A low credit score can get in the way of securing a loan. If you have a bad score and a history of poor debt management, it will disqualify you from the loan programs of most creditors.
Even if you manage to get a loan approved, it will be at a very high interest rate. That is because banks are hesitant about giving out loans to people whose credit scores are below 669 in the 300 to 800 FICO range. The general assumption in such cases is that the person will have a hard time paying back the loan.
But if you have an emergency and need quick money, no-credit-check loans can be a massive relief. As the name suggests, no-credit-check loans are loans that you can get without letting your credit history get in the way.
Now, you might be thinking about how thatâs possible, and we agree it is a reasonable line of thinking. However, loan companies donât let you just go off into the world with their money without proper measures. That is to say, there is a process to determine how you can pay the loan back and how much.
Creditors may not check your credit history, but they do check other things. For example, they check your income, how much you spend, and how much you need to pay relative to your income.
And with that information, they will decide the amount of money you can afford to pay back and lend it to you. The best part is that this is a swift method, and the loan lenders will likely transfer the money to you within a few days. You should be able to pay back the loan over time, and in the meantime, you can work on redeeming your credit history and earning more points.
You donât even have to have a bad credit history. Even with decent credit, you might want to build up more credit points. In that case, no-credit-check loans are a great option. The no-credit check part is especially useful since the loan will not reflect on your history in this scenario.
Some companies are willing to loan out money without checking your credit history. However, you have to be careful because there are plenty of scammers out there. We took it upon ourselves to dive into the huge market of no-credit-check loan companies and pick out the best options for you.
Top 5 No-Credit-Check Loans Of September 2021 [Full Reviews]
The list that we came up with after our search for the best ones is as follows:
- MoneyMutual â Overall Best Bad Credit Loan Lender
- BadCreditLoans â Quick Online Loans For Bad Credit
- CashUSA â Small Payday Loans Online No Credit Check
- PersonalLoans.com â Best For Personal Loans With No Credit
#1. MoneyMutualâ Overall Best Bad Credit Loan Lender
MoneyMutual is a Las Vegas-based platform launched in 2010. The platform was developed to accommodate people to gather funds in case of an emergency or another reason. The platform has been a raging success story and efficiently does its job of connecting lenders to folks looking for funds.
MoneyMutual has a straightforward process. All you have to do is enter your details into the form that you receive upon registration. The lenders will review your information and then decide whether they want to lend you money. If they choose to do so, they will contact you via phone, text, or email. After you agree on the terms, the lender usually transfers the amount within 24 hours.
MoneyMutual simply connects you to the lender. It does not lend you any money itself. You will then agree to the terms and conditions of the loan with the lender. MoneyMutual does not take responsibility for your agreement.
The eligibility criteria for qualifying on the site are straightforward. You need to have a regular source of income (government stipends etc. apply too), and the income should be greater than $800. You must also be at least 18 years old and an American resident. Moreover, you will need an active checking account. The lenders themselves may have additional requirements, but MoneyMutual is not responsible for those.
Huge Network of Lenders: MoneyMutual has 110 lenders available for lending money. The loan can range anywhere from $200 to $5000 depending upon the lender and the borrower. You donât have to pay any additional fees. If the lender wants to work with you, they will pay the platform to connect them to you.
Secure Website: Your data will be safe with MoneyMutual. The site is certified secure and uses 2048-BIT RSA encryption. MoneyMutual will only share your data with lenders as that is the purpose of the service. You can then contact the lenders regarding further sharing of your information. They are also part of the Online Lenders Alliance (OLA).
Simple Loan Process: Money Mutual utilizes a straightforward lending approach. You simply need to fill in the online form with your details. From there, the lenders will review it and get back to you with an offer. And if you accept the offer, you may have the funds in your account within the next 24 HOURS.
- The website interface is user-friendly
- The platform is free
- The website is secure
- 110 lenders available
- The loan range is $200 â $5000
- Income must be above $800 per month to qualify
MoneyMutual has had an overwhelmingly positive response from users. The website has over 2 million reviews praising the company. The users are grateful for the quick service and extreme customer care. They report that the customer service is extremely responsive and takes care of all their queries.
However, customers have complained about the email offers even after repaying the loans. But since they are a bridge between you and the lending companies, they are not responsible for any issues that may arise after you two have settled your terms. While this can be an issue for some, the organization has mentioned this fact on its website.
