Almost everyone in the United States has obtained a loan at some stage in their life. Personal loans are a great way to help pay for a variety of costs or expenses for everyday consumers. But having a bad credit score can mean that you don’t have the option to borrow money in the same way that many Americans do. Your credit score is the number one thing that lenders check when they’re trying to decide if you are eligible for their financing.
If you’ve ever wondered if you can obtain personal loans with no credit, you’ve come to the right place. Many of our readers ask us if there is a way to obtain a loan without having to have their credit report checked. The answer is a bit complicated. In this guide, we will explore this question and offer our readers various avenues to obtaining loans without having their credit checked. We will also explore some alternatives that might remedy your situation.
There are plenty of questions that you may want answered if you’re trying to find out more information about no credit check personal loans. The subject can be confusing, and there’s a lot of misinformation provided online. It’s important you’re as aware as possible about the different ramifications of getting personal loans with no credit. Make sure to read as much of this article as possible before starting your search for a lender!
The Problems with Credit Checks
Credit checks are a pain for a variety of reasons. This is why many people seek to avoid them during the lending process. It can be a complete pain having your credit report checked by a lender, it can even damage your credit score. Below we will outline the two primary reasons that people have problems with credit checks.
Every time that your credit score is run by a lender or business, it is recorded on your credit report. This is done in order to show how often you are having your credit report pulled. This is valuable information to lenders, as it shows how often you are applying for finance. Lenders will not want to lend money to someone who frequently applies for loans, this shows that you are potentially a risky borrower.
For this reason, every time an inquiry is recorded on your report, your credit score will drop around 15 points. Over time, this can have a huge impact on your credit score. In addition, some lenders will have limits on the amount of recent inquiries you can have on your report. Even if you have a high credit score, your application may still be denied. That’s why it’s important to keep credit checks to a minimum – you should only have your credit checked when you really have to.
The other major problem with having your credit report checked is the fact that you may have a low score. If you have a low credit score, it can be extremely hard to get financing. For this reason, it’s good to avoid having your credit report checked if you have a score that you don’t think will be approved. This is one of the primary reasons that people want to avoid having their credit checked for personal loans.
In addition, there may be certain items on your credit report that you know will disqualify you from being able to borrow money. This will also create problems for you if you end up having to get your credit checked for a personal loan.
Hard Vs. Soft Inquiries
The reality is that there aren’t many lenders out there that are willing to lend you money without checking your credit. Doing so would be downright irresponsible – what if you have declared bankruptcy multiple times? Not checking the credit of your borrowers is a sure-fire way to go out of business. But there are actually two types of credit checks, and they impact your credit score in drastically different ways. We will explore these two types of credit checks in more detail below.
This is the inquiry that was discussed before. It will record on your credit report and create serious damage to your score. This type of inquiry provides the lender with a full overview of your credit history. It is the type of check that the majority of lenders will take on your credit report if you apply for financing. You want to avoid this form of credit check if you can.
A soft inquiry is a surface level check on your credit report. It doesn’t provide the full details of your credit history, but it does provide a pretty good overview of what type of borrower you are. This type of credit inquiry doesn’t impact your credit score at all, which is awesome if you’re trying to avoid damaging your score.
Personal Loans No Credit Check: Who Provides Them?
So, after taking in all this information about finding lenders for personal loans with no credit, you might be wondering who provides no credit check personal loans. There are two primary ways you can receive this type of a loan. We will explore your major options in more detail below.
Soft Credit Check Lender
This is a lender that will run a soft credit check on you if you want to get a loan without damaging your credit score. These types of lenders are not extremely prevalent, so you’ll have to do some searching if you want to find one. It’s very important that you make sure that the lender is providing you with a soft credit check – you don’t want to find out after the fact that a hard inquiry was recorded on your report.
Keep in mind that the major benefit of this is the fact that you won’t have an inquiry recorded on your credit report. If you’re trying to avoid a credit check because you have something to hide, this probably isn’t your best option. A soft credit check still provides the lender with plenty of information about your credit history. They’ll be able to see any major problems pretty quickly.
Peer to Peer Lending
This form of lending is also good for those who don’t want credit checks. Many peer to peer lenders will not check your credit history, instead they will charge you higher interest rates. Depending on your budget, these interest rates may still be affordable for you. The good thing about peer to peer lending is that not only does it help you avoid an extra inquiry on your report, it also means you won’t be denied because of items on your report.
Peer to peer lending is a lending concept that allows other consumers to lend to consumers. It means that the money you are borrowing is not from a traditional lending source. Instead, investors provide money that is given to you and you pay them back the money you owe them with added interest. Typically, this is done through an online platform that takes a small commission for facilitating the transaction.
While this is a nonorthodox way to borrow money, it is becoming increasingly popular in the United States. Keep in mind that the risky nature of the loan means that you won’t be able to borrow large sums of money. On the plus side, many of these lending platforms can get you money in your account within 24 hours of approval!
