Sometimes finding a lending company that will provide you with needed funds can be tricky. The reasons can be different; maybe you have a low credit score or had a bankruptcy case in the past. Perhaps your income is low. Wouldn’t it be great if you could afford to buy a new house or car? Maybe you need money for an emergency medical bill? Wouldn’t it be great if money wasn’t a problem? Don’t you worry, we have the solution for you!
We made a list of the best “No credit check loans” brands that don't make a hard credit inquiry. We made a list of specific “middlemen” who will connect you with many lenders with just one application that will take only 5 minutes to complete. How does that sound? Plus, they don’t charge you for the service! Even better right?
What is the catch, you might wonder? The net is that the interest rates are a bit higher than a bank, but they are low compared to other companies in their industry. Are you feeling intrigued? Let's dive in!
2022’s Top Lending Platforms For No Credit Check Loans:
- MoneyMutual - Overall Best No Credit Check Loan Lenders Online, Editor’s Choice
- Bad Credit Loans - Best Unsecured Loans With Bad Credit History
- CashUSA - Best Payday Loan Provider With Low Credit Score
- Personal Loans - Best Secured Personal Loans With No Credit
#1. MoneyMutual - Overall Best No Credit Check Loan Lenders Online, Editor’s Choice
MoneyMutual is the first brand you should consider when considering no credit check loans. This online lending platform will provide you with the quick infusion of money you need without taking even a penny from you.
You would ask, how come these companies maintain each other? As you might have guessed, the answer is simple: they charge the lenders a certain fee. So, if you consider payday cash advances, auto equity loans, or other types of short-term loans, they are the solution for you.
MoneyMutual is mainly recognized by their commercials featuring Montel Williams, which promises fast cash that you will obtain as fast as tomorrow. Their overall rating in badcredit.org is 4.8, which is some of the highest ratings for a company in this industry.
Also, we must mention in this overview of MoneyMutual that they are a member of the Online Lenders Alliance (OLA), an organization including many lending companies that follow strict laws. That means you are protected from various types of fraud or abuse, and you are guaranteed legitimacy that you won’t get from a corner-store lending agency.
- Minimum credit score: N/A
- Loan term: varies
- APR range: varies
- Loan amount: up to 2,500
- Best for short term loans
One of their best features is that they provide educational resources about their types of loans, so you can easily understand what they “mean”. They also offer you tips to help you avoid predatory loans or fees that might trap you in a debt spiral.
Terms of the loans, in general:
- Payday loans and cash advances have terms of repayment between 2-4 weeks
- Installment loans can be repaired between one month and six months, although some go up to a year
- Bad credit loans have terms of around a few months up to a year or more
- No fees to use MoneyMutual
- Simplified approval process
- Get a loan offers within minutes/hours
- Funding is usually quite fast
- Educational resources available
- Protected by Norton 256-bit encryption
- Not available in all states: Connecticut, New York, or Illinois
- You must be 18 years old
- You must be a US citizen
- You must have a monthly income
- You must have a valid checking account
- You must earn at least $800 every month
How to apply?
The application process consists of you filling out a short online form that will ask you for personal information like the state you live in, your ZIP code, your email, and your phone number. After that, you will also need to provide your:
- Your employer’s identity and phone number
- Your banking information
Customers are satisfied with the customer support and the uncomplicated and smooth application process. Some of them say that whatever question they had answered and that after they applied, they got the money in 24 hours. There are also some that stated that they will recommend this brand to relatives and friends.
The positive reviews outweigh the negatives, customers find this platform educational and quite straightforward. You can find anything you need right away!
#2. BadCreditLoans - Best Unsecured Loans With Bad Credit History
BadCreditLoans is the second brand that made our list. We consider this brand reliable because of its history in this industry and the numerous positive customer reviews that we found while researching the best no credit check loans.
It is owned and operated by Chief LLC. They started their service in 1998 by bringing together traditional lenders, peer-to-peer lending networks, and tribal loans (from Native American Indian Funds). Tribal loans are suitable for self-employed individuals or have a varied credit history because they will not qualify for a traditional lender. But keep in mind that tribal loans do not always have to meet state APR maximums.
You can qualify for a loan with BadCreditLoans even if you have bankruptcies, repossessions, and judgments on your record. Also, you can apply with them even if your credit score is 500 or even lower.
- Minimum credit score: N/A
- Loan term: 3 months - 3 years
- APR range 5.99% – 35.99%
- Loan amount: up to $10,000
- Best For Best for secured loans
One of their features that we find pretty helpful is their Personal Loan Calculator, which will help you determine the payment amounts based on interest, length of personal loan, and quantity borrowed. This calculator lets you adjust the different loan variables, and you can see how they will affect your monthly installment.
