Unexpected expenses come without warning, and having to look for financial resources when they do can be a daunting task. Thanks to our modern-day institutions, anyone can take out a loan with no credit in such a case. But, what would you do if you did not meet the credit score requirement of banks and credit unions? Well, that is where no-credit-check loans come in.
Unlike banks and credit unions, which use your credit score to determine your eligibility for a loan as well as the interest you will have to pay on it, no-credit-check loans simply use your ability to pay off what you are borrowing as the criteria for a loan. This means you can borrow from no-credit-check loan providers even with a bad credit score.
However, the majority of lenders are unregulated and can demand absurdly high interest rates on the loans you borrow. But do not worry, as there are also lenders that have been helping people for decades and boast an unblemished reputation in the industry. So, there are certain things one should know before they decide to get a loan. However, finding these lenders is not easy with all of the paid advertising and promotional content that makes things even murkier.
But, we have taken care of the research part, and this guide is to help you find the best no-credit-check loans by using the top five free portals for them. These services connect you with hundreds of reputable lenders, who then offer you loans on agreeable terms, making the overall process easy and reliable.
Top 5 Best Platforms That Provide No-Credit-Check Loans:
- MoneyMutual: Overall Best No-Credit-Check Loans
- BadCreditLoans: Best for Poor or Bad Credit Scores
- CashUSA: Highest Approval Rates with No Credit Check
- Personal Loans: Best for Short-Term & Personal Loans
- Credit Loan: Best for Same-Day Approval with No Credit Check
#1. MoneyMutual: Overall Best No-Credit-Check Loans
You are probably already aware of MoneyMutual and might remember seeing Montel Williams explaining its benefits on countless media platforms. The spokesperson for MoneyMutual has been helping people master their finances and is best known for The Montel Williams Show. But, even if you do not know about MoneyMutual, you can be sure that with such solid backing from experts like Montel Williams, the service is top-notch when it comes to no-credit-check loans.
Although it is not a lender itself, MoneyMutual is a service that connects you with hundreds of lenders from its network and gets qualified applicants fast and easy personal loans from one of them. This online loans marketplace has been operating for more than a decade now and holds a solid reputation in the industry.
The vision behind MoneyMutual stems from the fact that almost half of the households in the U.S. cannot manage to muster up even $400 in times of an emergency. So, the marketplace was created by a team of people from Las Vegas with the vision of providing individuals a place to get easy access to financial help in times of need.
To achieve its goal, MoneyMutual is designed to connect users with a wide network of lenders and make it easy to get personal loans ranging from $200 to as high as $5,000. The people responsible for MoneyMutual's founding know how tough it can be for an average person to make ends meet, so that is why this resource is completely free of cost.
MoneyMutual is a very safe and secure platform, so your information is guaranteed to stay within its network of lenders and does not get into the wrong hands. Moreover, the policies of this platform are extremely transparent, so the way they use your information as well as any other details regarding no-credit-check loans from its partners are made clear from the get-go.
These factors are the reason more than two million users have found MoneyMutual a satisfactory solution to their financial needs and consider it their go-to marketplace for no-credit-check loans. Many found suitable lenders for their needs regardless of having a bad credit score, which means you can go for MoneyMutual if you are having difficulties securing a loan because of a bad credit score.
- Wide network of lenders
- Free of cost service
- More than a decade of solid reputation in the industry
- Loans up to $5,000
- User-friendly website
- Simple and quick online form
- Easy-to-meet eligibility requirements
- Overall positive feedback from more than two million users in the past ten years
- Safe and secure website
- Complaints from some users regarding higher interest rates
- Large variety of terms may be confusing to some
The overall customer experience rating of MoneyMutual is spectacular. With more than two million satisfied customers in just the past decade, the service has broken the charts for overall user satisfaction. However, there have been some incidents throughout its history, including a few lawsuits for predatory interest rates. But, these can be easily dispelled when you consider the fact MoneyMutual itself is not a lender and only connects users with potential lenders. Therefore, the interest rates are decided by the lender.
#2. BadCreditLoans: Best for Poor or Bad Credit Scores
As the name implies, BadCreditLoans is a service that finds you the best lender based on your credit profile. It features one of the most innovative AI-algorithms and efficiently connects you with a lender with the highest chances of giving you a loan based on your credit score.
The online marketplace is free of charge for everyone with an internet connection, and it provides a lot of loan options to fit all kinds of financial needs, especially for people struggling with a bad credit score. Anyone can take out a loan of as much as $10,000 using BadCreditLoans, with APRs generally ranging from 6% to 36%, regardless of what their credit score is.
