- Compare rates in 2 minutes without affecting your credit
- Best for low origination fees for bad credit
- 550 minimum credit score required
- Powered by Credible
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $2,000 to $35,000 | 9.95% - 35.99% | 12 to 60 Months | See representative example |
Avant partners with WebBank to offer installment loans of up to $35,000 that can be repaid over as long as five years. Payments are divided into equal monthly installments so you can budget in your loan costs. There’s no credit check to prequalify for a loan, but a credit check will be run if you decide to proceed with the full application.
2. Upstart
- Personal loans starting at $1,000
- Find loans you prequalify for, complete your application, and close your loan
- Loans for 300+ FICO Scores
- Checking rates doesn't impact your credit score
- Powered by Credible
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $1,000 to $50,000 | 6.40% - 35.99% | 3 or 5 Years | See representative example |
Upstart is a lending platform that uses AI underwriting to increase approvals by as much as 44% compared to traditional lending models. It takes just a few minutes to enter your info to see what type of loan terms you could qualify for. Applicants must be at least 18, have an email address, a SSN, bank account, and earn at least $12,000 a year to qualify. And checking your rate won’t affect your credit.
3. CashUSA.com
- Loans from $500 to $10,000
- Receive a loan decision in minutes
- Get funds directly to your bank account
- Use the loan for any purpose
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% - 35.99% | 3 to 72 Months | See representative example |
- Loans from $500 to $10,000
- Get connected with a lender
- Simple form & quick funding
- Get your money as soon as next the business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% - 35.99% | 3 to 60 Months | See representative example |
- Loans from $250 to $35,000
- Large lender network
- Fast loan decision
- Use the loan for any purpose
- Funding as soon as one business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $250 to $35,000 | 5.99% - 35.99% | 3 to 72 Months | See representative example |
Credit Cards with “No Credit Check”
Another way to see yourself through a cash crunch is to use a credit card — either to pay for expenses or as a way of giving yourself a cash advance loan. Of course, there are some things to keep in mind, like the fact that many credit card cash advances come with the highest interest charges the card company offers. Also, finding a credit card offer that doesn’t require a credit check can be difficult. Here are our recommendations for some credit cards that can be obtained without a credit check and that almost anyone can qualify for.
- Earn 1% cash back rewards on payments made to your Total Credit Card
- Checking Account Required
- $300 credit limit (subject to available credit)
- No security deposit, simply pay a one-time $95 program fee to open your account.*
- User friendly Mobile App.
- *See Rates, Fees, Costs & Limitations for complete offer details
- See Total Card Visa Rewards Programs Terms & Conditions for details
| Application Length | Interest Rate | Reports Monthly | Reputation Score |
|---|---|---|---|
| 9 minutes | 35.99%* | Yes | 8.5/10 |
- Earn 1% cash back rewards on payments made to your First Access Credit Card
- Checking Account Required
- $300 credit limit (subject to available credit)
- No security deposit, simply pay a one-time $95 program fee to open your account.*
- User friendly Mobile App.
- *See Rates, Fees, Costs & Limitations for complete offer details
- See First Access Rewards Programs Terms & Conditions for details
| Application Length | Interest Rate | Reports Monthly | Reputation Score |
|---|---|---|---|
| 10 minutes | 35.99%* | Yes | 8.0/10 |
- Up to $1,000 credit limit doubles up to $2,000! (Simply make your first 6 monthly minimum payments on time)
- All credit types welcome to apply!
- Monthly Credit Score – Sign up for electronic statements, and get your Vantage 3.0 Score Credit Score From Experian
- Initial Credit Limit of $300 – $1,000 (subject to available credit)
- Monthly reporting to the three major credit bureaus
- See if you’re Pre-Qualified without impacting your credit score
- Fast and easy application process; results in seconds
- Online account access 24/7
- Checking Account Required
| Application Length | Interest Rate | Reports Monthly | Reputation Score |
|---|---|---|---|
| 9 minutes | 29.99% APR (Variable) | Yes | 8.5/10 |
Can I Get an Installment Loan with Poor Credit?
Having poor credit should not be the factor that determines whether you’re able to stay above water or drown in debt. Sadly, it’s often the case that folks having the hardest time with their credit are also the ones who could benefit the most from a loan to carry them through the tough times.
