While banks keep your money safe, their most significant source of income is loans. Money has become so necessary in past decades that people are always in need of a loan. Millions of people take loans daily, whether small or big, for multiple reasons. This became so popular that authorities had to come up with plans to know whether a person was eligible for a loan or not. Thus, the loan institutions check for credit scores to see if they should grant you the loan or not. However, some platforms offer no credit check loans, and they are a huge convenience for many people.
A good credit report starts from 630; if your score is above good, no institute will hesitate to provide you with a loan. Having a poor credit score will limit your possibilities of getting a big loan. Since your best option is to take small loans, pay them back quickly to increase your credit score. Then we have some companies who are more interested in your salary than your credit score. If you earn above $800 per month, you are eligible to get a loan from every online platform. You can ask your family or friends for a loan if your salary is not good.
No credit check loans work even if you don’t have a credit score. If you take a loan for the first time, your credit score will be zero. Most companies don’t like giving loans to a newbie since they are not sure whether you’ll pay them back or not. Not knowing your credit history makes things risky as there is no guarantee; the same goes for a bad credit score. On the other hand, many platforms offer loans without a credit check, but not all of them are trustworthy. Since you’ll be sharing sensitive information on their website, they might share them with external sources.
To remove this headache from your side, we researched and listed the six best websites offering a no credit check loan. With so many customer reviews, these websites are trustworthy and quickly connect you to lenders. You can then negotiate with the lender to bring things in your favor as much as possible. Remember, the interest rates are never low on such loans, but we did try to opt for the brands that charge relatively lower interest than the market.
Best 6 Platforms of No Credit Check Loans
Here we’ll share each loan platform’s necessary details and what their customers say about them. But first, we’ll list the websites alongside their main feature to get an idea of which platforms suit you the best.
- Money Mutual – Overall Best Platform For No Credit Check Loans; Editor’s Pick
- Bad Credit Loans – Best Bad Credit Loans With Guaranteed Approval
- RadCred – Popular For Same Day Loan & Emergency Loan
- Funds Joy – Trusted Lender For Instant Payday Loan & Cash Advance
- Cash USA – Reputed Direct Lenders For Speedy Cash With Low Interest Rate
- Personal Loans – Recommended For Best Personal Loans With Bad Credit Score
#1. Money Mutual – Overall Best Platform For No Credit Check Loans; Editor’s Pick
Money Mutual has been in business since 2010, giving its customers an easy way to grab a loan. This platform is the best if you want to grab a loan for the first time; however, they still have limits on bad credit scores. If your score is near 500, you can’t get a loan of more than $500. However, you can convince the lender to provide you with more money. Money Mutual offers no credit loan starting from $500 to $5000, but it depends on the lender whether they are comfortable providing you the loan. The company will only help you reach the lender. Once you and the lender decide on a loan amount, the company won’t interfere anymore.
Money Mutual doesn’t charge any fee to the borrower; instead, they take fees from the lenders. Instead of doing a hard credit check, the company and the lenders pay minimal attention to your credit score. The lender will directly deposit the money into your account. Once the processing is over, it takes about 24 hours for the funds to arrive. You can get the funds in your bank, cash at hand, or even tell the lender to pay your expenses.
If you have all the information available, it only takes two to three minutes to fill out the form. You can even choose to get updates via SMS, and the company will notify you about the repayment dates and other offers. There is an option for returning customers, which allows you to use the last details to get a new loan. Moreover, instead of sharing your personal information with the lender, they’ll redirect you to its website. There you can add the necessary details and see if the lender shows interest in you.
Here are the top features of Money Mutual:
- Connects people with more than 60 short-term lenders
- Educational resources for the clients to understand the loans
- The website is easy to use
- Easy and quick online form
- Once you apply for a loan, you have no more business with Money Mutual
- Easy access to dozens of lenders at once
- The company provides loans less than $500 to those with abysmal credit
- Borrowers will get the money within hours
- The funding process is fast
- People with no credit can also apply
- No extra fee to apply for a loan
- Simple application process
- No help from the company after loan approval
- Not available in all states
Money Mutual has more than 2 million customers, and almost all of them are happy with its services. Some people were pleased with the website navigation as it was so easy, and others were happy with the quick customer support. However, the best feature that everyone was happy about was the option to get a loan without a credit score. People loved how the lenders ignored their credit scores and helped them as much as possible. One of the customers mentioned the exceptional repayment flexibility, and the lender was also cooperative.