- Loans for credit scores of 500 or less
- No collateral required
- No application fees
- Competitive APR
- Informative website
- Fast and helpful customer agents
- Quick funding after approval
- Offers additional financial services
- Mobile app
- Not a direct lender
- You can’t borrow more than $1,000 if your credit score is bad
In order to get a loan with BadCreditLoans, make sure that:
- You are at least 18 years old
- You are a US citizen
- You have a source of regular income
- You have a bank account
- You have a valid email address
How to apply?
It takes less than five minutes to fill out their application online. Once it’s done, you just need to wait for lenders to come to you by phone or mail.
The process starts when you visit their official website.; you will need to specify the purpose of the loan, the amount, and your credit rating. If you don’t know your credit score, you can always choose “not sure” on the dropdown menu. But they will hold you as more accountable if you provide that information.
Then you need to provide basic personal information and financial income, and the amount of the personal loan you are looking to apply for. BadCreditLoans.com won’t check your credit score to get lender offers; they only do a soft credit check. So, fill out the information mentioned above and get the loan as fast as one business day.
BadCreditLoans customers praise the platform’s ease of use and excellent customer service for their friendliness and ability to resolve problems. Customers also appreciate that this brand's services are available even to people with bad credit scores. Many customers raved about the speed at which they received loans for home projects and emergency needs.
Overall, after reading hours of BadCreditLoans reviews with great confidence, we can say that they will provide you with any future financing you may need, connecting you with great lenders that will give you reasonable terms and conditions.
#3. CashUSA - Best Payday Loan Provider With Low Credit Score
CashUSA is the third brand that is worth your attention. This brand has been around since 1997, and they specialize in personal loans. They will help you find the best lenders that will provide you with low interest rates, so you can be sure you will repay the loan.
Like the other brands from our list, they don’t charge a fee to use their service. Like BadCreditLoans, they have traditional lenders, peer-to-peer lending networks, and tribal loans.
You can qualify for a loan with them no matter your credit score. CashUSA has relationships with a wide variety of banks and lenders, and you will get a loan even with bad credit, no credit, or limited credit.
Keep in mind that the lower the credit score, the higher the APR interest rate. That is because you statistically are at a higher risk of default.
- Minimum credit score: N/A
- Loan term: 90 days to 72 months
- APR range 5.99% to 35.99%
- Loan amount: up to $10,000
- Best for personal loans
One of their features is a Personal Loan Calculator that you can use to determine the installments based on interest, length of personal loan, and amount borrowed. The interest rate will result from your credit score and your ability to repay the personal loan.
You can choose different loan variables to understand how each affects your monthly payment. As your credit score increase, the APR decreases:
- Bad credit (300-579) - 28% to 32%
- Fair credit (580-669) - 17% to 19%
- Good credit (670-759) - 13% to 15%
- Excellent credit (760-850) - 10% to 12%
- Fast loan offers
- Transparent application process
- Industry-standard encryption
- No charges or fees to apply for a loan
- A large network of lenders
- Works in all 50 states
- Only a soft credit pull is required to get started
- Easy to understand loan terms
- Secure and dependable loan platform
- Easily accessible customer support
- A long history of dependability and success
ConsModest loan amounts
Interest rates may be high
No smartphone app
The requirements for you to get a loan include the following:
- Being at least 18 years old
- Being a US citizen or a permanent resident
- Earning a steady monthly income of at least $1,000
- Have a valid checking account in your name.
- Being able to provide a phone number and a valid email address
How to apply?
CashUSA has an easy online form that you can fill in just minutes. First, you will need to enter your ZIP code, year of birth, and Social Security number.
Additionally, you need to state the loan amount. You will also need to fill out the credit score if you are unsure what your credit score is; there is a “Not Sure” option, but to get better offers from lenders, it is advisable to state your credit score. You can get your credit score if you ask for a free copy of your credit report from any three credit bureaus.
Then you will need to fill out your contact and employment information, along with identity and bank information. After that step, you just need to wait for lenders' offers.
We have found from the reviews that customers on Trustpilot complain of unwanted emails that they started receiving after they applied. Also, from the customers’ reviews, we can conclude that their weaknesses are interest and costs. On the other hand they have a great website and also functionality.
People find the educational resources on their website helpful and they say that after reading their articles they have made their debt work for them, instead of them working for the debt. They are rated 4.7 on bad credit.org, which is some of the best scores for a brand from this industry, making CashUSA one of the most reliable.
