Online Loans with No Credit Check in 2020

Online Loans With No Credit Check
GUIDE
Eric Bank
By: Eric Bank
Posted: September 3, 2020
Advertiser Disclosure

Do you think online loans with no credit check sound too good to be true? Well, think again, dear reader, for we have assembled the details on nine different loan sources possessing this magic power.

They all provide important loan access to a borrower with bad or no credit who otherwise may be shut out of the credit market. Use the links below to skip ahead to the type of loan you are seeking or read on to see all your available options.

Personal Loans | Auto Loans | FAQs

Personal Loans with No Credit Check

The following six lender-matching networks allow you to prequalify for a loan without a hard credit check. This allows you to identify which networks may approve your loan request without any damage to your credit score.

The job of these networks is to match you to a direct online lender. They do this by gathering some preliminary information to see if you meet certain minimal standards, a process that requires no credit check. If you prequalify, they will steer you to a direct online lender that may perform a hard credit check, but only after you authorize it.

None of these matching services charges you a fee — they are funded by their lending networks. So, you literally have nothing to lose beyond a few minutes of your time. If you have poor credit, we think you’ll find the time spent to be decidedly worthwhile.

  • 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 can quickly arrange a personal loan of up to $2,500, even if you have bad credit. You can prequalify without a credit check by completing a simple loan request form.

MoneyMutual shares your information with its network of direct lenders who instantly determine whether they are willing to work with you. You will then be transferred to an interested lender’s website where you can complete the transaction.

To prequalify for a signature loan, you must be 18 or older with a bank or credit union account and a reliable income of at least $800 per month. Small, short-term cash advances are available for repayment within a week or two, or you can select a larger loan repayable in equal monthly installments. The loan provider will set the actual loan terms for you to approve or decline.

   
★★★★★

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 can help you get a personal loan of $500 to $10,000, repayable over three to 72 months. It takes but a few minutes to fill out the loan request form, after which you’ll be securely forwarded to an appropriate loan provider that may perform a credit check or may give you instant approval. If you are offered and accept a loan, the proceeds should appear in your bank account in about one business day.

You must be a U.S. citizen or permanent resident, 18 or older, and have an after-tax monthly income of at least $1,000. You’ll need a valid email address, a bank account, and work/home phone numbers. Your direct lender may collect more information and perform a hard credit check before giving you the opportunity to accept the loan.

CreditLoan can prequalify you for a loan between $250 and $5,000 without checking your credit. It takes only minutes to fill out the loan request form and receive an invitation from a direct lender, who may give you instant approval. Loan terms vary, but your money can be available as soon as the next business day.

Unlike its competitors, CreditLoan does not specify its prequalification requirements on its website, but we assume that they are similar to those of the others. Its FAQ page does indicate that a bank account is required. The direct loan providers on the CreditLoan network specialize in working with consumers who have poor or no credit.

The lenders on the Bad Credit Loans network commonly approve loans to poor-credit consumers for a loan amount below $1,500, and loans of up to $5,000 are possible. The first step is to fill out a short loan request form.

A lender willing to work with you will collect additional information and may offer you a loan. Upon approval, your money is electronically deposited into your bank account as soon as the next business day.

To qualify, you must be age 18 or older with proof of U.S. citizenship or residency, hold an account at a financial institution, and have a regular income, a valid phone number, and an email address. To accept an offer, you must agree to the loan terms and provide your electronic signature. All loan offers are obligation-free, and Bad Credit Loans will never charge you an origination fee.

PersonalLoans can arrange loans ranging from $500 to $35,000 on the terms set by the direct lenders on its network. You can complete the short loan request form in a few minutes.

If a lender offers you a loan, your money can be deposited to your bank account as quickly as one business day. You can apply for a long or short term loan.

To prequalify, you must be a citizen or permanent resident, age 18 or older, with a Social Security number, an active bank account, and verifiable income through employment or benefits. Direct loan providers may perform a hard credit check and request supporting documents, but most do not disqualify a borrower simply for having bad credit.

  • 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

CashAdvance can prequalify you for a small loan of $100 to $999 regardless of credit type. To apply, complete the short loan request form and then consider the loan offer that a direct network lender may send you. If you accept the offer, your money will appear in your bank account as soon as the next business day.

To prequalify, you must be a U.S. citizen, age 18 or older, with a current job paying at least $1,000 a month after taxes. You’ll also need a valid email address, checking account, and phone number. If a lender approves and funds your loan, repayment will automatically be taken from your bank account on the date due.

Auto Loans with No Credit Check

If you want to buy or refinance a car, you may qualify for a no credit check auto loan arranged by these three loan matching services. You may be able to borrow through them notwithstanding bad credit, no credit, bankruptcies, or repossessions.

These three services help you find a local auto dealer who can offer you in-house financing based on the value of your car and your monthly cash flows. Because the recommended dealers fund a bad credit loan in-house rather than through banks or credit unions, they typically don’t run credit checks before offering you a loan.