#2. BadCreditLoans â Quick Online Loans For Bad Credit
BadCreditLoans ais another fantastic platform that is responsible for connecting you with potential lenders. The website is completely free to use and has a section dedicated to providing users with information regarding its services and loans. You can take out a loan for up to $10,000, and rest assured that your information will be utterly safe through secure encryption.
To apply for a loan, all you need to do is fill out their online form. After you have done that, the platform will forward your form to the lenders on the forum. The lenders will then review your information to decide if they want to offer you a loan. If they choose to do so, they will contact you with an offer that you may accept or decline at your discretion. You will be under no obligation to accept an offer.
BadCreditLoans has mentioned their eligibility criteria on their website. To request a loan through BadCreditLoans, you have to be 18 years old or above. You will also need to provide proof of citizenship, a working phone number, proof of income, and a valid email address. You also need to have a valid checking account under your name.
Once you have done all that, you may receive a loan offer as early as a few minutes. If you agree to an offer, you will have to provide an e-consent in the form of an e-signature or disclosure. You can also request physical disclosures from the lender, and they will provide them for free.
After your loan is approved, the lender transfers the funds to your account. The process can take one business day but this may vary depending on the lenderâs banking process.
The platformsâ customer support is available 24 hours a day. You can also dive into their blog to educate yourself before applying for a loan. In the unfortunate case that you are not qualified for a loan, BadCreditLoans can recommend credit repair services to help with your credit history.
Secure Loan Platform: The service uses your information to connect you with potential lenders. You agree to share this information when you submit your form. However, you can stop your data from being shared by withdrawing permission at a later stage. The platform protects your information through special encryption software.
Flexible Loan Limits: You can get loans for as low as $500 up to $10000. With such a flexible range, you can borrow these loans for various purposes, such as fixing a car, your home, or a medical emergency, among others.
No Threshold Income: BadCreditLoans does not require you to earn a specific amount. As long as you have a steady income, you can fill out the form to request a loan. Your income can be from employment or social benefits etc.
- No income threshold
- User-friendly platform
- Can apply to multiple lenders
- Low rating from the Better Business Bureau
The customer response has been mainly positive. Most users appreciate the speed with which lenders transfer funds. Users also report a good experience with the website, saying that the website is easy to navigate and the customer support is immaculate.
#3. CashUSA â Small Payday Loans Online No Credit Check
CashUSA is another lending portal that works to connect you with potential lenders. It is a Las Vegas-based site committed to helping you with your money problems. A single application can connect you to multiple lenders. You can use the resources offered to securely gain a loan ranging from $500 to $10,000.
The eligibility criteria are the same as most lending portals. You need to be at least 18 years old, and be a US citizen or have permanent residency. You will also need a checking account, a phone number, and a valid email address. One different thing is the high-income requirement â to qualify, you must earn at least $1000 after taxes.
The application process is relatively easy. All you have to do is fill out an online application form with your information.
After you do that, CashUSA will go through its network of lenders and find appropriate matches for you. They will forward your request along with your information to these lenders. The lenders review the request and decide whether they want to lend you the requested money.
If they agree, they will contact you with a potential offer. At that point, it is up to you to review the proposal, and if you agree with it, you can proceed. Otherwise, you can just walk away.
If you donât receive any offers from lenders, CashUSA presents you with options like debt relief, credit repair, and the like. Of course, you arenât under any sort of obligation to accept the offer. You can reject them if you like. However, these offers can help repair your credit score, making it easier to secure future loans.
And as for APR rates, they range between 5.99% and 35.99%. The loan duration ranges from 90 days to 72 months.
CashUSA is completely free for you. However, they may receive a commission for relaying your information to lenders and such. You can limit how much information the platform shares at a later stage.
Resourceful Education Center: CashUSA has a dedicated education center that you can use to familiarize yourself with the type of loan you need. You can use the educational resources at no cost.
Secure and Safe Platform: CashUSA uses secure encryption to protect all its user data. In addition to that, there are regular tests to ensure that there are no leaks.
Quick Funds Transfer: After your loan is approved, the lender can transfer the funds that very business day. When the time comes for repayment, the lender can simply withdraw the funds from your account.
- Dedicated education center
- Secure site and efficient fund transfer
- High minimum income requirement
The majority of users reported a good experience. Many appreciated the customer care, citing that CashUSA made sure they understood everything while walking them through the process. Others praised the service for being quick and easy to use.