#2. Bad Credit Loans – Best Bad Credit Loans With Guaranteed Approval
Since 1998, Bad Credit Loan has served customers, making them happy with no credit loans. Their goal was to provide people with short-term loans, so it became easy for them to pay them back. At first, the maximum loan amount was $1000, but as the trend shifted toward online loans, the maximum amount you can get is $10,000. The overall website navigation is easy as you directly arrive at the loan page. Enter the amount you want, complete the process, and connect to a lender. Their online form is relatively simple, and they offer loans starting from $100.
This platform is best for people looking to get a quick and short loan for purchases. You can even ask the lender to pay on your behalf. The unique thing about Bad Credit Loans is that they allow extension in lenders’ networks. If the company can’t find a lender within their network, they’ll check if any of their lenders have a person providing a loan that suits your needs. Since Bad Credit Loans specializes in personal loans, their interest rates are relatively lower than other companies. Their idea is to provide average consumers with accessible terms so the person can easily pay the loan back. However, their interest rates are still slightly higher than other traditional platforms.
For all the newbies, their website has information about loan frauds. They inform the customers about loan scams and how to avoid this. This technique is excellent for attracting customers and helping them grab a secure loan. Their network of lenders is trusty, but they don’t have control over the network extension. It is better to go through the guidelines to avoid communicating with a fraud lender and experiencing something terrible.
Here are a couple of features of Bad Credit Loans:
- All kinds of loans are available without a credit check
- A vast network of dedicated and responsible lenders ready to help you in emergencies
- Their customer support is always available, and they even take queries on weekends
- They have no hidden charges; even the online form is free to fill
- The repayment time is 3-36 months, enough to pay back a loan of $10,000
- Loan disapproval won’t affect your credit score
- The website has helpful information
- Agents that are quick and helpful
- Additional financial services are available
- There are no application costs
- Compare and assess interest rates
- Flexible credit requirements for lenders
- You can’t borrow more than $1000 if your credit score is lower than 500
The ability to borrow a quick $1000 with a bad credit score is a feature liked by many customers. Many customers loved the simple and to the point website where they didn’t have to scroll around to find things. The customer service was quick, and they answered people’s queries within hours if there was too much load on the helpline. Some customers were happy to see the competitive APR that helped them get better rates.
#3. RadCred – Popular For Same Day Loan & Emergency Loan
RadCred is always ready to help people with low salaries and bad credit scores. Their lenders don’t care much about your preferences and provide you with a quick loan. However, the lenders recommend a specific loan amount to you to remove your excessive burden. They suggest the loan amount after checking your bank statement and loan history. The best part is that you get to choose a lender. After putting the relevant information in the online form, the company will provide you with a list of lenders. Check their details, see which lender suits you the best, and contact them.
Their APR lies between 5.99% to 35.99%, depending upon how much loan you take. However, the APR also depends on the lender, which will be higher than the company mentioned. If you take a small loan, the interest rate will be more than usual because of the short repayment terms. The average loan term is 3 to 72 months, but you can ask the lender to stretch it if you have a bigger loan. This company’s loans are unsecured personal loan, which means no collateral is required to get the loan. The company has no fees charges, but talk to the lender about costs as they might cut a minor percentage beforehand.
There are only four requirements to apply for a loan at RadCred. You have to be a permanent US citizen, have a steady income source, a valid bank account, and be 18 years of age. Since the company asks for an SSN to proceed, you’ll have to be above 18 to get a social security number. The disbursement is usually the same day, but it might take more time if the lender can’t process your form faster.
Here is the list of valuable features offered by RadCred:
- You don’t have to explain the reason for your loan as they are multi-purpose
- The company doesn’t charge anything for multi-purpose loans
- APR might change at any time, and the company or lender will notify you
- Lenders offer cheap interest rates because they want to make the customers happy
- No breaks in loan processing on weekends since the customer support is available 24/7
- It takes only 10 minutes for the form to fill and process
- Lenders provide cash much faster than a bank deposit, a huge convenience if you want quick cash in your hand
- Easy personal loans with instant approval
- Easy and free access to the official website
- Low APR rates
- Helps borrowers build credit
- Best for people who have poor credit
- Lenders can provide more amount than mentioned on the website
- Minimum loan amount of $1000
Despite RadCred being a new online loan platform, it managed to gain customers’ attention pretty quickly. With their cooperative lenders, they are making customers happy by offering customized loan plans. Most customers were pleased with quick and always available customer support, and some customers were delighted to see that their platform is accessible via smartphone.