This unfortunate fact helps keep predatory lenders in business, and keeps hard-working people in debt. Did you know that the average payday loan borrower is in debt for five months out of the year, and pays an average of $520 in fees and interest to borrow $375? An installment loan, on the other hand, can charge as little as 12% APR, and the loan can be repaid over months or even years.
Consumers who need quick access to additional funds should consider installment loans before taking out payday loans.
Most people with poor credit don’t believe they’ll qualify for a long-term installment loan, so they never even attempt to apply. But in today’s economy, alternative and online lenders are willing to consider factors other than just a person’s credit score when making a loan decision.
Many of the lender networks, peer-to-peer platforms, and tech-based online loan operators have far looser qualification standards than they did in the past. For some lenders, qualifications are as simple as meeting a minimum age requirement (usually 18), being a citizen or legal resident, and having a valid checking account. Some also require proof of steady income and a certain amount of time on the job. But that’s it.
If you’re able to find a lender who will work with you, the loan you end up with will be far more manageable than a payday loan and will let you meet your emergency expenses while maintaining your other financial obligations.
Which is the Best Online Loan Company for Bad Credit?
While there are many online lenders willing to accommodate people with bad credit, the best loan to get is the one that fits your unique financial situation and needs. Just like no single car, truck, or SUV is the best vehicle for everyone, no online loan company can meet the needs of every borrower. Some things to look for when considering an online loan include:
- What is the reputation of the lender? Are there reviews from actual borrowers that say positive things about customer service? How easy it is to resolve issues? Has the company had complaints filed against it?
- Does the company require a fee up front before offering you a loan? If so, this isn’t the type of lender you want to do business with. In fact, upfront fees are often illegal. Some of these fees may be called something else, like insurance or processing costs, but don’t be fooled.
- Are the terms of the loan you’re being offered fair and reasonable? Does the loan offer contain all relevant information such as terms, APR, and the total amount you will have paid at the end of the loan? A loan offer should be very clear and include all of this important information.
- Are there fees involved for things like making a payment over the phone, late payments, or early repayment? To comply with federal law, all fees must be clearly listed in the loan offer, and some fees or penalties are flat out illegal. Review your offer carefully.
- Are the loan payments amortized? Installment loans should evenly apply part of each payment you make to both the principal amount and interest. If your initial payments are directed toward paying interest only, it’s not a true installment loan.
A couple of perks of using online lenders these days is that they are often very fast and require minimal virtual paperwork. Simply follow the step-by-step application process and you’ll often know if you’re approved within minutes or even seconds.
Do Installment Loans Check Credit?
There’s usually only one reason you’re looking for an installment loan that doesn’t require a credit check — your credit is terrible and you don’t think you’d qualify otherwise. But is that really true? Many lenders who make long-term installment loans will extend loan offers even to people with bad credit.
For those folks who want to move forward with an installment loan that doesn’t check your credit score, you need to be aware of a few things.
First, the loan amount is likely to be meager — like around $400 or less. Second, the interest will be high, as in more than a typical credit card. Count on an APR of around 35% in many cases, and some will be even higher than that. Finally, the repayment terms will be only slightly longer than with a payday loan, usually around three months.
Those with marginal credit should try to boost their scores, even by as little as 30 points, before taking out an installment loan with no credit check.
People who have marginal credit should consider doing everything possible to raise their score before attempting an installment loan with no credit check. Even raising your score by 30 or 40 points can help you qualify for a less punitive loan.
Get copies of all your credit reports — you can do this for free at annualcreditreport.com – and review them carefully for errors or inaccuracies. You can then claim a discrepancy directly with the credit reporting agency for any entry that’s not correct or doesn’t belong to you. According to the FTC, 1 in 5 Americans have errors on their credit report.
Finding and disputing errors on your credit report can take a few hours of your time, but it can pay tremendous benefits. This action alone could possibly raise your credit score enough to let you qualify for a loan with better terms.
If you find that you still need to go with an installment loan that doesn’t put you through the rigors of a credit check, be sure to follow the advice you’ve read in this guide. Consider the loan providers we’ve highlighted as worthwhile and legitimate lending networks. Be sure to carefully review any loan offer you receive, and be honest with yourself about your ability to repay the loan.
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