#4. PersonalLoans - Best Secured Personal Loans With No Credit
PersonalLoans.com is the brand for you whenever you need debt consolidation, tax loans, home improvement, or even payday loans. This brand was founded in 2001, and it is one of the oldest loan online marketplaces for personal loans. This platform is just a “bridge” between the lenders and you; the lending companies offer various loan amounts, terms, and rates, so don’t settle just for the one that will contact you first, inspect your options. If you're in need of quick cash for an unexpected expense, but you have a poor credit score, it may be difficult to get the loan you require.
Like MoneyMutual, they are an OLA member, committing themselves to be fair and honest consumer practices. It implies that PersonalLoans.com complies with all federal laws and regulations, protects its consumers from fraud and other illegal online threats, and delivers the best experience to all users.
OLA enforces that lenders must give adequate cancellation time and policies; the lenders must commit not to display false information or engage in misleading advertising.
- Minimum credit score: 580
- Loan term: 90 days to 72 months
- APR range 5.99% to 35.99%
- Loan amount: up to $35,000
- Best for debt consolidation
You should know that all of the lenders from the brands from our list typically report your payment record to the three major credit bureaus—Equifax, Experian, and TransUnion. So, if you consistently make on-time payments, it will help increase your credit score, as payment history accounts for 35% of your FICO credit score. On the other hand, this also means you can damage your score if you make late payments or default.
While there isn’t a calculator on the site, you can still get a rough idea of your loan rates with PersonalLoans. There is a small chart of APR ranges located near the bottom of the homepage.
These are just examples based on previous loans provided through the service, but still, you can see how your credit score affects personal loan rates. The exact rates you will get after you are connected to an actual lender.
- SSL encryption technology
- Fast funding time
- Generous loan amounts are available
- Offers loans by different lender types
- The online process is quick and simple
- Speedy loan decision
- Ideal for short-term loans
- Free to use
- Comprehensive knowledge base
- Flexible loans
- Many personal loan eligibility requirements
- Asks for a lot of personal information
- Minimum credit score needed – 580
The applicant must:
- A credit score of at least 580
- Living in the U.S.
- Being at least 18 years old
- Having a checking account
- Having a valid identification
How to apply?
Applying for a loan with PersonalLoans is similar to applying for a credit card. You’ll need to fill out a form with your personal information, financial information, and details about your desired loan.
What is different from other brands from our list is that before approving you, the lender from PersonalLoans will run a hard credit check, which may temporarily lower your credit score. If your financial picture satisfies the lender, they will send you a proposal with the interest rate, loan amount, and terms.
They have a 4.6 out of 5 rate on Trustpilot, a reasonable rate, stating the brand's good service. Some customers say that they have an excellent website, which is easy-to-navigate.
Some share that they were so satisfied that they will be using this company again if they need a loan in the future. One customer who needed some cash for home renovations that hadn't been approved elsewhere was delighted to get a loan and praised the good interest rates.
Creditloan.com is the last brand that made our shortlist of the best “No credit check loans” brands. It was founded in 1998, and it has one of the first consumer-focused platforms.
Their goal is simple: educate consumers on different personal finance issues. For that purpose, they use articles on their blog and videos that will provide you with just the information you need to get a loan, manage your finances, build your credit, and so much more.
Their staff have a strong shared passion for financial education. Because there are changes in the personal finance and credit industry, they add fresh and original articles regularly.
- Minimum credit score: varies
- Loan term: 90 days to 72 months
- APR range 5.99% to 35.99%
- Loan amount: up to $40,000
- Best for auto loans
One of their features is their loan calculator, with which you can compare personal loan interest rates and estimate monthly payments as defined by the Federal Truth in Lending Act. You should just enter your loan amount, the term (in months), and your interest rate, and you will get an estimated installment.
Before applying, make sure you know your credit score; if you still don’t have that information, visit: https://www.annualcreditreport.com/ and get your credit score for free. Credit scores range from 300-850, and people with better credit scores are typically offered lower rates. For instance, with CreditLoan, a lender might offer a loan with an APR of 5.29% if you have a credit score of 620, or if you have a credit score around 760, you might get a rate of 3.70%.
If you have a low credit score, you should consider taking out a secured loan or applying with a cosigner. As such, you will get a better APR.
- The network was awarded the TRUSTe seal, which shows its compliance with best practices and rigorous online privacy standards
- This brand's platform has been issued SSL and McAfee Safe certifications
- Good low-interest rates
- Speedy online application process
- Accepts credit ratings of all types
- Prompt approval
- There are no additional fees
- Comparing interest rates on offers is simple
- Strict criteria for loan approval
Things you should know before applying:
- You cannot use it if you’re a resident of New York or Connecticut
- You must be 18 or older
- You must have an active bank account
- You cannot have an active bankruptcy case
- You must have consistent income
The source of the income (for whichever brand you choose from our list) doesn't have to be from a regular job; it can also be:
- Disability benefits
- Social security
- Unemployment benefits
- A structured settlement
- An annuity
- Rental property income
- Student aid
- Investment returns
How to apply?