#4. PersonalLoans.com â Best For Personal Loans With No Credit
As the name suggests, Personal Loans is another lending portal based in Utah that specializes in connecting borrowers with lending companies. The good news about this site is that you can go for bigger loans here. Borrowers can choose from multiple loan types to find the ones that are best suited to them.
The application process is pretty standard. You have to fill out a form with your information. The website circulates that form on its network. If a lender feels comfortable offering you money, they contact you. At this point, the platform will redirect you to the lenderâs website, where you might have to fill out an additional form. After the two of you have settled the loan terms, the lender transfers the money to your account.
To be eligible for the application, you must be 18 years or above. You must have a valid social security number along with proof of citizenship or permanent residence. You will also need a steady source of income and a checking account under your name. Income can be from anything ranging from full-time employment to Social Security benefits.
The platform has quite a large network of lenders, so they offer competitive rates. You can review the offers of multiple lenders and decide which one is best for you. You are not obligated to agree to any loan offer. You can walk away if you find the terms unacceptable.
Personal Loans has dedicated loan guides for people who want to use their platform. You can use them for free to familiarize yourself with the different loan options available. That way, you wonât be going in blind.
All your information is protected using advanced encryption processes. The enhanced security is there so you can leave your information with them without any worries. You can choose to limit how much of your personal information the company shares at a later stage.
The platform itself is free for your use. However, Personal Loans may receive money for sharing your information with the relevant lenders.
The APR rate for loans on Personal Loans can range from 5.99% to 35.99%. The repayment period can be anywhere from 90 days to 72 months, depending upon your lender.
Flexible loan range: The best thing about Personal Loans is their loan range. You can borrow anywhere from $1000 to $35,000 through the platform.
Fast funds transfer: Personal Loans are known for quick fund transfers, making them ideal for emergencies. After your loan is approved, you may receive your funds as quickly as a single business day.
Safe and secure loan platform: Personal Loans utilize an advanced data encryption process. So, you can rest easy knowing that your data is secure.
- Large loan range; $1000 â $35,000
- Quick funds transfer
- Secure website
- May perform a soft pull of your credit score
Customers have reported a positive experience with the site, stating that their loan was approved without any hassle, and they quickly received their funds. They also appreciated the siteâs security and the reasonable APR they received.
#5. CreditLoan â Best Online Experience
CreditLoan has been around since 1988, which is roughly 33 years. With that much experience, we think itâs safe to say that they know what they are doing. Like other sites on our list, CreditLoan is a lending portal. They have a large network of lenders and are as good as folks have hyped them to be.
CreditLoan has appeared on prestigious sites such as CNN, Forbes, Lending Tree, CNN Money, The Wall Street Journal, and the New York Times. Those features themselves are a mark of trustworthiness.
The application process just requires you to fill out a form with your information. This form is circulated within the network to find a compatible lender. After the lender has reviewed your application and agreed to lend you money, he will reach out to you with the terms. If you accept those terms, the lender will transfer the money to your account.
The eligibility criteria for applying are not as stringent as some of the other lending portals out there. You just have to be 18 years old and an American citizen or permanent resident. You will also need a checking account under your name.
The service is completely free for use and has a decent reputation in the market. You can provide your information without any fear as the site is secure. You agree to share your information with third parties, like lenders, as it is necessary to get you a loan. However, you do have the option to opt-out, provided that you no longer need to find a lender.
CreditLoan is also known for educating people about loans and personal finance. They have study materials that you can access regarding different types of loans. This material will help you ascertain which type of loan is best suited for your condition. Since 1988, they have helped more than 33 million people learn about these topics.
Flexible loan range: You can get loans ranging from $250 to $5000 through the site. However, if you have a good credit history, you may even be able to get as much as $40,000.
Quick funds transfer: You can get your funds as quickly as 24 hours if the lender approves your loan application. Of course, the period can vary depending upon the lender and the services they use.
Secure and safe platform: CreditLoan is a secure site with 2048-bit RISA encryption. And this means that your information is in secure hands so that you can rest easy on that front. Furthermore, the site is certified secure by TrustedSite, and TrustedSite regularly monitors the site for security issues.
