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Borrowers with bad credit or no credit history find it difficult to qualify for traditional loan products and often resort to payday loans. Banks, particularly, reject loan applicants for several reasons, including:

  • Shortage of credit on revolving debt.
  • Many open credit accounts with outstanding balances
  • Insufficient history of taking out installment/personal loans.
  • Judgments from collection lawsuits.

Applying does NOT affect

your FICO® credit score!

Having a bad credit score does not mean that you can never borrow or that you have to resort to payday loans. As long as you have no issue paying off a new loan, you can apply for subprime loans with no credit check. These allow you to borrow small loan amounts of $1000 to $5000. Some lenders may offer high loan amounts of up to $10,000 when you prove that you have a higher capacity of repaying the loan. By searching online, you can easily find loans for bad credit, no guarantor needed.

What is a personal loan with no credit check?

Personal loans are popular forms of credit offered by banks, credit unions, peer-to-peer lenders, and online loan companies. Most are unsecured meaning you don’t have to pledge your assets to get a loan without a guarantor. The interest rate is fixed, and you repay the loan in equal biweekly or monthly payments that go towards the interest and principal amount until you clear the loan.

While they are available from different lenders, “no credit check loans” are mainly offered by online lenders. They differ from other types in that the lender will not conduct a hard credit check or look at credit reports when pre-approving you. Online lenders also often offer bad credit loans, no guarantor needed if you can prove your financial capability to pay.

Hard checks
Also called hard inquiries or hard pulls
Will remain on your report for up to 12 months
Necessary when getting approved for traditional loans
Frequent hard pulls within a short time is a sign of a desperate borrower
Have a negative impact on credit scores. Might reduce FICO score by up to 5 points
Requires your authorization

Soft checks
Also called soft inquiries or soft pulls
They don’t feature on the report requested by lenders
Soft checks are done when loan companies want to send you loan offers
Potential lenders can’t draw any conclusions from frequent soft checks
Not taken into account by scoring models
Can be done without your explicit permission

How do no credit check loans work?

The purpose of credit checks is to reveal your credit history. This information often includes:

  • Personal identifying or financial information.
  • Public records e.g. past judgments.
  • Open and closed credit accounts e.g. auto loans, mortgages, credit card, bank account, etc.
  • Credit inquiries to verify credit scores.

Note that a soft credit score check gives similar information to a hard credit check. Usually, the traditional lender will first perform a soft credit pull to see if you can qualify for their products. They then offer you a loan offer. If you agree to borrow the loan, they will order a hard pull to determine your credit score. It’s for the purpose of showing other lenders that you applied for a loan with them.

“No credit check lenders” will pre-qualify and approve your loan application with soft checks only.

How can I get a personal loan with bad credit?

Banks and traditional financial institutions used to provide high-risk loans. They had to change their lending policies following the subprime mortgage crisis of 2007. Presently, the best way to get a loan with bad credit is to apply with lenders providing “subprime personal loans” or “high-risk loans,” which are synonymous with poor credit. You’ll also find lenders online that can offer you a loan for bad credit with no guarantor.

How to get started:

Just apply by filling out an online loan application form. You can access the form from the direct lender’s website. Alternatively, you can apply through a loan-matching service.

Loan-matching helps you to quickly find the best choice for you. You fill out one loan application online and receive offers from multiple lenders, often within the same business day.

Who can apply for loans with no credit check?

Most customers who take out subprime personal loans no credit check have low credit scores. Therefore, these should act as a last resort.

Applying does NOT affect

your FICO® credit score!

There are some basic qualification criteria to meet before you submit your application. If you answer all these questions with a “yes,” you may proceed:

  • Are you 18 years or older?
  • Do you have a recurring monthly salary? Can you provide proof of your financial earnings by providing copies of recent paystubs, bank account statements, etc?
  • Is your savings or checking account at least 30 to 60 days old? Do you receive direct deposit payments in that account from your employer or distribution agency?
  • Can you provide a working phone number and email address?
  • Are you a U.S. citizen or permanent resident with a Social Security Number?

If you have “all affirmative answers,” the chances of getting approved for loans no credit check is quite high.

Best uses for personal loans bad credit

These are only suited for emergencies. Don’t take them out for vacations, cosmetic surgery, large purchases, etc. They are a bit expensive because they have high-interest rates than conventional loans.

Here is a list of all acceptable uses:

  • Medical expenses.
  • Home repairs.
  • Car repairs.
  • Paying overdue rent or financial debts, such as credit card balances, about to enter collections.

Are no credit check loans safe?

Subprime credit loans come with a slight risk: their high-interest rates. If you’re in a precarious financial position, it might be difficult for you to meet the monthly or biweekly loan repayments.

Can you lower the cost of the loan?

Yes, by shopping around until you secure the best rates. Secondly, most bad credit loans don’t have pre-payment fees. That means you can pay off your loan before the loan’s due date, and save on interest charges. Paying the balance early can also improve your credit score. What’s more, the lender will not charge pre-payment penalties or limit the amount you can pay off on the loan.

Late payments (sometimes even by a single business day) or defaults might also plague you into a circle of debt as well as harm your credit score. See, lenders for no guarantor bad credit loans expect borrowers to set up automatic debits through a credit card or your bank account. It allows them to automatically charge your account on the loan’s due date. If you don’t have enough funds, you’ll incur insufficient fund fees (NSF fees) from the bank or financial institution. They range from $17 to $25. The lender will also charge late fees if you miss your due date by more than 10 days.

Some customers end up in a worse financial position than they were before they obtained the loans. Therefore, it’s better to take measures to ensure you’re never late.

Online loans Apply Today

Nation21Loans is the best place to find loan companies offering no credit check loans. We are not a direct lending company but we connect consumers to the best lenders in the game. Our service is also free.

No credit check loans application

Click the “Apply Now” button to launch the online application form. Once you submit it, expect loan offers in your inbox in under 10 minutes. You’re not obligated to accept any loan offer!

Applying does NOT affect

your FICO® credit score!

Do you have any further questions?