  • 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
  • Click here for application, terms, and details.
★★★★★

4.9

Overall Rating

Interest Rate In Business Since Application Length Reputation Score
3.99% - 29.99% 1999 3 minutes 9.5/10

You can prequalify for a no credit check loan from Auto Credit Express in less than a minute. Just fill in the short loan request form with your credit profile, monthly pre-tax income, monthly rent/mortgage payment, minimum credit card/loan payments, and any wage garnishments.

Applicants must have a monthly income of $1,500. Auto Credit Express will provide an estimated approval amount and connect you to a local dealer where you can complete your loan application.

Michigan-based Auto Credit Express has been matching borrowers with auto lenders since 1999. Its network of more than 1,000 bad-credit car dealers has closed $1 billion in bad credit auto loans and has helped more than 1.8 million folks buy a car. It is a member of the Internet Brands Auto Group.

Car.Loan.com specializes in arranging bad credit, no credit, and post-bankruptcy auto loans. In just three minutes, you can complete the short loan request form. Car.Loan.com matches your loan request to the dealers on its partner network who compete to offer you a no credit check auto loan.

Car.Loan.com was founded in 1994 as a member of the Internet Brands Auto Group. There is no origination fee for using the Car.Loan.com matching service, and same-day approval is available.

The myAutoLoan.com can match you to up to four loan offers from its lender/dealer network. It can facilitate a new or used car loan, refinancing, a lease buyout, or financing for a private-party purchase.

To prequalify, you must be age 18 or older, reside in the continental U.S., earn at least $18,000 a year, and apply for at least $5,000 in financing. If you are refinancing a car, it must be no older than 10 years and have a maximum of 125,000 miles.

Horizon Digital Finance owns and operates myAutoLoan.com. The website provides a payment calculator and interest rate estimator. You can be approved for an auto loan within minutes and receive an online loan certificate or check as soon as the next day. You can use the check to buy or refinance a car.

How Can I Get a Loan with No Credit Check?

The nine lender-matching services in this review may be able to get you a no credit check loan. This kind of loan is perfect if you have a bad credit score, no credit score, and/or previous negative items like delinquencies, defaults, collections, and bankruptcies.

When you apply for a no credit check loan, you are alerting the lender to problems with your credit that may otherwise prevent you from borrowing. Lenders that are willing to work with you on a no-credit-check basis understand that you may not meet the approval requirements of traditional lenders. Nonetheless, they often can approve a loan if you have a steady job and sufficient income each month to repay the bad credit loan.

Naturally, lenders that approve this kind of loan take steps to reduce the risk that you won’t be able to repay. They do so by charging higher interest rates, demanding a larger down payment or equity, and requiring payments more frequently than once per month. Those are the costs of loan access for folks with poor credit.

Most no-credit-check lenders have the same basic eligibility requirements, which include:

  • must be at least 18 years old
  • must be a U.S. citizen or permanent resident
  • earn a verifiable income through employment or benefits
  • have a checking account to make automatic payments
  • provide cellphone and work numbers and a valid email address

Alternatively, you may be able to get a no credit check loan by putting up collateral. You can use your house to secure a home loan. Or, you can get a car title loan if you want to borrow against your car. If you already have a car loan, you can apply for a cash-out refinance, in which you borrow more than the remaining loan balance, rather than applying for a car title loan.

If you already own a credit card, you can get a cash advance without any credit checks, although some cards targeted to folks with bad credit may not offer cash advances. Of course, the easiest credit cards to get approved for are secured ones, but then you’d be putting up money instead of borrowing it.

We don’t recommend an online payday loan. Even though an online payday loan doesn’t require a credit check, a loan from a payday lender is expensive and dangerous — you may fall into a debt spiral if you fail to repay the cash loan on time. A payday lender may even be a fraud.

What is the Easiest Online Loan to Get?

If you’re looking for an online loan that’s easy to obtain, consider a small, short term loan, such as the ones offered by MoneyMutual and CashAdvance. This type of unsecured loan is designed to be repaid either all at once or in installments.

  • 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 facilitates cash advances of up to $2,500 to be repaid in two or more installments. It can also hook you up with a one-to-two-week loan that you repay all at once.

  • 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 loans arranged by CashAdvance range from $100 to $999, typically repaid in one to two weeks. However, CashAdvance uses a large network of direct lenders, so the exact loan term of the unsecured loan may fall outside of the normal time period.

None of the reviewed online loan networks perform hard credit checks, but they cannot rule out that their direct lenders will perform one.

What is the Difference Between a Hard Credit Check and Soft Credit Check?

A credit check occurs when you, another person, or an organization inquires upon (or “pulls”) your credit report maintained by the three major credit bureaus (Experian, TransUnion, and Equifax). Credit reports contain information about your credit history, including payments, credit inquiries, and negative events.

Credit bureau inquiries fall into two categories: hard pulls and soft pulls.

