What is a No Credit Check Loan?

 “No credit check loans” are unsecured loans for relatively low amounts, that are intended for customers with a low credit score.  Anyone can experience financial difficulty, and while a poor credit score will exclude you from loans with some lenders, others are willing to take a risk and offer loans to people that have a less-than-stellar credit history.  They will not access your credit report, which means you can borrow money when other lenders would normally refuse you for being a credit risk.

What’s the catch?

You will pay a higher interest rate (APR), that reflects the amount of risk a lender faces by lending money to you.  This means you will pay more to borrow the cash, than if you had a visible and sound history of repayments.  Your final APR will be detailed in any loan offer terms made for you, so we cannot give an average figure here, this is decided based on your ability to repay and the amount you borrow from a particular lender.  The good news is that as you make your repayments on time and in full, you can repair your credit rating, and so become eligible for lower-cost loans over time.  If you pay your loan sooner than agreed, you will also pay less.

Example loan terms:

This is an aggregate example of loan terms, based on various state laws and lenders and should be treated as such:   Johnny borrows $500 to be repaid in 15 days time when he receives his paycheck.  The loan fee is $75, if paid on the agreed day. The set processing fee is $25.  If he pays in full on the agreed repayment day, Johnny will pay the loan company $595.  If he pays 7 days earlier, according to his lender’s terms, his loan fee will be $50 and he will repay $575.  A late fee of $25 will apply if he pays several days later than agreed.

How do I qualify?

This varies from lender to lender, but their requirements are minimal.  You’ll need to be 18 or over and receiving a regular income, but with those two things aside, the loans on this page are designed to include as many people as possible:  lenders recognize that in today’s financial climate of uncertainty, people from all walks of life need money they cannot get elsewhere.

How do I apply for a no credit check loan?

Each of our reviewed sites asks you to create a log-in and password to protect your information.  You will enter basic details; name, income, and address and answer questions about how much you want to borrow and over what amount of time.  All of our reviewed lenders promise approval within a few minutes of you submitting your information.

What loan types are available?

The type of loan will vary from lender to lender.  Some lenders offer long term loans which are usually paid back over a longer term of many months or even years.  Other lenders offer short term loans intended to be paid back within a few weeks or next paycheck, these are usually also referred to as “payday loans”.  Aside from these, there are same day loans as well as personal loans for bad credit that can be used for nearly any purpose.

How will I receive my loan?

Lenders will pay your cash loan directly into your account of choice, where funds will be available immediately.  In some cases, our lenders are able to make payment to you on the same day you apply and are approved for a loan, although most payments are made overnight.

How do I repay my loan?

Lenders request the agreed repayment amount from your account, via electronic payment on an agreed date, as per your loan agreement.

What if I miss a payment?

Don’t ignore the problem.  Contact your lender IMMEDIATELY. They will work with you to reach an easy solution for both parties.