However, you should keep in mind that BadCreditLoans has a diverse network of lenders, and each one has a different minimum credit score requirement. The service is sure to find you lenders that are willing to cater to your financial needs, no matter how low your credit score might be. But, you will need a solid creditworthiness rating to get the best interest rates from them.
The application process is straightforward and gets all of the required information in just a few simple steps. Just make sure you fill it out completely and include all of the necessary paperwork to help lenders make a concrete assessment of your creditworthiness.
BadCreditLoans maintains an impressive transparency in all of its policies. Although the loans offered through it might come off as high-cost because of the higher interest rates and lower amounts, this is only because there are no hidden fees or penalties involved in them.
Overall, BadCreditLoans is a very useful resource and can come in handy when you are looking for financial help with a bad credit score. All you need to do is request a loan, get a free of charge quotation from one of the lenders, and then decide whether or not to take the terms that are being offered based on what your credit score is.
- Specifically designed for bad credit holders
- Powerful AI-algorithm used to connect borrowers with lenders
- Loans up to $10,000 offered
- Offers side-by-side comparison of loan offers
- Helps you find credible lenders through its network
- Offers plenty of unsecured loan options
- Most loans come with an origination fee if your credit score is too poor
- Slightly higher APRs on bad credit loans
- Not rated very highly by the Better Business Bureau
BadCreditLoans is very popular among customers struggling with a poor credit score. Not only do they like its helpfulness in securing them a loan, but they also appreciate the simple request form, fast deposit times, and higher loan amount range. However, there have been complaints from some of the users about increased interest rates and not being able to borrow more than $1,000 if your credit score is below 500.
#3. CashUSA: Highest Approval Rates with No Credit Check
Boasting the status of America’s most premium no-credit-check loans portal, CashUSA has been providing guaranteed loans to people with all kinds of credit scores on dynamic and flexible terms for more than two decades. It maintains a higher standard by keeping the minimum credit score requirement above 500, and you need to have at least a $1,000 monthly income to request a loan through this platform.
CashUSA understands that even the most thorough financial plans sometimes fail, and people find themselves in need of some extra cash to manage. The service is available to users free of any charges in all 50 U.S. states, so you can apply for a loan from anywhere within the U.S., provided you are above the age of 18 and a legal U.S. citizen and provide them with a checking account, contact number, and home address.
If you meet the requirements, just fill out the request form readily available on the website. It takes just a few minutes and sends your request to multiple loan providers. Once you have submitted your request for review, loan offers from these lenders will start coming in. However, make sure you go through the terms carefully before accepting one.
The loan amounts offered by CashUSA are extremely manageable and can be received on terms between 90 days to 72 months. Just like BadCreditLoans, you can request up to $10,000 using CashUSA with its simple and efficient form, and the service will do all of the legwork to find you a suitable lender.
CashUSA also makes repaying the loan simple with modern features like automatic monthly payments from your bank account you can set up, the main function of which is to help users avoid any additional penalties on missed deadlines.
Apart from helping you secure and efficiently repay no-credit-check loans, CashUSA has a very informative educational resources section on its website that aims to provide you with all of the information you need in order to make an informed decision for your financial needs.
- Highly trustworthy and reputable
- Available in all 50 U.S. states
- Operating for more than two decades
- Loans up to $10,000
- Competitive APRs
- Highly encrypted servers
- Impressive customer support
- Fast application processing times
- Some of the lenders might quote higher APRs because of a lower credit score
- Not many user reviews on third-party websites
The user reviews for CashUSA show that most of its appeal is because of the easy-to-meet requirements for a loan request. Moreover, many customers found the same-day funding times highly convenient. But, there were also complaints from some users that you receive more emails than usual when requesting a loan through CashUSA.
#4. Personal Loans: Best for Short-Term & Personal Loans
Founded in 2001, Personal Loans is one of the oldest marketplaces for fast and reliable personal loans online. What sets the service apart from competition is the dynamic range of loan amounts you receive. Despite having a very high range for loan requests, Personal Loans lets you borrow as little as $1,000 on as short as a 90-day term.
But, Personal Loans does not only specialize in smaller amounts of loans, as it is one of the most popular online marketplaces where you can get loans of up to $35,000 for all kinds of purposes. So, if you do not find modest loan amounts suitable for your needs, you will not have to look anywhere else.
Unlike most of the services offering similar features, Personal Loans has no minimum credit score requirement, as the loans offered by its network of lenders are solely based on your ability to repay them on time. Combined with the fast deposit times, which usually ensure funds transferred into your account within 24 hours, and simple application process, Personal Loans easily ranks as one of the top personal loans marketplaces on the internet.
