Written by: Eric Bank
Edited by: Lillian Guevara-Castro
No-credit-check loans serve that slice of the populace that has bad credit — so bad that a credit check would disqualify their loan application. They are both good and bad.
No-credit-check loans are good because they give consumers an option that they would otherwise not have. They’re bad because these loans are (understandably) expensive.
While we can’t do anything about the cost, we can evaluate lenders for reputation and integrity. The ones in this review offer valuable services that can help you get a loan without submitting to a credit check.
Cash Advances | Installment Loans | Auto Loans | FAQs
No-Credit-Check Cash Advance Loans
Cash advance loans are short-term and are tied to your pay schedule. They resemble payday loans in that they have high interest rates and steep late fees.
The following two companies are online loan-matching services that can get you a loan without a credit check. They do not offer loans themselves.
1. MoneyMutual
- Short-term loans up to $5,000
- 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 million customers
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $5,000 | Varies | Varies | See representative example |
MoneyMutual is a loan-matching service that can arrange short-term cash advances of up to $2,500. These loans are meant to tide you over until you receive your next paycheck. Longer terms are also available.
Approved loans are deposited into your bank account in as little as one business day. To qualify, you must have a reliable income source of at least $800 per month. You can receive a loan through MoneyMutual without a credit check.
- Short-term loan of $100 to $1,000
- Large network of lenders
- Loan decision as fast as a few minutes
- Funding as soon as the next business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $100 to $1,000 | 200% - 2,290% | Varies | See representative example |
CashAdvance.com has been matching loan requests to lenders since 1997. You can request a short-term loan from $100 up to $999 that you repay on your next payday. You can qualify if you earn at least $1,000 per month after taxes without reference to your credit score.
You must be a U.S. citizen, at least 18 years old, and have a valid checking account, Social Security number, and email address. Check with the website to see whether it operates in your state.
No-Credit-Check Personal Installment Loans
If you need a longer-term loan, these matching services can arrange personal installment loans with no requirement for a credit check. You repay these loans in monthly fixed installments until they are fully repaid.
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 |
CashUSA.com can arrange a no-credit-check loan of as little as $500. You must have a checking account and earn at least $1,000 a month after taxes. You also must be a U.S. citizen or permanent resident age 18 or older.
Loan terms range from three to 72 months. You can expect to receive loan proceeds in a day or two after approval.
- Loans from $250 to $5,000
- Cash deposited directly into your account
- Get money as soon as tomorrow
- Bad credit OK
- More than 750,000 customers since 1998
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $250 to $5,000 | Varies | Varies | See representative example |
CreditLoan arranges loans, including no-credit-check loans, from $250 to $5,000 for consumers with all types of credit. It has serviced more than 75 million borrowers since its inception in 1998.
You will need a bank account to qualify for the loan. The actual lender will set the interest rate and terms. You can use the website’s personal loan calculator to estimate monthly payments.
- 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 |
Bad Credit Loans has been matching lenders to borrowers since 1998. It specializes in loans to consumers with bad or no credit and provides the option for no-credit-check loans.
You can apply for loans ranging from $500 to $5,000 with terms of three to 60 months. Your lender will determine the actual loan rate and terms. To apply, you must be a citizen, at least 18, and have a regular income, a checking account, and a valid email address.
- Loans from $1,000 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 |
|---|---|---|---|
| $500 to $35,000 | 5.99% - 35.99% | 3 to 72 Months | See representative example |
PersonalLoans.com will find you a lender for no-credit-check loans of $500 to up to $35,000 with terms of three to 72 months. Unlike some of its competitors, this loan service operates in all 50 states.
You can apply for a loan if you are at least 18 years old, a U.S. citizen or resident, and have a regular monthly income and bank account. Lenders on the PersonalLoans.com network may be able to fund your loan in as little as one day.
No-Credit-Check Car Loans
It can be hard to get a car loan when your credit is bad. These lending services can overcome bad credit scores by hooking you up with a car dealer who extends no-credit-check auto loans.
You can get a loan to purchase your next vehicle or you can arrange a cash-out refinance loan on your current car. In either case, the car is the collateral for the loan and can be repossessed if you default.
- Network of dealer partners has closed $1 billion in bad credit auto loans
- Specializes in bad credit, no credit, bankruptcy and repossession
- In business since 1999
- Easy, 30-second pre-qualification form
- Bad credit applicants must have $1500/month income to qualify
- See application, terms, and details.
| Interest Rate | In Business Since | Application Length | Reputation Score |
|---|---|---|---|
| 3.99% - 29.99% | 1999 | 3 minutes | 9.5/10 |
Auto Credit Express works with borrowers of every credit type, including those who would prefer a no-credit-check loan. Its network of car dealers can provide a loan or refinancing even if you’ve been turned down by banks, credit unions, and other dealers.
In fact, Auto Credit Express has arranged more than $1 billion in loans since its inception in 1999. You can quickly prequalify for a loan if you have pretax income of $1,500 per month and meet other criteria.
- Free, no-obligation application
- Specializes in auto loans for bankruptcy, bad credit, first-time buyer, and subprime
- Affordable payments and no application fees
- Connects thousands of car buyers with auto financing daily
- See application, terms, and details.
| Interest Rate | In Business Since | Application Length | Reputation Score |
|---|---|---|---|
| Varies | 1994 | 3 minutes | 9.0/10 |
Car.Loan.Com works with a large dealership network that offers car loans to consumers who have bad credit. You can use this service to arrange a no-credit-check vehicle loan at a local dealer in most U.S. locations.