#4. Funds Joy – Trusted Lender For Instant Payday Loan & Cash Advance
Funds Joy offers the lowest loan amount of $200 to everyone applying on their platform. Their service is entirely digital, and it takes only five minutes for your request to process. They might not be the biggest loan provider in the USA, but their services are premium, and they are always ready to help their customers. There are only five steps involved in the form filling. Since they’ll ignore your credit score, your salary range must meet their minimum requirements. Instead of the typical $800 gross income, Funs Joy demands you have at least a $1500 salary to avail of their services.
You can get a loan with a lower income, but the amount will be pretty low, maybe not enough to fulfill your needs. They might ask for an employer number, but the company guarantees that they never contact your employer for any reason. They recommend that you should get your pay via direct deposit but are willing to give you a loan even if you get paid in cash or paycheck. The lender might also like to see how long you have the bank account so they can be sure that you are not scamming them.
Here are the features of Funds Joy:
- The website helps you navigate through it, and it also helps you fill out the form by pointing out the necessary details so you won’t have to search for them
- Once the lenders approve your request, it only takes 10 minutes for the loan to reach your account
- The lender only deals in bank deposits; you won’t be getting direct cash here
- Lenders won’t ask for the reason why you want this loan; instead, they are more interested in monthly payments
- The website is straightforward; even a newbie can easily navigate through it
- No external paperwork required
- Bad or no credit is ok
- One step closer to debt-free
- Get approved fast
- Lower credit score if late payments
There aren’t many reviews available for Funds Joy, but those available are giving this platform a 4.5 stars rating. On the other hand, BBB only reported seven bad cases of Funds Joy in the past three years. Most of their customers were happy with the quick approval and deposit of loans.
#5. Cash USA – Reputed Direct Lenders For Speedy Cash With Low Interest Rate
Cash USA is the only online financial institution that works in all 50 states. All their loan plans are easily accessible no matter where you are in the USA. The maximum amount Cash USA can offer is $10,000, but you should have a monthly salary of $1000. They are willing to ignore your credit score if you have none. However, if you have a credit score lower than 500, don’t expect to get a loan of more than $500.
The best thing about this platform is the “Not Sure” option. If you have no idea which lender is suitable for you, just click this button, and the company will give you the best option based on your requirements. You might not like the company asking the reason for your loan. However, you can share the cause, and the lender might pay for your expense instead of sending money to your account.
All your information is safe on this website as they use 256-bit SSL encryption to protect your data. Moreover, they don’t share all your details with the lender, except your contact details, so that you can communicate with them.
Here are the features of Cash USA:
- There is a loan calculator available, helping to understand how much you’ll pay after all your installments
- It only needs a couple of minutes to learn about your loan eligibility
- Cash USA doesn’t charge any fees to avail of its services; however, the lender fees might be high
- Automatic withdrawal allows you to make automatic repayments to avoid ruining your credit score
- The prepayment option is available, but you need to confirm it with your lender about its charges and penalties
- Simple and straightforward to use
- Transparent loan offers
- Manageable loan amounts and loan terms
- Fast approval and funding Time
- Network of lenders from all 50 states
- Suitable for borrowers with no credit
- No smartphone app
- Higher interest rates
While their customers are happy with the service, they are not pleased about Cash USA sharing their information for non-loan products. Apart from this one complaint, we didn’t find anything wrong about this company in their reviews. Although there were fewer reviews than other companies above, the customers were okay with this portal.
#6. Personal Loans – Recommended For Best Personal Loans With Bad Credit Score
Personal Loans distinguish itself by providing the biggest possible online loan of $35,000. You can find an extensive loan calculator on their website to understand how much money you’ll payback. Their $35,000 loan has 72 installments, and on the lowest APR, you’ll be paying an additional $2000. The extra money looks reasonable if you look at the principal amount and the repayment time.
You can even take installment loan without worrying about paying hefty interest rates. Since Personal Loans have a motive of helping average consumers, they kept their interest rates as low as possible. On the other hand, their lenders follow the same reason and will do their best to help the borrower. They even offer an extension in your repayment time so you can easily pay back the money without lowering your credit score.