If you have decided to apply, then you will need to provide the following information:
Fill out your state, name, email address, and zip code. Then you will need to fill out how much you want to borrow and your phone number. They also ask you if you are a military member, which will affect the loan you will be eligible for.
The next step is filling out employment information. You will be asked to fill out additional personal information in the following fields. After that you will need to wait for proposals.
CreditLoan has a 4.6 badcredit.org rating, which proves its reliability. One customer stated that he had been in debt for many years and felt like there was no light at the end of the tunnel, but the CreditLoan changed that.
They broke everything down for him in an easy-to-understand kind of way and helped him start over and this time with a clean slate. Other customers are satisfied with the customer support and the educational materials that help them make excellent financial decisions.
Why Do We Choose These Brands?
- Eligibility requirements
Many lenders list their eligibility requirements transparently on their websites, mainly including minimum credit scores, minimum income levels, and maximum debt-to-income ratios. We choose just brands with some basic requirements which makes it easy for you to obtain a loan.
- Interest rates and fees
Lenders use different criteria to calculate your APR. We choose brands with a maximum APR of 35.99%; hopefully, you will get a lower one, but just in case you don’t qualify for a lower interest rate, we made sure the highest is the “lowest possible”.
- Repayment terms
Loan lenders that we choose offer repayment terms of anywhere from two weeks to 6 years. So you can have more options when deciding to take a loan. A shorter repayment period means that you'll be out of debt sooner; on the other hand, a longer repayment term will reduce your monthly bill.
- 100% free service
One of the most favorable options is that the service comes completely free of cost, whichever brand you choose from our list. The sign-in is free; filling and submitting an application doesn’t include any additional payments or taxes. The additional charges will be between you and your lender, of course, once you choose to agree with the terms and conditions of that lender.
- Loan amounts
Personal loan lenders will determine the length of a loan based on your credit score and credit history. Most traditional lenders won't give a loan of more than a few thousand dollars to bad credit borrowers.
However, the brands that we choose have more generous lenders that allow people with bad credit scores to take out larger loans.
- Application process
Sometimes, personal loan companies require you to fill out an extensive list of information and provide several pieces of evidence to apply. Unfortunately, if you have a bad credit score, you will probably need to apply to many lenders, and filling out several lengthy applications will take a significant amount of time. Plus, that will hurt your credit.
We choose just brands with easy applications that take just a few minutes to complete.
- Speed of funds
Speed of funds was also what we considered when determining the best loans for bad credit. Each of the loan options on our list will allow you to receive your loan amount within a few business days. Borrowers can even see their funds within one day after your application goes through.
Beginners Guide to Bad Credit
- Think about the situation
When considering taking a loan, you need first to think things through. Before accepting an agreement, think if you can meet the terms that you have accepted? Check out the additional fees and penalties if you can pay them off.
Before committing to a secured loan for a lower interest rate, please see if you can repay it. If you think you can manage, go for it and start building your credit score with a new loan.
- Myths about credit scores
Credit scores may not be the reason you won’t get a bad credit loan, but they still matter when applying for a loan. This is how credit scores are calculated:
- 35% payment history
- 30% amounts owed on credit and debt
- 15% length of credit history
- 10% new credit
- 10% types of credit used
What are some myths of credit scores that are not true?
There is only one credit score.
Most people have many credit scores; these scores are different based on the information factored in to calculate the score. The scoring model depends on why you are applying for credit. For instance, there are specific credit scores for auto loans and mortgages.
You start with perfect credit
According to one survey, 11 percent of Americans think you need to start with a perfect credit score. Maybe you don’t start at zero; you have to build your credit over time.
Every time your credit report is pulled, your credit score is affected
It can be a“soft” pull when your credit report is pulled or a “hard” pull. A hard pull is when you’re applying for a line of credit or loan, and a “soft” pull, when you check your credit, a potential employer reviews your credit, or when a lender sends you a “pre-approved” loan. Your credit score will not be affected when a “soft” pull is made.
- How can you improve your credit score?
There are different ways to improve your credit score; the best way to start is to develop good long-term financial habits. What do we mean by this? You should not borrow more than your credit limits, or you should avoid missing payments. What are some things to keep in mind to improve your credit score? It is pretty simple:
Change your ways
Pinpoint what did damage your credit, and stop doing it. For example, temporarily freeze some of the carts if you have a high balance on your cards. See if you can do a “cash-only” spending plan or use your debit card for purchases. If late or missed payments are what got you a bad credit score, make sure you pay on time.