With more than two decades of being operational, Personal Loans has one of the most credible networks of lenders. The platform boasts a reputation for providing you with competitive APRs, the most diverse loan terms in the industry, fast deposits, debt consolidation, the safest transaction procedures, and extremely high chances of loan approval without a credit score requirement.
Furthermore, the website for Personal Loans is quite optimized, and all of the features on it are very user-friendly. You will not have trouble navigating any of its sections, which include lots of guides, FAQs, legal information, and many other useful resources. The application process is streamlined as well, and all it takes is to enter your required amount for a loan and click “Get Started” on the front page.
- Flexible loan ranges and terms
- No minimum credit score requirement
- Best for short-term loans
- Loans up to $35,000
- Plenty of educational resources
- Streamlined loan requesting process
- Secure transactions
- Free to use service
- Largest network of lenders, covering all 50 states
- Basic eligibility requirements for requesting a loan are more than usual
- Some lenders carry out a hard check on your credit score
- Not accredited by the Better Business Bureau
Personal Loans gets a lot of praise for its swiftness and higher-than-usual loan amount range. It is also quite popular among people who borrow small and short-term loans regularly. The overall reviews indicate an excellent rating. The only negative aspect about its customer experience was that some users found the employer information requirement of Personal Loans’ request form to be unnecessary.
#5. Credit Loan: Best for Same-Day Approval with No Credit Check
Credit Loan has been around for just as long as Personal Loans and has connected almost one million satisfied customers with lenders willing to meet their financial needs. It has two distinct lender networks, and your loan request is sent to either set depending on the credit score you have. So, you are covered even if your credit score is poor.
Credit Loan was founded in 1998 and has been featured on various media platforms like CNBC, the New York Times, Forbes, and the Wall Street Journal. It is by far the most popular on our list and has been praised by financial experts for its reliability when you are in need of a loan with a poor credit score.
For bad credit holders, the service offers loans between $250 and $5,000, and it is known for the competitive APRs they come with, ranging between 4% and 35%. The terms are quite similar to the other services, with some as short as 90 days and some as long as 72 months. However, this is only the potential range of APRs and loan terms, and the actual ones will vary depending on the lender you are connected with.
As we stated, the highest loan amount for people with a poor credit comes to about $5,000. But, you can increase this cap by improving your credit score overtime (which, fortunately, Credit Loans are known to help you do). Furthermore, the various resources available on its website — like the interest rate calculator and mortgage information — help you achieve a lot of your financial goals.
There are also plenty of informational resources, such as a dedicated blog featuring articles on various topics like types of loans, how-to guides, reviews, and many more financial topics. The aim of these is to help consumers make the most of available resources in their financial endeavors.
- Free and secure
- Fast borrowing procedure
- Dedicated network of lenders for bad credit holders
- Bad credit loans up to $5,000
- Plenty of tools and information on the website
- Highly popular and trusted
- Bad credit holders are limited to a $5,000 loan range
- Considerably higher interest rates if your credit score is too low
- Reports of shady policies by some review platforms
The majority of users liked the ease-of-use and rapid loan offers provided by Credit Loan. Many also mentioned how hassle-free the service was and remarked its detailed explanation of the requesting process comes in handy.
Credit Loan is a TRUSTe verified online marketplace and has a large number of positive reviews. The overall rating for the portal is also very good. But, it goes without saying that there are quite a few negative reviews from some of the users.
How to Find the Right No-Credit-Check Loan
Picking the right no-credit-check loan can be tricky on its own, but all of the predatory loan providers that make it to the front pages of search engines make it even more difficult. Sometimes, you will not even find a good no-credit-check loan from one of the credible websites, and it is especially the case if you go into it without any preparation.
If you do not have any experience with no-credit-check loans, it is good to have a step-by-step procedure in mind before you apply. However, you should not worry if you did not think of it beforehand, as our guide on picking the right no-credit-check loans will get you started. Just keep the following things in mind and you will not have to worry about anything going awry while taking out a no-credit-check loan.
Determine the Sum of Money You Need
Not knowing exactly how much money you need is one of the most common missteps in taking out a loan. Because of the flexibility, higher range of loan amounts, and easy-to-meet requirements of no-credit-check loans, it can be especially risky when you are unaware of the exact amount you need. This is why many people end up borrowing more than they should, which is not a good idea, considering the higher interest rates involved with no-credit-check loans.
Before you even look up no-credit-check loans online, make sure you take into consideration the amount you absolutely need. Do a calculation on paper and make sure to subtract any money you think you would be fine without borrowing. Once you have a solid figure to meet your needs without borrowing more than you can afford, you can begin looking for it. This also helps you narrow down your search by eliminating the places that do not offer the kind of money you are looking for.
