Best Personal Loans with No Credit Check

BEST FOR RATE COMPARISON

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You will find many lenders who offer loans including the best ones we mentioned below. Even if you get an offer from a lender not mentioned, you can still see if they offer a better rate.

BEST FOR QUICK APPROVALS

Upstart

Upstart is a lender that has made a name for itself in the personal loan space by using artificial intelligence and machine learning to determine borrower qualification. According to Upstart, this approach has allowed them to approve 27% more borrowers than traditional lending models. While Upstart's APRs are competitive, they may not be the best option for borrowers who can qualify for more competitive rates . However, the platform's minimum credit score requirement of 300 makes it accessible to those with fair credit.

Upstart offers a range of loan options, with amounts ranging from $1,000 to $50,000, making it a flexible option for borrowers who do not want to borrow more than they need. While Upstart's loan cap is lower than some lenders, it is likely to be enough for many prospective borrowers.

One potential downside of Upstart is that its loan terms are more restrictive than other lenders, with only three- and five-year options available. However, this tradeoff may be acceptable for applicants who might not be approved in a more traditional lending environment. Upstart is available in every state except West Virginia and Iowa, making it as widely available as many other top lenders.

Pros:

• Accessible to borrowers with no credit history
• Prequalification with a soft credit check
• Ability to choose a custom payment date

Cons:

• Charges an origination fee up to 12% of the loan amount
• No co-signer option
• Only offers three- or five-year terms

Eligibility:

• Minimum credit score: 300
• Minimum income: No minimum but must have a source of income
• Co-signers: Not permitted
• Co-borrowers: Not permitted

Upstart has no minimum credit score to apply for a loan, making it a popular choice for borrowers of all categories. Those with lower credit scores or uneven credit history may receive offers with high APRs. Loan amounts range from $1,000 to $50,000, and loan term lengths available are three- or five-year.

Upstart offers flexibility with payment dates, and funding can be as soon as one business day . However, some requirements are employment, steady income, a personal bank account, email address, and a Social Security number. Some fees may apply, including an origination fee, late fees, or statement fees.

In summary, Upstart is a lender that uses artificial intelligence and machine learning to determine borrower qualification, making it accessible to those with fair credit. It offers a range of loan options, with amounts ranging from $1,000 to $50,000, making it a flexible option for borrowers who do not want to borrow more than they need. While Upstart's loan terms are more restrictive than other lenders, it is likely to be an acceptable tradeoff for applicants who might not be approved in a more traditional lending environment.

Best for Quick Turnaround

Possible Finance

Possible Finance is an online lender that specializes in providing loans to borrowers with bad or no credit history. The lender offers a two-month loan term, allowing borrowers more flexibility in repayment compared to payday lenders. Although the loans come with high annual percentage rates (APRs), they are relatively lower than those offered by payday or title loan providers .

Pros & Cons

• Available to borrowers with bad or no credit
• Two-month loan term
• Payments reported to two of the three major credit bureaus
• High interest rates
• Not available in all states
• May charge an origination fee

Eligibility: Possible Finance extends its loan services to borrowers in specific states, including Alabama, California, Delaware, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, or Washington. The lender does not have a strict credit requirement , making the loans accessible to individuals with limited credit history.

Loan Uses: While Possible Finance does not disclose specific permitted loan uses, personal loans can typically be utilized for various legal personal expenses, excluding business purposes or secondary education.

Turnaround Time: Funds can be disbursed within minutes, offering same-day funding for eligible borrowers.

Best for Large Loan Amounts

OppLoans

When it comes to large loan amounts, OppLoans stands out by offering up to $4,000 to borrowers with no or damaged credit. Although these loans come with high APRs , they are generally lower than what payday or title loans may offer. Additionally, OppLoans provides loan terms of up to eighteen months and does not impose origination or late fees.

Pros & Cons

• No minimum credit score required
• Fast funding
• Offers large loan amounts for no-credit-check loans
• High APRs
• Direct deposit payment required for qualification (unless you reside in New Mexico)
• Not available in every state

Eligibility

OppLoans is accessible in all states except for Colorado, Connecticut, Illinois, Iowa, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, and West Virginia. The lender does not set a minimum credit requirement and evaluates applications based on other factors from alternate credit bureaus and bank data.

Loan Uses

Loans from OppLoans can be utilized for various expenses, including medical debt, home expenses, and debt consolidation.

Turnaround Time

If verification and approval occur on the same day, you could have your loan funded on the same day as your application.

Best Overall Loan App With No Credit Check

EarnIn

Earnin is an instant cash advance app that allows you to get paid as soon as you leave work by connecting the app to your bank account and tracking work hours. After working enough hours, you can request a cash advance of $100 to $750 per pay period using the platform’s Cash Out tool. The app users can opt into Lightning Speed for $1.99 to $3.99 and receive cash instantly or within minutes.

