No-Credit-Check Loans: Top 5 Online Loan Lending Companies Of 2022 – Blog
When you have the inside scoop on the best no-credit-check loans, you can get your hands on the short-term loan you need without having to go through a credit report inspection.
This could be the most convenient and guaranteed option if you have a credit score that leaves you unqualified for most loans, or if you have recent negative marks on your credit report.
Many, if not all, credit unions and banks require you to undergo a credit check in order to get approved for your loans. However, some credit check lenders are willing to move away from the process, with a catch — higher interest rates or more fees that offset the high-risk nature of the loan.
Before you apply for any of these loans, read our article and our FAQs carefully to understand the process. None of these companies are fraudulent or scammers; however, expect your cost to be higher than those with a good credit score.
We carefully researched each website for legitimacy, ensuring you can trust them to help you with what you need.
Now, let us get into the list.
Top 5 Best Companies For No Credit Check Loans:
- MoneyMutual: Overall Best Online No Credit Check Loan Lender, Editor’s Pick
- Funds Joy: Top Rated Direct Lender For No Credit Score
- BadCreditLoans: Emergency Personal Loans for No Or Bad Credit Score
- CashUSA: Get Instant Cash Guaranteed Approval
- Personal Loans: Best For Personal Loans Borrower
The biggest advantage of these online loan offices is that they more or less work together. You submit a loan application, and then all lenders in the network get your loan request. In short, you apply to many different lenders without a hit on your credit score.
Some on the network won’t require credit checks, while others may require it. If anything, it is a good way to get an idea of your likelihood to be approved without having to worry about someone seeing your credit report.
If you are qualified, you will receive an email with information on how to take the money.
#1. MoneyMutual : Overall Best Online No Credit Check Loan Lender, Editor’s Pick
MoneyMutual is one of the biggest online lending networks in the United States, and the good news is that many of them do not require a credit check. Once you’ve got your approval for a short-term loan, you can do all the paperwork for it online and have the money put into your bank account the very next business day.
You have to be 18 years of age at minimum, possess a checking account that is active, and have an income of at least $800 per month. You also must provide documentation that states that you are employed. However, the requirements vary from lender to lender. The average borrower will be approved anywhere from $250 to $2500, however, the max amount you will be offered is based on your individual qualifications.
It’s a good way to connect consumers with quality short-term lenders that offer services such as payday loans, installment loans, and bad credit loans.
- Loans available to you in 24 hours or less
- Loans offered up to $2500
- Millions of satisfied customers
- The online form is easy to complete and takes five minutes
- Free to apply and use the website
- The application period is short, fast, and easy
- Apply to a big lending network and get multiple offers
- Known as one of the top short-term loan lenders in the USA.
- Not offered to NY or CT customers
The following are paraphrased reviews we took from real MoneyMutual clientele.
“I saw the TV ad and called right away. I had my money in no time. They offer loans for all sorts of things. My [payments] are taken out monthly.” – Jamie
“If you need cash fast, the way to get it is MoneyMutual…The repayment options are available to anyone who can make the payments back… One only needs to make sure that arrangements are made so payments aren’t late.” – Raven
#2. Funds Joy: Top Rated Direct Lender For No Credit Score
Opting for loans has never been easier, FundsJoy provides easy no credit check loans even for people with bad credit scores. With Fundsjoy, people are transforming their lives as they can now start their own financial journey at their own pace and will. Direct lenders like Fundsjoy provides personal loans with guaranteed approval with no questions asked. This way has enabled people to start their own business journey and have easily repaid their loan amount.
The UI interface of Fundsjoy is very easy to use and understand, everything is at fingertips. If you are still having a hard time figuring out the UI, just click on the “get started” on the top right corner. The whole is 256-Bit SSL secured, this means that all the information entered on the website does not get saved anywhere, even with the creators of the website or company. Basically your information stays with you only. In this day and age, cyber theft has become prevalent in society. To reduce such possible cases, Fundsjoy’s entire website is encrypted.