Get All of Your Documents in Order
Another thing that some people end up neglecting in their search for no-credit-check loans is arranging their documentation before applying. Although the requirements for most no-credit-check loans are minimal, it is still a good idea to gather as many documents proving your ability to repay the loan as you can.
So, ensure you gather your proof of income, pay stubs (preferably from as far back as the past two years), W-2 forms, ID card, driver's license, tax returns, and anything else related to your financials you can find. This will show the lenders your ability to repay the loan, which means lower risk in lending to you. As a result, you not only improve your chances of qualifying for a loan even with a bad credit score, but you also get a shot at lower-than-average interest rates on the loan you get.
Consider More Than One Lender
If you do the previous two steps right, your chances of getting loan offers from more than one lender are practically guaranteed. So, make sure you put it to use by making a loan application to multiple lenders, as doing so will let you maximize your chances of getting the lowest possible interest rates and a repayment time frame that suits you.
You can use one of the services we mentioned to get more than one loan offer. Each one has a large network of credible lenders in place, and your application takes only minutes to reach all of them. By applying for a loan through such portals, you will be able to choose the best no-credit-check loan.
Thoroughly Go Through the Details of Your Loan Terms
After you find the loan offer that best fits your needs and wants, do not be too hasty to accept it. There are still quite a few things you need to go through before that comes to pass, and on the top of that list are the terms you are offered by the lender. Take your time while going through the terms and make sure you understand them thoroughly. By doing this, you will save yourself a lot of headaches and problems in the future.
Devise a Feasible Repayment Plan
It is just as important to have feasible plans for when you have received a loan. After all, taking out a loan is only the easier part when it comes to no-credit-check loans. Make sure you have a solid repayment plan worked out before you even agree to a loan offer from any of the lenders.
Having set down a repayment strategy that works best for you will help you avoid making compromises on your monthly budgeting while also making the repayment of the money you borrowed smooth and efficient.
Be on the Look-Out for Frauds
There are many frauds actively trying to swindle already downtrodden people out of their money. These include asking for a down payment, loan application processing fee, and many other such ways of asking for money.
So, you should look out for unusually high or unbelievably low interest rates, avoid any lenders that contact you without any reason to offer loans, and never share your credit report, SSN, or other such sensitive information with unofficial personnel. Most of the reputable loan portals have encrypted application forms on their websites, with additional measures to protect you from scams and keep your information safe.
Make Timely Payments
Last, but not least, you should follow your repayment plan to the T. Since no-credit-check loans fall into the category of unsecured personal loans, there is no collateral for them. Therefore, many lenders can charge you higher interest rates and even include penalties for missed payments.
To avoid any issues, always make your monthly payments on time. You will not only be avoiding the penalties and paying more than the original sum of repayment, but you will also be improving your credit score. This will help you improve your financial situation in the long run by qualifying you for better loan terms in the future, with lower interest rates and penalty-free repayments.
Alternatively, Ask Family and Friends
To avoid all of the hassle, and more importantly, the higher interest rates and penalties of missed monthly payments, you can simply ask for a loan from your friends and family. This is especially true if the loan amount you are looking for is a small one. Many lenders have a minimum borrowing limit, and the ones that offer smaller loans have higher interest rates on them. So, for loans of $100-$200, you can just turn to a friend or relative.
FAQs: No-Credit-Check Loans
Q. What Are No-Credit-Check Loans and How Do They Work?
No-credit-check loans are exactly what the name implies. A lender who offers you a no-credit-check loan does not look at your credit report or score before deciding whether or not to give you a loan. You can apply for a no-credit-check loan by showing valid proof of your ability to repay the loan, and you will end up getting a personal loan without having to put down an asset as collateral for it.
Most of the reputable lenders use factors such as your proof of income and overall ability to repay the loan as the basic criteria for giving out a loan. This means no collateral is required, but it also comes with higher interest rates. This is because no-credit-check loan providers charge high interest rates and fees to compensate for the risk of providing money to customers with possibly poor credit records. Some also run a "soft credit check", which lets the lender review your credit report and credit score but does not hurt them.
Q. What Are the Factors That Affect My Chances of Getting a No-Credit-Check Loan?
Although your credit score might not be one of them, there are many factors involved in deciding your chances of getting a no-credit-check loan. Below is a brief overview of the most prominent of those factors.
The first and foremost factor in deciding your chances of getting a no-credit-check loan is your monthly income. It shows you have a steady source of income and, therefore, the ability to repay the money you are borrowing.