One of the benefits of using Earnin is that there are no mandatory fees, and no credit check is required. The platform also sends you alerts if your bank account falls below a set balance and can send automatic Cash Outs on an as-needed basis. However, Earnin has low borrowing limits, which can be a drawback if you need more money.

Earnin is only available in the U.S. and U.S. territories. To use the app, you need to share your personal banking information, which can be a concern for some users.

Pros

• No mandatory fees
• No credit check required
• Same-day funding available

Cons

• Low borrowing limits
• Seemingly low tips can translate into high APRs
• Requires sharing personal banking information

Details

Repayment: Borrowed funds are withdrawn from the user’s bank account on payday.

Turnaround time: One to three business days or within minutes for users with Lightning Speed.

In summary, Earnin is an excellent option for those who need a small cash advance and want to avoid mandatory fees and credit checks. However, if you need more money, you may need to consider other cash advance apps.

Best for Multiple Borrowing Options

MoneyLion

If you're looking for a loan app that offers multiple borrowing options, MoneyLion might be a good choice. In addition to providing instant cash advances up to $500, MoneyLion also offers credit-builder loans, mobile banking accounts, and investment accounts. Members can access their credit score, receive tips on how to improve their credit score, and utilize other helpful tools.

One of the benefits of MoneyLion is that there are no monthly fees, and tipping is optional. Additionally, there is no credit check required, making it a great option for those with poor credit scores. However, funding can take up to five business days, which is longer than some other loan apps.

Repayment is easy, as borrowed funds are withdrawn from the user’s bank account on payday or at the time of the next deposit. The APR example provided by MoneyLion is quite high, at about 875%, so it's important to carefully consider the cost of borrowing before taking out a loan. Instant funding is available with Turbo Fees, but this incurs additional costs. MoneyLion checking account users can receive funding within 24 to 48 hours, while nonmembers can expect to wait two to five business days.

Overall, MoneyLion is a good choice for those looking for multiple borrowing options and who don't mind waiting a few days for funding. However, due to the high APR and potential additional fees, it's important to carefully read the terms and conditions before taking out a loan.

Borrowing Limit

MoneyLion offers instant cash advances up to $500.

Summary: Best Personal Loans and Loan Apps With No Credit Check

Best Personal Loans With No Credit Check

• Consider lenders like Upstart and OppLoans for no-credit-check personal loans.
• Look for longer-term bad credit installment loans with competitive APRs.

Best Loan Apps With No Credit Check

• Explore loan apps like Upstart for quick approval and no credit checks.
• Consider platforms that offer loans with low APRs and longer repayment periods.

Tips for Comparing No-Credit-Check Loans

If you're considering a no-credit-check loan, it's important to compare lenders and understand the costs before borrowing. Here are some tips to help you make an informed decision:

• Understand the fees: While some finance apps offer no upfront fees, they can become costly if you miss payments. On the other hand, online and storefront payday loans, title loans, and installment loans for bad credit may charge interest and fees. Therefore, it's crucial to compare costs across multiple lenders before borrowing.
• Check interest rates: Lenders express loan costs as an annual percentage rate (APR), which is the annualized cost of borrowing, including both interest and fees. Comparing APRs with a loan calculator can help you estimate monthly payments for different loan options.
• Review repayment terms: Repayment terms for no-credit-check loans are generally short. Therefore, comparing multiple lenders is a way to find the best repayment schedule for your financial needs.
• Understand payment options: Payments for paycheck advances, payday loans, or installment loans may be automatically withdrawn from your bank account or require you to write a check that's cashed on the loan due date. To avoid bank account overdrafts, make sure there's enough money in your account each payment cycle.
• Search for lender credentials and reviews: No-credit-check loans can be offered by predatory lenders, trapping borrowers into a debt cycle. Therefore, to avoid a scam, it's important to check a lender's legitimacy by reading lender reviews and checking for consumer complaints against the company.

By following these tips, you can make an informed decision when comparing no-credit-check loans.

What Is a No-Credit-Check Loan?

A no-credit-check loan is a type of personal loan that does not require a hard inquiry into your credit history. By avoiding a hard inquiry, you can prevent a drop in your credit score, which commonly occurs after such an inquiry. These loans are particularly beneficial for individuals with poor credit, as they are typically easier to qualify for.

These loans are usually available in amounts ranging from $100 to $4,000, with short repayment periods, often two weeks to 12 months. They are commonly used to cover small, unexpected expenses rather than significant purchases. There are different types of no-credit-check personal loans, including:

• Cash advances: This type of loan allows you to borrow money against your next paycheck. While some loan apps offer money without a credit check, they often come with high fees.
• Installment loans: Certain credit unions provide no-credit-check installment loans with terms ranging from two to 18 months, offering rates that may be more affordable than payday loans. Additionally, some online lenders may offer soft-credit-check installment loans with longer terms.
• Buy now, pay later (BNPL) services: These services enable you to make a purchase and repay it over time. While some BNPL lenders do not require a credit check, others may perform a soft inquiry that does not impact your credit score.
• Payday and title loans: Title loans are secured by your car title, while payday loans are akin to paycheck advances. Both types of loans are often expensive but can be easily obtained when facing financial difficulties. It's important to note that certain states set caps on payday and title loan rates; however, rates can still be 300% to 400% APR in some areas.