- Loan approved in less than 24 hours
- Application form takes less than 10 minutes to fill
- Majority of satisfied users
- Loan amount up to $5000
- Application form is free
- End to end encrypted website
- Easy loan starting from $500
- Not all loans get approved
- Filling application form does not guarantee approval
So far, so good! The overall customer experience has been satisfactory as the services have been flawless. Fundsjoy has provided loans to people who needed it the most. Fundsjoy has been as the best direct lender for fast cash and easy personal loans. We strongly recommend Fundsjoy to you as they have provided finance opportunities to those who needed it the most.
#3. BadCreditLoans: Emergency Personal Loans for No Or Bad Credit Score
BadCreditLoans can get you a loan in the amount of $500 to $5000, and the loan terms will vary anywhere from 3 to 36 months. The interest rates will also vary, ranging anywhere from 5.99% to 35.99% APR. Your loan will depend on the lender they connect you with.
Their sign-up is simple and includes three easy steps to complete. First, you must put in a request for your loan. Then, you will review the offers from lenders you’ve been connected with. Lastly, you will receive your money 24 hours after you sign the contract.
You are under no obligation to do this. If none of them work for you or you need more time to think it over, you are able to do so while continuing your search elsewhere. Also, the company offers e-consent, meaning you can sign up electronically.
Signing up is easy. It just takes three steps to complete the application, and you’re in. First, you will put in a request for your loan. Secondly, you will review the offers from lenders you’ve been connected with. Third, you will take a good look at the offers that have been sent your way.
Lastly, you will have your money as fast as 24 hours after you sign the contract. You’re under no obligation to do this, so if you need time to think it over, take it. Plus, the company offers e-consent, meaning you can sign electronically (no fax machines or snail mail necessary).
- Loans up to $5000
- Money available to you in 24 hours
- Credit requirements are flexible
- Many lenders to choose from
- Been in business for over 20 years
- Easy three-step online application
- Very easy and simple to use
- Ideal for people with less than stellar credit
- Just one application connects you to many lenders
- The loan process is easy but requires a lot of personal information right away
“BadCreditLoans was a pleasure to work with. The online request was fast and easy, albeit detailed, and the fact that ANYONE can submit loan requests opens many possibilities for consumers that are hard to approve.” – Laura Cook, MoneyUnder30.com
#4. CashUSA: Get Instant Cash Guaranteed Approval
CashUSA is not a direct lender, but instead a third-party company that matches those seeking loans to servicers that can offer them the best rates for their credit scores. So, when you fill out the online forms, understand you are not getting a loan directly from CashUSA, but instead through one of their partnered lenders.
The site itself is pretty easy to figure out. You simply go to the website and start by filling in your zip code, date of birth to ensure you are 18 and older, and the last four digits of your SSN.
You will then fill out more information such as bank account information, and job/work questions. It takes just a few minutes, and you then get offers from various lenders.
They send your criteria only to lenders that match your needs, so you don’t have to get your hopes up about a great rate only to find that you didn’t qualify anyway.
From there you can agree to the terms and conditions of your loan and get your money as early as the next business day.
- All credit scores accepted
- Loans offered from $500 to $10,000
- Funds go directly to your bank account
- Use your loan for any reason
- Hear back from them in minutes
- The application process is easy and fast
- Loans are offered to people of all credit rankings
- Get the best rate by comparing various lenders
- Does not partner with all major lenders, so you might not get the best deal
- State that they may be compensated for sharing your info
“Easy enough to enter your info and get a list of potential lenders.” – Emery Gray, financer.com
“Quick cash when you need it. They are helpful and understanding, have low-interest rates, and are quick.” – Shannon Peterson, financer.com
#5. Personal Loans®: Best For Personal Loans Borrower
This is a loan aggregator service that works like many others. We were delighted to include it because they offer services to borrowers of both good and not so good credit situations. After all, everyone needs a loan at some point or another.