Hunt for errors
Check your credit report for free and make sure there are no errors. Specific errors such as a report of missed or late payments may negatively impact your credit score. If that’s the case, you reach out to the credit bureaus:
- Experian: experian.com/disputes
- TransUnion: transunion.com/credit-disputes/dispute-your-credit
- Equifax: equifax.com/personal/disputes
Make on-time payments
Payment history makes 35% of your credit score, so pay on time or set your payments to go out automatically, so you don’t miss one. Also, reach out to your lenders if you can’t pay in time and see if they can change your payment due date, so your missed payment doesn’t go to your record.
Keep your debt low
The credit utilization ratio makes up the “amounts owed” portion of your credit score; for example, if you have a debt of $4,000 and your total credit card limit is $40,000, then your credit utilization is 10%. Try to be as low as possible.
Stick to your repayment plan
Make a repayment plan. Sit down and figure out a debt payoff method that best suits you. Paying off the whole debt is complicated but paying on time is not. So take things step by step. There are two popular types of debt payoff strategies:
You pay off the first debt with the highest interest rates with the avalanche method. When you are done with the first debt, you can move to the next highest interest rate. This method helps you save the most money.
The snowball method is when you pay off the debt with the lowest balance first; then, you move on to the next with the “lowest” balance. While you may save more with the avalanche method, some people prefer the snowball method because you will be able to clear individual debts sooner, which can help keep you motivated.
FAQs About No Credit Check Loans
Q1. What is a payday loan?
The payday loans are a short-term cash infusion so that they can make it to the next payday, two weeks or one month term.
Q2. What is an installment loan?
Installment loans are repaired in a set number of payments, called installments. These are scheduled and are good if you want to avoid higher fees and interest rates common with payday loans.
Q3. What is a cash advance?
The term “cash advance” sometimes is interchangeably used with payday loans. The biggest difference is that you can pull out a certain short-term amount of cash with a cash advance regardless of your existing line of credit.
Q4. What are peer-to-peer loans?
This type of loan is financed by investors directly with borrowers. A bank is not involved at all.
Q5. What are credit card loans?
There are different cards with which you can take a loan:
Prepaid credit cards
A prepaid credit card is where you deposit a set amount of funds, and you are free to spend with the card just like any other card. However, this card is not usable once the individual uses up all the money on the card. This card is good for building credit, but not everyone can deposit funds beforehand.
Secured credit cards
Secured credit cards are issued by banks or credit unions, and just like prepaid cards, you will need to deposit funds in the account first, and then these funds are held as insurance if you cannot pay bills.
Debit cards work differently than the cards mentioned above. To get a debit card, you must already have funds in the checking account, and when a purchase is made, the money is drawn immediately from the history. These cards are also suitable for those with bad or no credit because they limit their spending to their current capital.
Q6. Difference between home loans and mortgages?
Home loans and mortgages are so often used interchangeably in conversation because of how closely related they are. For example, if you take out a home loan to buy a home, you sign a mortgage agreement to pay back the home loan monthly. To understand how the home buying process works, you must understand the difference.
A home loan is money you borrow to pay for your home. Home loans can have adjustable or fixed rates.
On the other hand, mortgages are secured types of loans; here, the borrower needs to pay back in full to own the property fully. Unlike a home loan, a mortgage is a legal document that is the actual agreement and obligation to repay your debt to the lender. The property you purchase is the collateral that ensures the lender pays your mortgage payments.
Q7. What are tax loans?
A tax refund advance loan is a short-term or personal loan that allows you to get your tax refund sooner than the due day. The loan is the “amount expected” you’ll be getting in your tax refund.
Like any type of personal loan, the money should be returned in a certain period. The paying back plan depends on the agreement between you and the lender.
These loans are also called income tax loans or early income tax loans. The interest rate varies.
No Credit Loans: Final Words
Taking credit with a bad credit score in the past was unimaginable. Now, we have brands that give no credit check loans, which means they connect you with lenders willing to lend you money besides the bad credit score. However, if you want better interest rates, you need to rebuild your credit or consider a cosigner.
Rebuilding your credit takes high commitment, dedication, and persistence. But one small thing each day can improve your score.
You might think that a dollar can’t make a difference, but if you can pocket a dollar every day, that will be $30. Remember if you pay back more than you spend every month, you will come out easy clean on the other side.
Choose your type of a loan that suits you best and allow yourself the decency of a “normal” life. Good luck!