Personal Loan No Credit Check: What to Avoid
If you’re looking to get no credit check personal loans, you need to realize there are a few things you have to avoid. People understand that those who are trying to get personal loans with no credit may be desperate – you’re an easy target for predators. Make sure to avoid all three things mentioned below.
There are plenty of online companies that try and lure borrowers in by making large claims that they will most likely be unable to fulfill. You don’t want to get sucked in by a headline that states you will be able to get personal loans with no credit. Many of these claims are false. You should always make sure to call the lender and double check that they will not be running your credit report. You don’t want them to end up creating an inquiry on your report and damaging your score.
Payday loans are another issue that should be entirely avoided by borrowers looking for no credit check personal loans. The payday lending industry in the United States is booming. People get sucked into payday lending because you don’t have to get a credit check to be approved. Instead, you just have to have proof of an upcoming pay check. The fees to borrow through these lenders are extremely high.
But the devastating part about payday loans is the interest rate tied to the loan if you don’t pay it in full after your first due date. The rates can be above 1,000% — an astonishing number when you compare it to any other form of personal finance. These lenders are predators – steer clear if you can!
Title loans are similar to payday loans, except they are attached to the title of your car. You use the title of your car as collateral to receive capital from the title loan lender. While this is also common if you want to secure a loan with a regular personal loan lender, title loans have much higher interest rates. This is because they don’t run credit checks and they can give you cash the same day that you sign up for the loan. Avoid these types of loans at all costs, the interest rate is way too high!
If you don’t find any of these options suitable, you may be wondering what your alternatives are. If you’re going to get an unsecured loan with a soft credit check or no credit check, you are most definitely going to be paying more in interest. That’s why it can be good to focus on getting a traditional personal loan if you can.
The best way to do this is to improve your credit. You should start by checking your credit report and making sure that there aren’t any mistakes. Millions of Americans have mistakes on their credit reports, so it’s worth making sure that you aren’t one of them. You can request mistakes be removed by the credit reporting bodies. If they refuse, credit repair agencies can help you speed up the process.
Aside from checking and correcting mistakes, you can also pay down your credit card debt. This plays a huge role in the credit score you have, so paying your credit card balances down goes a long way in making sure that you have the best chance possible of securing a low-interest personal loan.
Personal Loan No Credit Check: The Verdict
The reality is there is no secret formula to getting a personal loan with no credit check. You need to make sure that you’re fully aware of the type of loans you can get without severely impacting your credit. Your best and most affordable option is to look for lenders that only run soft credit checks on your credit report. Keep in mind that many lenders that offer no credit check personal loans are predators – they don’t have good intentions for you or your family.
We like to help our readers get off on the right foot. That’s why if you head to our homepage you’ll find the lenders that we suggest you work with. It’s a good starting point if you’re just beginning your search for a lender.
Don’t rush into any decisions, the more loans you apply for, the more you will damage your ability to be approved. Applying for multiple loans in quick succession is a red flag to lenders – don’t give them any reasons to think you’re a bad borrower.
If you have any other questions about personal loans, check out the other articles we have posted on our site.
If you’re looking at obtaining a personal loan with no credit check, you may have a few questions. Here are some of our most commonly asked questions – check them out if you need some additional information on this type of loan.
How to get a loan with no credit history?
If you don’t have any credit history, obtaining a loan can be hard. You should search for a co-signer or head online to see if any online lenders will accept your credit profile. If you have assets or income it will be easier to obtain your first loan.
Where can I get a loan with no credit check?
There aren’t many lenders that offer loans with no credit checks. Some online lenders may offer loans with soft credit checks – meaning the check won’t do any damage to your credit report.
Can you get a loan with no credit?
You need to get creative. Head to online lenders, peer-to-peer lenders, or other alternative lenders to see your options. Keep in mind, some of these lenders may charge extortionate interest rates. Using a co-signer with a traditional lender can also help you obtain financing.
How to get a small loan with no credit?
Getting a small loan with no credit may be possible through a traditional lender if you already have a working relationship with them. You can also consider online lenders that have lower requirements – though they may have higher interest rates.
How to apply for a loan with no credit?
This will depend on the route you want to take. If you want to use a traditional lender, you should speak with your bank about your options and their requirements. You can also head directly online and apply for a loan through an online lender.
How to get a loan at 18 with no credit?
If you’re 18 and don’t have a credit history, you can sometimes obtain loans through the bank you use for traditional banking. But you can also consider online lenders that offer different interest rates and lending options.
Can I get a loan with no credit or cosigner?
If you don’t have credit or a co-signer, it can be very hard to get a loan. This is especially true if you don’t have abnormally high income. You should consider looking at peer-to-peer lenders or online lenders that offer financing to people who don’t qualify for bank loans. If you have a long relationship with your current bank, speak to your personal banker about your options.
How do no credit check loans work?