It’s pretty straightforward – you will begin by filling out basic information such as zip code, email, name, address, birth date, and military service status. Next, you will answer questions about why you need the loan and how much you need, and your credit will be reviewed. You will also need to enter your SSN, driver’s license information, and your bank information.
It’s an ideal place for new borrowers, especially because every step is explained clearly. It’s as if you are at a bank talking to a loan officer. Once the fast and easy process is done, it will take mere minutes until you start receiving offers for loans. We also liked that it matched borrowers with many suitable lenders, allowing them to choose which one works best for their individual needs.
- Offers loans from $500 to $35K
- Funds are sent to you in just 24 hours or less
- Services offered in all 50 states
- Online approval is fast and easy
- Great for all credit types
- Max loan amount is $35,000
- Get personalized loan offers that suit your financial situation
- Strict protocols: no late payment histories, recent/active bankruptcies, or off-charge accounts
“I was appreciative of this service and the reasonable APR I was granted. It’s hard to find a loan service online you can trust, and I trust Personal Loans!” – Kate M, SiteJabber
“Such a great experience! I got the loan I needed with no hassle, got approved, and got the money fast. Will make my home repairs easy. Decent APR, too!” – Rhi P., SiteJabber
#5. Credit Loan
Creditloan.com is straightforward and can get you a good sum of money fast. It’s a soft pull on your credit report, so your score will not be affected just because you looked for a loan. Once you fill out all the usual information, you will get loan offers in minutes, sign the paperwork over the internet within the hour, and receive your money the next business day.
Creditloan.com’s site says it can get you up to $25K, but the bad-credit loan limit is $5K. The requirements to apply for the loan are not too stringent.
You can’t be a resident of New York or Connecticut, must be 18 years of age or older, have zero active bankruptcies, and have a form of consistent income plus a bank account under your name. Your bank account is needed so they ensure their monthly payments are received as you repay the loan.
- Loans from $250 to $5000 are offered
- Bad credit applicants are accepted
- Been in business since 1998
- Takes just 24 hours to get your money
- Borrowers do not have to meet specific income guidelines to apply
- Creditloan.com is A+ rated with BBB
- Income sources can include annuities, disability/unemployment payments, rental property income, social security, structured settlements, student aid, and investment returns
- Do not serve NY or CT customers
“Their site was safe, and I was connected to a reliable lender. I was approved for a reasonable amount, but I could not provide the collateral, but the company they connected me to is good and well-known.” – Elizabeth, Trustpilot
“Customer service was very pleasant, and I enjoyed the experience because it was fast and easy.” – Angela, Trustpilot
“It was a fast and easy application, great payment plan as well, I am pleased.” – Rosalie, Trustpilot
Factors To Look For While Getting A Bad/No Credit Check Loan
There are a few things to look out for while you shop for a bad or no credit check loan.
When you’re on the lookout for a lender specializing in such credit history, consider the following criteria:
- Customer service reviews/ratings
- Repayment methods
- Penalties and fees
- Loan terms
- Interest types and rates
- Eligibility requirements; i.e., monthly income, employment status, etc.
- Pro Tip: Research about the best bad or no credit check loan lenders near you.
Let’s discuss these criteria in detail.
Customer Service Reviews/Ratings
Make sure you take some time to read what others thought about that particular loan service. You are sure to find a few disgruntled customers, as a few of them probably did not read the terms of their loan closely enough, but the majority of the reviews should be fair or better.
It’s also a good idea to do some quick research on the company you’re interested in by checking out the Consumer Financial Protection Bureau to see what customers have to say.
Many lenders offer a variety of repayment methods to make it easier on you and to ensure they get their money back, with interest. For instance, automatic payments drawn from your checking account is one option and, in some cases, -might get you a discount.
Other methods include mailing checks or paying online using your banking information. Make sure your lender has a method that works for you.
Penalties and Fees
Returned check, origination, prepayment, late, insufficient funds, and processing fees could all apply to your loan.