How To Obtain a Fast Loan Without a Credit Check

When seeking a quick loan without a credit check, there are several essential steps you should follow to increase your chances of approval and expedite the process:

• Provide Proof of Income: It is crucial to demonstrate a regular source of income to the lender. This may include pay stubs, tax documents, or bank activity to showcase your cash flow and financial stability.
• Set Up Direct Deposit: Some lenders may require you to have a bank account with direct deposit to qualify for the loan. Setting up direct deposit can enhance your eligibility for certain loan options.
• Complete the Loan Application: The application process for no-credit-check loans typically occurs online or through a designated app. Ensure that you fill out the required information accurately and completely.
• Receive Funding: Upon approval, the funds could be deposited into your bank account on the same day or within a few business days, depending on the lender's policies.
• Manage Payments: Once approved, you will be informed of the repayment schedule, and payments may be automatically deducted from your bank account.

By following these steps, you can streamline the process of obtaining a quick loan without undergoing a credit check.

Should You Consider Taking Out a No-Credit-Check Loan?

When considering a no-credit-check loan, it is important to evaluate your financial situation. Small loans without fees, such as Buy Now Pay Later (BNPL) or paycheck advances, can be a viable option for covering unexpected expenses if used sparingly. However, overreliance on these loans can lead to a cycle of overspending and debt, limiting your ability to save or manage other financial obligations.

It's essential to acknowledge the risks associated with these loans. While they may serve as a last resort for individuals with limited options, it's crucial to have a clear repayment plan in place before pursuing a no-credit-check loan. Additionally, be mindful that some lenders, while not requiring a credit check at the application stage, may still report late payments to credit bureaus, potentially impacting your credit history.

Alternatives for No-Credit-Check Loans

When facing a financial crunch, it's essential to explore alternatives to no-credit-check loans. Here are some options to consider:

• Credit Cards: If you qualify, credit cards typically offer lower interest rates compared to no-credit-check loans. It's crucial to borrow only what you need and have a clear plan for repayment.
• Payday Alternative Loans: Credit unions may provide payday alternative loans with lower interest rates for their members, offering a less risky way to borrow for unexpected expenses.
• Savings-Secured Loans: Some banks and credit unions offer loans secured by the savings you have in a certificate of deposit or savings account. This reduces the lender's risk and can lead to better loan terms.
• Family or Friend Loans : Borrowing from someone you know can save you money on interest and fees. It's advisable to create a loan agreement to ensure both parties agree on the terms of repayment.
• Co-Signed Loans: If you have bad credit, having someone with good credit co-sign a personal loan can help you qualify for better loans with lower fees and interest rates. However, it's important to remember that the co-signer will be responsible for repayment if you fail to do so.

Exploring these alternatives can help you navigate financial challenges without resorting to no-credit-check loans and their associated risks.

Methodology

Personal Loans With No Credit Check

When reviewing lenders that offer personal loans with no credit check, we evaluated 18 popular lenders based on 14 unbiased data points across five categories: loan details, loan costs, eligibility and accessibility, customer experience, and the application process. We only selected lenders that have no minimum credit score requirement and ranked them based on the weighting assigned to each category.

The eligibility and accessibility category had the highest weighting at 30%, followed by loan cost at 25%, loan details at 20%, customer experience at 15%, and application process at 10%. Within each category, we considered several characteristics, including loan amounts, repayment terms, APR ranges, and applicable fees. We also looked at whether each lender accepts co-signers or joint applications and the geographic availability of the lender.

Finally, we evaluated each lender's customer support tools, borrower perks, and features that simplify the borrowing process, such as prequalification and mobile apps.

Loan Apps With No Credit Check

When reviewing loan apps that offer no credit check loans, we evaluated nine popular lenders based on eight unbiased data points across five categories: loan details, loan costs, perks, customer experience, and funding speed. We only selected lenders that offered loans over $500 and ranked them based on the weighting assigned to each category.

Loan cost had the highest weighting at 40%, followed by loan details at 25%, funding speed at 20%, customer experience at 10%, and perks at 5%. Within each major category, we considered several characteristics, including maximum loan amounts, repayment terms, and applicable fees. We also evaluated each provider's customer support, borrower perks, and reviews.

Our methodology for evaluating personal loans with no credit check and loan apps with no credit check was based on unbiased data points and a thorough review of the lending market. We hope this information will help you make an informed decision when choosing a lender or loan app.