- Free site
- Quick funds transfer
- 30+ years of experience
- Secure platform
- Low loan limit if you have a bad credit score
During three decades, CreditLoan has connected more than 750,000 with their lenders. They have received an overwhelming amount of positive feedback, with users gushing about the efficiency and customer-friendliness of the service.
How We Choose The Best No-Credit-Check Loans
We searched long and hard to find the best no-credit-check loan service for you. We are aware of companies out there who would try to defraud you out of your money or bury you in debt.
That is why we took a thorough look to filter out any sites which may have fraudulent or sketchy services. Therefore, you can rest assured that the sites mentioned here are legit.
What We Looked For
However, before we get to that list, we would like you to know the things we considered while coming up with this list. We have ranked all the services after considering the following factors:
- Market Reputation: Any good service has a great reputation within the market. It is one of the markers of a legitimate and great business. We checked for signs of sketchy dealings with customers or any other indication that a creditor service provides substandard services.
- Fund Transfers: One of the features of no-credit-check loans is that the lenders will transfer the funds to your account without too much hassle and at a great pace. The transactions are mostly online, so we ensured that the lenders move the payments through secure channels.
- Terms & Conditions: A common problem with no-credit-check loans is that some providers add hidden terms and conditions to the contracts to dupe vulnerable people. We went through the terms and conditions of these services to make sure that everything was crystal clear. The thorough scrutiny ensures that you wonât get trapped by unreasonable demands that could come back to haunt you.
- Hidden Charges: We went through the procedures of each loan provider to make sure there was no sketchy business such as hidden charges. Some providers add these hidden charges to the loans so that the indebted are trapped paying back the money for an abysmally long time. Such charges make the loan too costly to repay, which is why we were extremely vigilant on this front.
- Security: We also considered the security level of each platform. The loans must be secure, and that security needs to extend to your data. Getting a loan just to have your data sold to other people or organizations is a big no.
- Customer Reviews: We also went through their customer reviews. The sites we chose had plenty of positive reviews. We looked through them to see if customers have any problems with transactions, hidden charges, and the quality of the customer service. We also looked into their policies to see just how customer-friendly they were.
Things to Consider While Getting a No-Credit-Check Loan
With the number of people out there waiting to prey on the vulnerable, we thought it best to jot down some factors you need to consider before getting a no-credit-check loan.
Go for a site that is reputable in the market. There are tons of review sites with real-time customer reviews, so go through those before choosing a service. So, make sure to look at the reasons people leave bad reviews, as some may only be leaving them because they did not get a loan.
You can also go through Better Business Bureau ratings to see which sites have the best ratings in terms of loan services. Long story short, take your time to check out other peopleâs experiences.
Take the amount you need into consideration before applying for a loan. Some sites are the best for high amounts of loans, while others specialize in providing low amounts of funds at short notice.
Remember that the amount you borrow will have the corresponding amount of interest. Another thing is only to borrow as much as you need. Going for a $10,000 loan when you only need $1000 will only prove more cumbersome for you.
When you get a loan offer, be sure to go through all the terms and conditions. That includes the APR charges and the repayment schedules. Choose a repayment plan and charges that you are comfortable with. If you fall behind on payments, it can have consequences.
Scan the document for any hidden charges or conditions that could get you in trouble later. Donât agree to a loan with a lender who refuses to do things under a proper contract.
There are a multitude of options available when it comes to repayment. Choose a method that makes you comfortable. For example, you can automate the process. In this method, the agreed-upon amount will be taken out of your account when the time comes. However, if you are uncomfortable with this, you can talk to your lender about another method.
Every lending platform has its own eligibility criteria that you must fulfill to qualify for a loan. Most of the requirements are simple, such as the borrower must be 18 or above and a US citizen. Others are more complex.
Some lenders require you to have a fixed income to qualify for a loan. If not that, you must have at least a steady source of income. As they lend you money regardless of your credit score, they need some assurance that you can pay back the amount owed. By looking at your income, they will determine your debt to income ratio and grant you loans according to that.
Additional Charges and Interest Rates
Make sure to check the contract so that lenders do not bombard you with additional charges. Also, be sure to look at the interest rates. Remember that your interest rate will vary based on the amount you borrow and how long you take to pay it back. The longer you take to pay back your loan, the more interest you will accumulate.
On that note, check with your lender if you are falling behind on your payments. A lot of lenders can come up with a flexible schedule based on your reasons for being late.