Origination fees are charged for the lender having to process the loan in the first place. Not all lenders charge it, but those that do usually process a 1% to 6% fee. You might see this rolled right into your loan, or as a separate charge. It all varies according to the lender and your state.
A prepayment penalty fee is also dependent on the lender. Such a fee could wash away any savings you were hoping to gain by paying it off early. The fee is usually a percentage of the leftover balance or the sum of the interest charges for several months.
If you are late with your payment, you will likely be charged with a late fee. Some lenders offer a grace period, but be sure to check with your lender first. If you know you will be late, call your lender to see if they can work with you to avoid a fee.
These late fees are not cheap, some could be $30 while other lenders charge a percentage of your monthly loan payment (about 5% in most cases we’ve seen). Some lenders do not process late fees.
A returned payment fee will also vary but is usually about $15.
When you get preapproved for a bad/no credit loan, you will be given the terms of that loan, which include your APR, loan restrictions, total amount paid, and loan period. Make sure you review them with a fine-tooth comb and that you are comfortable with the terms.
Interest Types and Rates
Be sure you compare interest rates to get the most affordable loan possible. The greater your credit score, the lower the interest rate, in most cases.
Most bad credit loan companies include fixed interest rates, which guarantees it will stay the same for the length of your loan.
A loan with a variable rate will fluctuate and move according to an index rate.
Lenders that specialize in loans with no credit will usually require you to have a credit score of 620 or better. The maximum debt to income ratio is usually capped at 45%. This ratio refers to how much you owe each month versus how much you are earning.
Most of the time, lenders advise borrowers to have a steady income to make up for their poor credit. Some lenders may require you to have a minimum annual income to work with them.
Others will look at your employment and how much money you earn when looking at your ability to repay the loan. Some lenders will look at other financial aspects of your life, such as your savings account when determining financial responsibility. By finding a lender that does this, those of you with no credit but no debts could attain a loan for whatever you need.
Some of these companies may require a co-signer as well. A co-signer can get you a better interest rate if they have good credit, good income, or both. But, if you default on the loan, they are the ones that have to pick up the tab. This could lead to a damaged relationship as well as damaged credit for the co-signer. Make sure both of you are clear on the loan terms before signing.
How To Get A Bad/No Credit Check Loan (Step By Step)
Having some knowledge of the loan process before you get started could help you get a better deal. Let’s go through some steps first to ensure you don’t pay more than you need to with a bad credit loan.
- Begin by checking on your credit score and getting your credit report. Get your credit report to see if there are errors and look for places you can improve your score. If you locate any errors, get them fixed as this can improve your overall credit score and boost it up a few points. This could help you get a lower interest rate. By going to annualcreditreport.com, you can use the three major credit organizations to get your score.
When applying for a personal loan, the creditor uses your report to see if you can repay the loan. Ideally, you should check it three months before you apply for a loan, as this gives you the chance to fix any errors. Dispute them with all three bureaus for best results.
To improve your score, you should pay off a credit line that goes beyond 30% of its limit or pay a debt that has entered collections.
Determine your budget. First, find out how much you need to borrow. Next, devise a plan to make sure those payments are made on time. Make sure your budget accounts for your basic needs such as food, housing, and transportation, as well as credit card payments and savings.
As you figure out how much you can pay each month, think about the repayment period and amount. The longer you spend repaying the loan, the more you pay in interest. The monthly payment will be affected by the APR of the loan and whether the interest is variable or fixed. Make sure you take into account any loan fees as well (such as an origination fee, for example).
Shop and compare in order to save on interest. Getting a personal loan is not something you can do on a whim. Make sure you take the process seriously and take your time to find the best rate. Many online lenders can get you pre-approved, and these pre-approvals will show you what interest rate the lenders can offer.
Pre-approvals are essential quotes that are soft pulls on your credit report, designed to show you what interest rates are available for someone with your credit score. This is a great method of comparing bad/no credit loan interest terms and rates before applying (applying will trigger a hard pull on your credit report, which will affect your score).