Many lenders have a minimum monthly income requirement for their loans, and it is safe to assume you should be earning at least $1,000 every month to qualify for a loan from these. Moreover, a proof of income denoting a secure monthly income from past years adds to your overall creditworthiness, which means higher chances of getting a loan.
Amount of Money You Are Requesting
Since no-credit-check loans are unsecured, the amount of money you ask for can make or break the deal with most lenders. Usually, every lender has a different cap on the amount of money you can borrow depending upon your credit profile. So, if you request an amount higher than is viable for the majority of lenders, chances are good that it might not be entertained.
Having a Co-signer
Although only a few of the major loan providers allow co-signers on personal loans, your chances of qualifying for a no-credit-check loan with these can drastically improve if you have someone with better creditworthiness apply for a loan with you.
It helps mitigate a lot of the risk involved with lending to individuals with a bad credit score, which is why lenders are more willing to give you a loan if you have a co-signer. Moreover, you will end up getting better terms and interest rates if your co-signer's credit profile is impeccable.
Q. Can I Get a No-Credit-Check Loan if I am Unemployed?
The majority of lenders only need to ensure your ability to repay the loan before they lend money to you. Since the online marketplaces, like the ones on our list, do not require employer information in their application form, you can apply for a no-credit-check loan through them despite being unemployed. Just make sure you have enough documents to show your ability to repay the money you are requesting to borrow.
Q. Will Applying for No-Credit-Check Loans Negatively Impact My Credit Score?
Not necessarily. The lenders who offer no-credit-check loans are aware that your credit score is a vital part of your financial standing. Since most of the reputable services are free-of-cost and only strive to help individuals with possibly bad credit scores, they make sure to avoid running a hard credit check on you before deciding your eligibility for a personal loan.
Furthermore, you even get to improve your credit score through no-credit-check loans. Many of the lenders report to at least one of the major credit bureaus, which means repaying your loan will keep on increasing your credit score.
Q. What Is an Unsecured Loan?
Unlike secured loans, which require assets in the form of collateral, an unsecured loan is one that does not require any form of security. Rather than using a borrower's assets as collateral, lenders approve unsecured loans based on their creditworthiness.
Many forms of unsecured loans exist today, and the most common examples include personal loans, student loans, and credit cards. However, it is worth noting that since no collateral is given by you, the interest rate you get on these loans are slightly higher compared to secured loans.
Moreover, despite not setting down an asset as collateral for an unsecured loan, you run the risk of facing legal consequences and a ruined credit score if you fail to repay the loan. So, make sure you are just as cautious, if not more, with an unsecured loan as you would be with a secured one.
Q. Is There a Limit to How Much I Can Borrow?
If you are directly dealing with a loan provider, there will always be a limit to the amount you can borrow based on your financial profile. But, the online marketplaces and loan portals, like the ones mentioned on our list, help you get better loans by increasing the competition between lenders.
Bear in mind that these marketplaces also have their own maximum and minimum limit on the amount of money you can request at a time. The max limit can go as high as $35,000, as with Personal Loans, and the minimum as low as $200, as with MoneyMutual. But, the actual loan range will vary from lender to lender, and your ability to repay the loan amount, your credit score, and your monthly income also play a role in deciding the amount of money you can borrow.
Q. Is There a Caveat Involved with No-Credit-Check Loans?
Not really. Unless you are borrowing from predatory lenders, you will not have to worry about hidden fees or dubious policies involved with your no-credit-check loan. The reputable lenders make all of the terms of a no-credit-check loan clear to you before you accept their loan offer.
Moreover, the eligibility criteria for no-credit-check loans is simple yet effective, so there is nothing too-good-to-be-true about it. Factors like having a steady source of income, proof of good debt management in the past, and creditworthiness of the borrower lets lenders make a solid assessment of repayment chances — even without taking your credit score into consideration. This allows them to decide whether or not to give you a loan and the terms and interests to offer for it.
Do not let a poor credit score or credit history turn your financial plans upside down. Instead of falling for loan sharks and worsening your financial condition even more, it is better to opt for the more humane options readily available through the online marketplaces mentioned above.
If you find the right marketplace, you will get the money you need, plenty of guidance to manage your finances better, debt consolidation, and help in improving your credit score as well. The portals we have mentioned will help you do exactly that, and our guide on finding the right loans will give you a decent foundation for making better decisions in your financial crises.
With that being said, you now do not have to worry about emergency expenses arising without warning, as services like MoneyMutual and BadCreditLoans go above and beyond in helping you secure no-credit-check loans almost instantly.