Hard Credit Checks

A hard pull occurs when a financial institution (such as a bank, credit union, credit card issuer, student loan provider, or broker) is considering whether to open a credit account for you or grant you a loan. Hard pulls can have a small negative impact on your FICO score (i.e., five to 10 points each) especially when several occur within a short period. That’s because 10% of your FICO credit score is based on new credit.

Hard vs Soft Credit Inquiries

Hard inquiries remain on your credit report for two years, but only hard inquiries made in the last 12 months impact your credit score. They can only occur if you give direct permission or apply for credit. In fact, you can have unauthorized hard inquiries removed from your credit reports, which is one good reason why you should check your reports regularly.

You can get a free copy of each major credit report once a year at AnnualCreditReport.com, but you may have to pay a fee when requesting additional copies in the same year.

FICO scores allow for rate shopping such that multiple inquiries can count as a single inquiry so you are not penalized for ferreting out the best terms available. For example, you might apply to half a dozen banks for a mortgage to see which one offers you the best deal.

Each bank would likely perform a hard pull of your credit report as part of its underwriting process. For the purposes of calculating your credit score, the six inquiries would count as only one if they occurred within 30 to 45 days of each other.

The impact of hard inquiries increases when you have a scant credit history. The resulting lower FICO score can reduce your access to credit and/or increase the interest rates offered to you. To minimize score loss when you go rate shopping, try to submit all your applications at about the same time.

The nine loan-matching services in this review don’t require a hard pull to accept your loan request. However, any direct lender that responds to your request may perform a hard inquiry.

Soft Credit Checks

Soft inquiries occur when certain parties, such as employers or landlords, pull your credit report for purposes other than granting credit. Also, anytime you get a copy of your own credit report is considered a soft pull.

Soft pulls remain on your credit report for two years, but they never affect your credit score and they are only visible to you. Your permission isn’t needed for a soft pull.

What Will My Monthly Payment and Repayment Term Be?

The rates and terms of the loans facilitated by the loan-matching services reviewed here are determined by the direct lenders on their networks. That means they offer a variety of monthly payments and repayment terms.

Among the unsecured personal loan services, loans may require either repayment all at once or in installments. MoneyMutual and CashAdvance can arrange short-term cash advances that you repay in one to two weeks.

These are not secured personal loans and typically have high interest rates, but since they are short term, the overall cost can be reasonable as long as you don’t borrow too frequently.

No-Credit-Check Loans

All of the unsecured personal loan services, except CashAdvance, can also arrange an installment loan. The number of installments can vary from three months to a maximum of 60 to 72 months.

Naturally, the more installments you get, the lower each payment will be. However, your total interest costs rise with the number of installments, as you will owe money for a longer period of time.

While CashAdvance specializes in one-repayment loans, you may be able to rollover your loan for a fee. This will extend your loan another week or two, depending on how often you get paid.

However, not all states allow rollovers. The map below shows how many rollovers are allowed in each state, if at all:

Payday Loan Rollovers By State

To minimize cost, you should only take out this type of loan if you feel you can repay it in full on the due date.

The three auto loan networks can arrange borrowing at a relatively reasonable APR because the loan is secured by your car. These loans are always installment loans, with the size of the monthly repayments tied to the number of installments. You may be able to get a loan term of up to seven or eight years, which will minimize your monthly payments but maximize your total interest cost.

Do These Companies Provide Guaranteed Loan Approval?

No, the reviewed companies cannot guarantee your loan application will be approved. The most they can do is let you know whether you prequalify for a loan, but it’s up to the direct lender to approve or reject your loan application.

There is a natural tension between loan approval and specifying you want no credit check. Without the information provided by a credit report, lenders place themselves at a potentially higher risk that you will default on your loan. That’s why most direct lenders will pull your credit reports, and those that don’t are likely to charge the highest interest rates.

In the long run, you can reduce your borrowing costs and increase your access to credit by cleaning up your credit report. You do this by having inaccurate information removed and by adopting creditworthy habits such as paying down your existing debt, always paying on time, and controlling the amount of credit you use. Consumers can also consider signing up for Experian Boost, a free way to add points to a credit score and improve a borrower’s creditworthiness.

Compare Online Loans with No Credit Check

Online loans with no credit check are available from the nine sources we review in this article. Each can prequalify you for a loan without pulling your credit report. However, bear in mind that their job is to put you in touch with a direct lender that may require a look at your credit report.

The real benefits afforded by these lender-matching services are convenience and speed. All you have to do is fill out a single loan request form to grab the attention of myriad potential lenders that are looking for business. Best yet, these services are free.

To be sure, these services work with loan providers that have plenty of experience lending to borrowers with bad credit. That means you have a decent shot at getting the loan you need. However, anything you do to improve your credit profile will help you get a loan.

And remember, a secured loan is always easier and less expensive to get, as long as you can provide the required collateral. Secured personal loans put your collateral at risk, so timely repayment is crucial.

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