You should aim to get pre-approvals from many lenders who do soft pulls on your credit. This will allow you to see what the best rates are and apply for the best one out there. This way, only one hard pull is done, and your score won’t get affected as much.
- Watch out for fraud/scams. Many scammers exist and they want nothing more than to separate you from your money. It’s difficult to do, but remember, if something sounds way too good to be true, it probably is.
Any “lender” who asks you for fees upfront, contacts you non-stop, pays no mind to your payment history, request that you pay using a prepaid credit card, or isn’t able to produce a license to loan money in your state is likely a scammer.
- Payback your loan. Some lenders will get you funded the next business day. After that money has been disbursed, you are responsible for paying it back.
Be sure to pay on time to avoid late fees and a lowered credit score. Paying after the due date means you will pay more in interest and pay more on your loan. It’s important that you work out the numbers ahead of applying to make sure you can pay it back on time, every time.
Alternatives to No Credit Check Loans
No-credit-check loans online are not inherently a bad thing, but they do come with their fair share of risks. It never hurts to check other, more conventional options first before you sign the paperwork for one. Here are some alternatives you might want to consider first.
For these loans, individual investors fund your money instead of a large financial institution. You might end up with a better deal if you go with this option.
It works like any other loan, though – the better your credit score is, the better your interest rate will be. But it is virtually guaranteed that the terms will be better than payday loans, which come with a high rate and many extra fees on the side.
What If You Don’t Qualify?
Some of you may not qualify for a bad credit loan. Or, you may have read this article and decided that it’s not for you at all. That’s OK. There are other ways you can go about making money to pay for what you need.
Call Your Company
If you’re in debt to a credit card company, a utility company, or somewhere else, call them to ask what options they can offer you.
You may be able to get onto a hardship plan which can help you reduce the interest charges and monthly payments. A utility company might allow you to pay half the bill and the other half in two weeks or next month, as an exception.
This could help you avoid taking a loan out in the first place.
Home Equity Line of Credit
Abbreviated as HELOC, this method lets you tap into the equity you’ve got in your home to get you some cash for what you need.
By applying for such a loan, you will be given a credit card or a check that you may use to cover your purchases during what’s called a ‘draw period.’ If you spend some of that money, you will have to make payments on the outstanding balance until the draw period comes to a close.
Afterward, this line of credit is converted into “repayment,” where you will repay any outstanding balance over time or at once, depending on the terms of your individual HELOC.
Look Over Your Budget Carefully
Try to find ways to cut back, if possible, to avoid taking out a small loan. Most people who get out of debt quickly do so by making EXTREME sacrifices in order to save every dollar toward getting out of debt.
This means absolutely no extras – no buying food or clothing unless it is absolutely necessary, no luxury/unnecessary spending, and no going out unless the activity is free or paid for by somebody else. It also means no cable TV, no Netflix, and in the most extreme of budgeters, no internet.
This may sound a bit harsh, but it does work and is a surefire way to climb out of debt. For most of us, cutting back on extra expenses, such as not eating out as much, not shopping as much, and not buying items on an impulse will be enough to help you get out of debt, as you will be using the money on what you need instead of spending it on unnecessary items.
You can also sell items you are not using to earn extra money. Online sales sites like Facebook Marketplace, Mercari, and eBay are all great places to help you raise some money.
Not all employers can do this, but some will. You can get a cash advance on your paycheck. Again, this is dependent on each individual employer, but it’s worth a shot to see what they can do for you.
Got some extra time on your hands? Get moonlighting with something you’re good at. Whether it’s delivering pizzas, making homemade handicrafts and selling them, doing freelance writing/artwork/video editing online, or something else that makes money safely and legally, get going. You might be tired after a long day at your primary job, but it’s a lot better than getting debt collection phone calls throughout the day.
Family and Friends
This one is one you should approach very carefully, as you do not want to damage your relationship with a friend or family member. Take it seriously and get it in writing, creating terms that you can stick with including due dates, interest, and payment amounts.