FAQs about No Credit Check Loans
Q. What is a bad credit score?
If a person has a history of not paying their credit back on time or having too much credit, that will lead to a bad credit score. This score will then determine a personâs credit history. This score makes it easy to identify how a person handles credit.
The most popular scoring scheme, in this case, is the FICO credit score. This scoring scheme ranges from 300 to 800. People who have a score below 630 are said to have a bad credit score.
Q. What is a no-credit-check loan?
As the name suggests, no-credit-check loans are loans given without keeping the personâs credit history in mind. There are no hard credit history inquiries that usually accompany a traditional loan. Through these, even those with a bad credit history can secure a loan.
Q. How do no-credit-check loans work?
These folks check your credit history but donât deny you a loan based on just that. Instead, they take a look at your income and its ratio to your debt. They check how much you spend in correspondence to what you earn. They look at how much you can afford to pay back and make an offer according to that.
Q. How much can I get through a no-credit-check loan?
Most lenders offer amounts ranging from $250 to $10,000 in such cases. Though some are even going higher. However, to secure a bigger loan, you will need a higher income. We recommend only borrowing the amount you need to avoid higher interest rates and easily pay the loan back.
Q. How fast will I be able to get my funds?
After the lender has approved your loan, you may get your funds in as little as 24 hours. At least, that is the case with the sites we have reviewed. In other cases, the duration can vary depending on the lenderâs banking practices. For example, if you apply for a loan on a Friday, you may have to wait longer to receive funds.
Q. Why should I go for online lending platforms instead of conventional offline lending?
Online lending tends to be more convenient, as you can apply to multiple lenders through a single platform. And this increases your chance of getting a loan and saves you time. You wonât have to individually inquire about a lender and make countless phone calls to see if someone will work with you.
Another advantage is the fund transfer process. Online fund transfers are much easier and faster. In addition, you do not have to worry about your payment getting lost or delayed via mail.
Q. How do I apply for an online no-credit-check loan?
The application process is pretty similar for all these lending portals. All you have to do is fill out the form with your information. The portal then circulates the form within the network to potential lenders. If a lender is interested, they will contact you with a proposal. You have to go through that proposal, and if you agree with the terms and conditions, you can sign a consent form. After that, the lender will transfer the funds to your accounts so that you may use them.
Q. What repayment plan should I choose?
You can decide on a payment plan with your lender to determine the best option for yourself. However, we recommend repaying it as soon as possible to avoid extensive interest. If you choose a loan repayment plan with a low amount and a long repayment period, you will have to pay increased amounts in terms of interest. Therefore, itâs highly advisable to go for quick schedules to reduce long-term expenses.
Q. What are the eligibility criteria for no-credit-check loans?
The eligibility criteria are pretty simple, and they tend to be similar across multiple platforms.
- You must be 18 years old or above
- You must be a US citizen or permanent resident with a valid Social Security number
- You must have a valid checking account
- You must have a regular source of income. This steady income can be via full-time employment, self-employment, Social Security funds, pensions, etc. Some portals require you to earn at least a minimum amount to qualify, while others do not.
- You must also have a valid email address and a working phone number
Please remember that these are the general criteria. Different lenders can have more stringent qualification requirements.
Q. Who has access to my personal information?
After you fill out the form, the portals share relevant information with the lenders. They then review this information to decide if they want to work with you. In some cases, the platforms also share the information with companies that can help you repair your credit history and help in other ways. In addition, companies may receive compensation for sharing your information.
Conclusion: Get The Best Credit Loans Even If You Have Bad Credit Score !
There you go! That was our extensive review of the best no-credit-check loans available on the market, as well as any other information you may need to secure a no-credit-check loan. By now, you should be able to make an informed decision regarding the loan you choose to go with. Our advice is to perform extensive research on any service you decide to go for.
When it comes to no-credit-check loans, our top choice is MoneyMutual. The platform is excellent for contacting potential lenders, and you can secure a decent loan. All this is possible free of cost and without much hassle. You wonât even have to keep contacting different lenders only to be disappointed as MoneMutual will send that single application to all the potential lenders available. Then, all you have to do is wait for the offer. Not only that, but the customer care here is also exceptional. Given all that, MoneyMutual is an obvious choice.
If you do not feel that way, we understand. That is why we have compiled that list to have an option no matter your preferences. You can rest assured that all our choices are heavily researched and safe to use.