Best No Credit Check Personal Loans

You may need a no credit check loan if you’ve had a past bankruptcy or defaulted on previous loans. However, you shouldn’t get a no credit check loan just to avoid a hard inquiry. No credit check loans typically come with higher interest rates and shorter terms, which can make repayment more difficult. Furthermore, borrowing limits are generally lower.

If you can get a loan with a credit check, you’ll save a lot of money and have more flexibility. But if a no credit check personal loan is your only option, we’ve got your back. Our team of financial experts reviewed and ranked more than 30 online lenders to help you get funded.

Best No Credit Check Personal Loans for 2023 — Full Overview

How to Choose the Best No Credit Check Loan

Our experts considered the following parameters when evaluating lenders. As you compare your options, you’ll want to pay attention to these factors:

• Loan Features: Ensure the lender offers the amount you need, and never borrow more than you need. Also make sure you can comfortably afford the monthly payments based on the repayment term. And check to make sure there aren’t any restrictions on how the loan can be used.
• Interest Rates and Fees: Choose the option with the lowest APR that still meets your needs, and avoid any lenders that charge prepayment penalties.
• Application Process: If you’ll need to loan quickly, pay attention to the speed of funding, and choose a lender that offers a streamlined online application process for convenience.
• Qualification Process: Watch out for income requirements to make sure you’re eligible.
• Customer Support: Ensure the lender’s support team is available at a time that is convenient for you, and make sure you can easily manage your account online.
• Online User Reviews: Read reviews of the lender on sites like Trustpilot, ConsumerAffairs, and Credit Karma. Look for patterns in complaints from customers.
• Perks and Bonuses: Some lenders may offer payment flexibility and utilize technology more than others. Pay attention to any special features that make the lender stand out.

What Is a No Credit Check Loan?

A no credit check loan is any loan offered to a borrower by a lender without the requirement of a hard credit inquiry. No credit check loans often refer to predatory products such as payday loans and title loans. However, in this guide, we focused our recommendations on no credit check personal loans. A no credit check personal loan is an installment loan that is typically unsecured and repaid in fixed monthly payments with interest.

Reasons to Get a No Credit Check Personal Loan

If you need money in an emergency and you can’t qualify for other lenders based on your credit score, a no credit check loan may be your only option. However, because no credit check loans are costly, you shouldn’t use them for non-emergency large purchases, vacations, or weddings. Some examples of situations in which you might need a no credit check personal loan include:

• Car repairs
• Home repairs
• Appliance replacement
• Medical bills
• Rent or mortgage and utilities
• Car insurance premiums
• Emergency travel

How to Get a No Credit Check Personal Loan

While the process varies by lender, in general, you’ll go through the following steps:

• Ensure you don’t qualify for a cheaper loan: Try prequalifying with lenders such as Oportun and Upstart to see if you can get a loan with a lower APR based on your credit score before you look for personal loans with no credit check.
• Gather the necessary documents: You’ll need to provide your social security number and identifying documents as well as verify your income. You may also need to provide references.
• Apply with a no credit check lender: The two safest options we reviewed for loans with no credit check are OppLoans and 60MonthLoans. Since neither lender does a hard credit check, you can apply to both and compare their offers. Avoid online payday loans and other short term loans with no credit check.
• Sign your loan documents: Read the fine print so you understand the terms. Select a repayment term you can afford. Then, sign and accept your loan documents.
• Receive your funds: Most lenders can make funds available within one business day.

Where to Get a No Credit Check Personal Loan

No credit check personal loans aren’t offered by many lenders. Most loans without a credit check are online payday loans, which are expensive and risky. It’s unlikely that a bank or credit union will offer you a no credit check personal loan, so check with online lenders instead. The following lenders offer no credit check personal loans with longer repayment terms than payday loans:

• 60MonthLoans
• OppLoans
• Integra Credit

Alternatives to No Credit Check Personal Loans

• Payday Alternative Loans: Payday Alternative Loans (PALs) are short-term, small dollar loans that come with a maximum APR of just 28%. They’re offered by credit unions, which typically have membership requirements.
• Home Equity Loans: A home equity loan is easier to qualify for than an unsecured personal loan because you offer the equity you’ve built in your home as collateral. These loans come with low APRs, but they do require a credit check, and it can take a while to get the funds.
• 401(k) Loans: 401(k) loans don’t require a credit check, and though you must repay them with interest to avoid tax penalties, you’ll be paying interest to yourself.
• Point-of-Sale Financing: If you need to make an emergency purchase, such as a new refrigerator, many retailers now partner with Buy Now, Pay Later or Point-of-Sale companies that allow you to pay later or over time. Most of these options do not require a hard credit check.
• Bad Credit Lenders: Lenders like Oportun, Upstart, Avant, NetCredit, OneMain Financial, and others offer loans to fair and poor credit borrowers. While these lenders require a credit check, you may qualify even if you have bad credit.
• Cash Advance Apps: Some cash advance apps allow you to get an advance on your next paycheck. These apps don’t typically charge interest, but instead make money from voluntary tips or membership fees.

How to Avoid No Credit Check Loan Scams

• Check to make sure the lender is registered in your state: If the lender is not licensed to issue loans in your state, that’s a red flag.
• Ensure the lender has a physical address: Scammers may use a P.O. box or not provide an address at all, so review the lender’s contact information.
• Beware of promises of guaranteed approval: While loans are available without a credit check, a legitimate no credit check lender will still review information such as your income and outstanding debt. If a lender promises to issue a loan regardless of your financial situation, that’s a red flag.
• Never pay an advance fee to receive a loan: It’s illegal for a telemarketer to demand payment prior to issuing a loan. Be especially wary of scammers who request prepaid cards in exchange for issuing a loan.
• Make sure fees and APRs are transparently disclosed: Legitimate lenders make their APRs, fees, and terms apparent online. If you can’t find this information about a lender, you’re likely dealing with a scam artist.

How to Improve Your Credit to Avoid Risky No Credit Check Loans

If you can improve your credit score, you’ll be able to qualify for loans with lower APRs, better terms, and fewer fees in the future. Take the following steps to build healthy credit:

• Review your credit report and dispute any errors
• Always pay your bills on-time and in full
• Use a debt repayment strategy, such as the debt avalanche method, to lower your credit utilization ratio
• If you have credit cards, try asking for a higher credit limit to lower your credit utilization ratio
• Avoid too many hard inquiries. Only apply for credit if it’s absolutely necessary.
• Avoid closing any old accounts
• Become an authorized user on a creditworthy friend or family member’s credit card account, which will allow your score to benefit from their credit health
• Try applying for a credit builder loan or secured credit card
• Use available tools like Experian Go and Experian Boost

Conclusion

No credit check loans generally come with higher APRs and less favorable terms than personal loans that require a credit check. It’s a good idea to prequalify with a few bad credit online lenders before considering a no credit check loan. But if you need a loan without a credit check, there are a couple of options that won’t leave you buried in debt. Just make sure to evaluate your budget and plan for repayment, or the high APRs could lead you to default.