Founded in 1994, Car.Loan.com looks at factors beyond credit scores, such as how long you’ve lived at your current residence and how much you earn each month. You can use its website to estimate your probable loan amount based on your monthly income and payments.
- Loans for new, used, and refinancing
- Queries a national network of lenders
- Bad credit OK
- Get up to 4 offers in minutes
- Receive online loan certificate or check within 24 hours
- See application, terms, and details.
| Interest Rate | In Business Since | Application Length | Reputation Score |
|---|---|---|---|
| Varies | 2003 | 2 minutes | 7.5/10 |
MyAutoLoan.com enables up to four dealers to offer you a loan within a few minutes of receiving your loan request. These lenders can offer no-credit-check loans even if you’ve experienced a bankruptcy.
You must earn at least $1,800 per month and request a loan of at least $8,000. If you want to refinance your vehicle, it must be less than 10 years old with fewer than 125,000 miles on the odometer.
How Can I Get a Loan with No Credit Check?
You can get a no-credit-check loan, but you may have to compromise in terms of amounts and rates. Lenders base your interest rate on your creditworthiness. If you ask them to approve a loan without a credit check, they will have to employ other methods to underwrite your loan.
You can make it easier for lenders to approve your loan if you ask for only the amount you need and can demonstrate your ability to repay. The most important factor is your income — it can come from your job or from another source, such as a pension or Social Security. Lenders may also look at your monthly expenses to see how much you can afford to pay each month.
There are a few other steps you can take to improve your chances of getting a loan. The bigger the down payment, the better your odds for approval because lenders like it when borrowers have something to lose.
A cosigner can make it much easier to obtain a no-credit-check loan, especially if the co-signer doesn’t object to his or her own credit check. It’s also easier to borrow when you can provide collateral, such as an automobile. If you can, try to reduce your current debt before asking for more.
Be prepared to pay a high APR to secure a no-credit-check loan. Lenders will assume they would find a low credit score if they checked it and therefore price the loan accordingly.
The good news is that the lending services in this review all provide access to no-credit-check loans. By using one of them, you can avoid the riskiest loans, such as payday and title loans.
Are No-Credit-Check Loans Safe?
Some no-credit-check loans are perfectly safe while others may be dangerous. Payday and title loans are the least safe for someone with bad credit.
These two types of loans charge astronomically high interest rates and large late payment fees. They also allow you to roll over your loan if you can’t repay it on time, but at the cost of steep fees. Once you miss a payment, you may find it difficult to repay the loan and all the fees, casting you into the dreaded credit spiral toward bankruptcy.
The loan services in this review have all been judged as above-board. They offer important disclosures about rates and terms on their websites. In addition, many belong to the Online Lenders Alliance, which supports ethical lending standards and offers on online consumer hotline.
These lending services usually support encryption services such as 2048-bit RSA that provide secure communications when you apply for a loan. Also, look at the full website address in your browser to start with HTTPS, which indicates the site uses secure communication technology to protect your privacy.
Several of the reviewed lending services have been in business for decades. Withstanding the test of time is one mark of a safe business. Other things to look for are membership in the Better Business Bureau and a rating from Trustpilot.
In addition, most states have regulators who oversee banks and other lenders. You can check with these regulators for complaints and actions taken against a lender. If you suspect an online lender of fraudulent practices, report it to the FBI’s Internet Crime Complaint Center.
Are there Any Guaranteed Loans for Bad Credit?
Life comes with few guarantees, but the lending companies in this review are extremely flexible when it comes to offering loans for bad credit. Their business is to arrange loans to consumers with bad or no credit, with or without a credit check.
They can do this by taking steps to protect their businesses, including:
- Limiting the size of loans
- Charging higher interest rates and fees
- Demanding higher down payments where applicable
- Employing alternate underwriting practices beyond reliance on credit scores
The closest thing to a guaranteed loan for bad credit is a secured loan. This is a loan backed by collateral.
For example, an auto loan is collateralized by the borrower’s car. In the worst-case scenario, the lender can confiscate the borrower’s car if the borrower fails to make timely payments.
While there aren’t any iron-clad guarantees in the world of credit, lending services like the ones in this review circulate your loan request to networks of lenders who compete for your business.
This competition ensures that interested lenders will try hard to get you the loan you want. After all, they do not want to lose out to a competitor who is willing to lend to you.
If possible, select a lender that will report your payment activity to one of the major credit bureaus (Experian, TransUnion, and Equifax). This gives you the opportunity to build your credit over time.
If you raise your score enough, you will no longer need to rely on no-credit-check loans.
Mortgage loans are beyond the scope of this article, but you should know that certain government agencies, such as the Federal Housing Administration and the U.S. Department of Veterans Affairs offer guaranteed programs for home loans that are available to borrowers with bad credit.
Do Not Borrow What You Can’t Repay
No-credit-check loans are a boon to consumers with few other loan options. They allow you to borrow money despite having a bad credit score or no credit history. The key to successful borrowing is to only borrow what you can afford to repay.
For example, if you take a cash advance, you need to ensure that your next paycheck will allow you to repay the loan and give you enough to live on until you get paid again. If you need to pay late fees to extend your loan, you may dig yourself into a hole that can take years to escape.
Car loans are handy until you fail to make a payment or two and end up losing your car. The bottom line is to only borrow what you can afford, and if it’s not enough, seek help from private or governmental agencies to help you get the assistance you need.
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