- Cash USA has lenders that are offering multiple varieties of loan
- You have to share the reason for taking the loan, so you get connected to the right lender
- The terms are flexible, making this portal suitable for everyone
- You can apply for another loan to pay for your previous loan, though it will make things complicated
- No need to fill out the form again as the company saves your details
- Personalized offers
- High loan amount
- Multiple lenders
- Make it easy to consolidate debt
- Offer competitive rates
- Require collateral if you have a bad credit score
- Result in unnecessary debt if not paid on time
Personal Loans got an A+ rating from BBB, which indicates that 90% of its customers are thrilled with its service. They have very few complaints, and most of them were about the website sharing the non-loan advertisements.
Factors to Check Before Getting No Credit Check Loans & Installment Loans
While it is tempting to get a quick loan, especially in emergencies, it is better to check some factors first. You don’t want to end up in several complications because you didn’t check the company and the lender thoroughly. With so many scams in the market, it is better to set some standards before opting for a no-credit loan portal.
- Interest Rates
This is the most significant factor you need to watch out for getting online loans. Since these loans are smaller, the lenders usually charge very high-interest rates on them. They do that to earn good money while lending a small amount, which is unacceptable since small loans are frequently taken. Before deciding on a company, read about their APR range to see how much they’ll charge. Moreover, after getting the list of lenders, check each of them to see which offers the most reasonable interest rates. Since there are no fees until the deal finalizes with the lender, you can back out any time you want.
- Terms and Conditions
Most people ignore reading terms and conditions simply because they believe they don’t contain anything important. In reality, those terms and conditions contain all the necessary details regarding the company’s functionality. If you are stuck in a situation without reading the company policy or terms, the company is not liable to help you. It is necessary to look at the company policy and the conditions for their customers. So, if you have any problem with the company, you can easily deal with them. Every company mentions these T&C on their website; contact their customer support if you can’t find them.
- No Hidden Charges
Remember that no online portal will ask you for fees or additional charges. These companies earn money by taking it from the lender. If there is any company asking for fees or they are not clear about their costs, refrain from following that portal. The same goes for the lenders; once you are redirected to their website, read everything about the charges. Usually, they take an additional 1% on each loan granted but ask the lender about other fees. Only opt for transparent companies and lenders about their work and how much they charge.
- Repayment Time
The typical repayment time for online loans is 3-72 months, based on how much loan you get. Some lenders only offer four to six months of repayment time because of small loans. While it is an excellent option to increase your credit score quickly, some people can’t pay it on time and have to take another loan. This keeps them tangled in the loan circle, and as time passes, it becomes hard for them to escape it. So, set a budget or use a loan calculator to check how much money you can conveniently pay each month and set the repayment time accordingly.
- Your Income
Since we are talking about no credit loans here, the lenders need some assurance that you’ll pay back the loan. Instead of checking your credit score, they check your income. How much money you can get depends on how much you are earning. Moreover, the source of income matter a lot, Freelancers might not be able to get a massive loan because their income varies with work. So, if you want a loan, check your income and its source because it might get troublesome paying back the loan with an unstable income source.
How to Get a No Credit Loan?
Getting a loan with no credit score is much easier nowadays due to the vast availability of companies. However, you need to follow some steps and procedures to get a loan, and these procedures will help you get the right amount of loan that is easy to return.
- Choose the Right Platform
Over the internet, almost every website will offer no credit loan. However, when you check their details and reviews, you’ll see that they are doing the opposite of what they are portraying. Finding the right platform is the first step to getting a loan because every website has different terms and conditions. You don’t want to end up in a complicated situation where you saw something else and got something else. Go through their reviews to check if they are offering loans without a credit check, or you can choose one platform of our choice.
- Choose the Right Lender
Choosing the right lender is as essential as selecting the right platform. The reason is that once you and the lender make a deal, the company leaves the scene. Then it is you and the lender discussing all the terms and conditions. If that lender suits your requirements, feel free to get a loan from them, but if that lender is tenacious about the terms, leave and choose another lender. The right lender will offer flexible terms that benefit both parties without charging additional fees or payments. Moreover, ensure that the prepayment option is also available at the lender’s side to pay the entire amount.
- Review Your Salary
Your salary is what’ll get the loan for you since the lender will check your salary slip before providing you the loan. They check it so that they can easily deduct the necessary amount from your account if you are late on your payments. Usually, your salary should be above $800 to get a loan of $1000. If you want more money, you’ll need a bigger paycheck. On the other hand, your business or job plays a vital role in getting a loan; if they are permanent and suitable, no lender will hesitate to give you the loan.
