To get a personal loan with no credit check, submit an application to a personal loan provider such as OppLoans or 60MonthLoans. Almost all personal loans require a review of the applicant’s credit history, but OppLoans and 60MonthLoans are among the few reputable lenders that do not do a hard credit pull... read full answer. They evaluate applicants based on factors such as income instead.
Personal Loans With No Credit Check
It’s important to note that since these lenders cater primarily to people with bad credit or no credit, their loans are usually a lot more expensive than personal loans from companies that do a credit check. That said, a loan with no credit check can still come in handy, so we’ll break down how to go about getting one below.
6 Steps for Getting Personal Loans With No Credit Check
- Find the right lenders. There aren’t many reputable personal loan providers with no credit check, but they do exist.
- Check for pre-qualification. Even though applying for a no-credit-check loan won’t hurt your credit score anyway, pre-qualification is still worthwhile because it can show you what rates you might get.
- Compare terms. Pick the best loan based on the APR, fees, amount offered, and payoff period.
- Submit an application. You’ll typically apply for a personal loan with no credit check either online or over the phone.
- Wait for a decision. It’s typical to receive a decision quickly, but it could take a few business days.
- Receive the funds. If you’re approved for a loan, you can get your money anywhere from the same day to one or two business days later.
No Credit Check Personal Loan Alternatives
Borrowing from friends and family: Someone you have a close relationship with is less likely to care about your credit and more likely to give you good terms than a traditional lender is.
Credit cards: You could apply for a credit card with no credit check, use it responsibly in order to improve your credit standing, and then apply for a personal loan when your odds of approval are higher.
Payday loans: Many payday lenders offer loans with no credit check. You can borrow a small amount of money that must be repaid with your next paycheck. These lenders have predatory fees, often equivalent to an APR around 400%, so they’re not worth using unless you have no other options.
Auto title loans: These loans are secured by your car, and you can lose your vehicle if you are unable to pay back what you owe. In addition, you can end up owing fees and interest equal to as much as 25% of what you borrow, and the loans only last for a few weeks. This is not a good option.
Pawnshop loans: A pawnshop will give you part of the value of an item, and you must repay it within a certain time period, usually a few months, with interest. If you repay what you owe, you get your item back. If not, the shop can sell it. This type of loan is not ideal because you could owe 2% to 25% interest per month, but it’s not the worst option out there if you have valuables you don’t particularly care about.
Keep in mind that even if you have bad credit or no credit, you don’t necessarily need to get a personal loan with no credit check. Some personal loans have relatively low credit score requirements – as low as 580 in some cases. And if you’re worried about the credit score damage from applying, this drop will be small (usually around 5 - 10 points), and you should be able to bring your score back up after several months of on-time payments.show less