Treat it as if you were working with a bank. Alternatively, you might work to pay your debt off by offering childcare, labor, or another service to your loved one.
FAQs About No Credit Check Loans
Q. Can I Get A Loan Without A Credit Check?
Most lenders will be checking your score out to see if you qualify. But other lenders may opt to use different verification methods, such as bank information or artificial intelligence to come to a decision about whether or not to lend to you.
Q. Does Taking Out One of These Loans Affect My Score Since I Already Have Poor Credit history?
Anytime a person finalizes a loan application, their score is going to be affected. But, making on-time payments will help you rebuild that score. Make sure you do everything possible to pay your monthly payments on time (and consider paying a few bucks extra if you can afford it).
Q. Do You Know Of Any Bad Credit Loans That Have Guaranteed Approval?
Regardless of your score, there’s a high chance that some lender in the world is going to get you approved. That being said, you have to understand that such loans usually come with less than attractive loan terms and interest rates.
Q. What Are Some Example Loan Rates For Borrowers With Bad Credit?
You can certainly find personal loans if your credit isn’t so great, we’ve seen people with scores of 450 get approved. However, the interest rates are usually a whopping 20% and up once your score goes below the “good” range.
Q. My Credit Is Not So Good. What Can I Do To Get A Loan?
Your best bet is to go with a lender who utilizes alternative data to make decisions, such as your income or your banking history.
Q. I Need An Emergency Loan, But My Credit Is Bad. How Do I Get One?
The lending companies we’ve gathered here can provide you with a loan. Choose the network that makes the most sense for you from the list and enters all applicable info. You will get offers from a multitude of different lenders, so choose the offer that you like best.
From there, you will fill out and finalize the application. It won’t take long to get your funds; Typically, you will get your money the next business day. Best of all, you can apply for these loans night and day thanks to the automated underwriting services used by these lenders.
Q. I Am Unemployed But Need An Emergency Loan. Am I Out Of Luck?
Thankfully, the answer is no. Lenders are looking to see that you have adequate income to repay your loan. Therefore, those of you with income from rental properties, alimony, retirement pensions/accounts, government payments, or investments are all encouraged to apply. Even if you have income from an annuity, student aid, or child support, you should look into one of these loans if you need it but don’t have a traditional paycheck coming in.
Q. What Is The Minimum Credit Score Needed To Get A Loan?
Lenders do not list such numbers on their website because they look at more factors than just your score to see if you qualify.
For instance, you might have a great credit score, but a lot of debt. If the lender feels that the potential borrower’s income is not going to cover the payments on another loan, they will reject the application.
Meanwhile, somebody could have a poor credit score but little to no debt. If that person has a monthly income that is sufficient to repay the loan, the lender will likely approve the application but include an origination fee and/or higher interest rate.
Lenders may look at your employment history as well. Stability is a good thing for lenders to see, and if you’ve been at the same workplace for a while and don’t frequently change jobs, you’ve got a good thing going. It means there aren’t gaps in your paychecks and that your income is steady.
Q. I Don’t Have Any Credit, What Is My Score?
If you have zero credit, your report will not show a score because there is not enough information available to create one.
This is called “credit invisibility,” and you will produce a score once you get your first loan or credit card and have 3-5 months of repayment history as reported to the three major bureaus. With a loan, your lender could report to all or just one of the credit bureaus.
In Conclusion: Which Is The Best Company For No Credit Check Loans?
Now that you’ve learned the basics of bad or no credit check loans, will you be taking one out? If so, which service will you be using first?
Getting a loan is much easier now than it was in the old days. And, these online lenders already know that your credit is less than perfect, so there’s no need to have that somewhat embarrassing conversation with a bank or credit union.
Best of all, these are genuine lending outlets, so you don’t have to worry about scammers getting your personal information. Just make sure you formulate a plan to pay it back and make all the payments on time. Good luck!