- Compare Interest Rates
Don’t just choose the first company you see or the company offering a low-interest rate. Check multiple portals and lenders before deciding on one. You might be able to find a person providing the lowest interest rate than others, and that person is not rated in the top category. Moreover, some platforms offer competitive rates where you can provide them with a lower rate offered by another company, and they’ll match it. Some decrease the interest rates if you pay the installments on time, so be sure to check every option before opting for one website.
- Repayments Time
Before taking a no-credit loan, the final step is to finalize the repayment time. You can choose monthly, or weekly payments and the lender will decide the rates based on your repayment time. Usually, if your repayment time is short, the interest rates will be higher, but it depends on how much loan you are taking. Make sure to bring the repayment terms in your favor so it won’t become a hindrance for you in the future. Moreover, ask the lender for additional days if you are late in your payment so that it won’t affect your credit score.
- Get the Loan
Once everything is done, it is time to get the money. The lender can deposit it into your account or give you the cash if you are nearby. If you want to make any payments online, you can tell the lender, and they’ll pay on your behalf. However, not all platforms offer such features, so choosing the right platform is necessary.
No Credit Check Loans Alternatives
If you can’t find a suitable platform that provides you with a loan for any reason, there are alternatives available. Who knows, these alternatives might be better than the options you were looking for.
Credit Union Loans
If you are a part of a credit union, then a loan from that union is best. Being a part of them, they can offer you quick small loans at much lower interest rates than online platforms. Moreover, these unions won’t even look at your credit score, and they can help you increase your credit score since they can extend your repayment time until you can pay the loan. The only restriction here is that they are generous towards their union members; an outsider might not be able to enjoy these perks.
Buy Now, Pay Later Companies
These companies only help you purchase something, but their loans are free from interest. You can visit their websites and check the supported stores for purchases. After deciding on a store, you can purchase a product, and in the payment section, choose the BNPL option. You need to provide your debit/credit card details to these companies, and they offer only four installments. Which means you have to pay the entire sum within four months.
Cash Advance Apps
Some cash advance apps are available to get quick small loans that you have to pay on your next payday. While these apps won’t charge you interest, they’ll ask for some fee or a tip as you pay back the money. They might not offer lots of money, but a couple of hundred dollars in an emergency means a lot.
Family and Friends
We highly recommend that you ask for help from your family and friends first before going for an online loan. They can provide you with an interest-free loan with favorable repayment time, and you can even pay all the money at once since there are no prepayment charges. Even if you don’t get the total desired amount from these people, they can still help you get half of it, which is a huge convenience. Significantly, in emergencies, your nearest people can help you much faster than anyone else.
FAQs: Loans For Bad Credit
Q1. What is a no credit check loan?
A no credit check loan is when a particular platform is willing to give you a loan without checking your credit score. This kind of loan is perfect for those with bad credit scores or no credit scores. If this is your first time taking a loan, an online website that won’t check your credit score is the best option.
Q2. Can you get a no-credit-check loan at 18?
You have to be at least 18 years old to apply for an online loan. Since you’ll receive your social security number at this age if you apply on time, that number is used to check whether you are a US citizen or not. Moreover, you can’t get a proper job if you are not 18 years old and every online portal offering no credit loan checks your salary before providing you the money.
Q3. How quickly can I get a no-credit-check loan?
That depends on the platform you choose and its lenders. The platform will process your request within minutes, and if a lender is available, you might get a loan within hours. It usually takes 24 hours for the lender to transfer you the money, but if you have a good reputation in paying back the loans, lenders can reduce this time and deposit money much quicker in your account.
Q4. How much no credit loan can I get?
On average, most portals offer a maximum of $5000, but some companies provide a loan of $35,000 to their valuable customers. However, you’ll need a high salary and an excellent credit score to get such a high loan.
Conclusion: Best Mortgage Lenders For No Credit Check Loans
Many online websites offer no credit check loans, but only a couple of them provide premium services. We have listed six of them to give you the easiest and fastest way to get multi-purpose loans. Their online form doesn’t take more than 5 minutes to fill out, and the processing time is less than an hour. Once everything is checked, the lenders will take a couple of hours to a whole business day to transfer the funds.