Some lenders may not require credit checks for loans – typically only for small amounts. Others will check your credit, but only with a soft credit check – which means your score won’t be damage. Keep in mind, some of the lenders offer very high interest rates.
How to get a quick loan with no credit?
If you need financing quickly and you don’t have any credit, some online lenders will give you an instant decision. Keep in mind – their rates can sometimes be very high for those who don’t have credit profiles.
How to get your first loan with no credit?
If you have no credit and you’re looking to get your first loan, speaking with your bank is a solid option. If they have payment history etc. from your accounts, they may be willing to work with you. There are also some online lenders who have lower requirements for borrowing.
Where to get a loan with no credit near me?
You can go speak to a local lender, or you can head online and apply. Many online lenders will transfer money to your account electronically.
How to get a loan with no credit or job?
With no credit or job, you may find it very hard to find a loan from any lender. You’ll most likely need to ask someone to co-sign the loan.
How to get a loan for school with no credit?
There are plenty of federal student loans available that don’t require you to have a credit history.
How to get a money loan with no credit?
If you don’t have credit, using a co-signer is a solid option. Or you can use an online lender that’s willing to offer riskier loans. Keep in mind, these normally come at a much higher price.
Who gives loans with no credit?
There are a few online lenders that offer loans to people with no credit. Most traditional lenders do not offer these types of loans.
Can I apply for a loan with no credit?
Yes, you can always apply for a loan without a credit history. This doesn’t mean you’ll get approved though.
How to get a loan today with no credit?
If you need a loan today and you don’t have credit, your best option is probably an online lender. Traditional lenders can be harder to convince – and they can also take much more time.
How to get a large loan with no credit?
It’s very hard to get a large loan with no credit. You’ll most likely need to find a co-signer to get this type of loan. Alternatively, if you have an asset that can be tied to the value of the loan, you may be able to use it as collateral.
Is it hard to get a loan with no credit?
Yes. It is much harder to get a loan with no credit, but there are some online lenders that are attempting to make the process much easier.
How to get an online loan with no credit?
Online loans can be easier to obtain than regular loans. You should head online and check different lender requirements. Once you choose a lender, it will only take a few minutes to apply.
Can I get a loan at 19 with no credit?
Obtaining a loan at the age of 19 can be very difficult if you don’t a credit history. Having a good banking history with your bank can help, or you can use online lenders that have less requirements.
How to get a loan fast with no credit check?
If you don’t want a credit check and you need money fast, you need to find an online lender that’s willing to lend without a credit history. Online lenders are typically the ‘fastest’ lenders in the industry.
What's the biggest loan I can get with no credit?
This will depend on a range of different factors, including your assets, income, and the lender that you’re obtaining the loan from.
How to get approved for a loan with no credit?
If you have a large income or a co-signer, you may find it easier to get approved for this type of loan. Otherwise, you may want to consider an online lender or peer-to-peer lender.
How to get a short-term loan with no credit?
You should look online for short-term lenders that don’t have credit requirements. Most traditional lenders don’t lend to those with no credit background.
Where can I get a starter loan with no credit?
If it’s for a small amount, you may be able to use your bank. Another good option is to find a co-signer. You can also look at various online lenders.
How to get an unsecured loan with no credit?
If you don’t want to secure the loan, you may have to find a co-signer. There are also some online lenders that offer financing to those who have no credit.
How to qualify for a loan with no credit?
To qualify for a loan with no credit, make sure to check out alternative lenders that – such as online lenders. Otherwise, you may want to get a family member to co-sign the loan for you.
How to get a cash loan with no credit?
If you want to obtain a cash loan with no credit, you’ll most likely need to find an online lender that doesn’t have crazy requirements.
What kind of loan can I get with no credit?
This will depend on your income and assets. In some cases, you may be able to apply for personal loans or online loans, but it will depend on your circumstances.
Can I get a loan with no credit or job?
If you have no credit or job, it may be extremely hard to get a loan. One of the only loans you can get without credit or a job is a federal student loan. In some cases, you may be able to get a loan with no credit or job if someone with good credit co-signs the loan. Most lenders AT LEAST want evidence of cash flow before they lend money.
How to get an installment loan with no credit?
You should try and get someone to co-sign the loan or see if you have any assets available for collateral. You can also think about online lenders or peer-to-peer lenders.
They may – but this will depend your personal financial circumstances and the amount you’re looking to borrow. If you’re unsure, you should speak to them before you apply for a loan.
How to get an emergency loan with no credit?
If you need money quickly and you don’t have credit, it’s most likely advisable to head online and apply through an online lender. Some have very little credit requirements and can get you money quickly. The only downside is that they often have much higher interest rates.
Can you get a secured loan with no credit?
Secured loans are actually some of the easiest forms of loans to get with no credit. This is because the lenders know they can get their money back.
Personal Bank Loan
If you’re looking to obtain a personal bank loan with no credit check, you may have some questions. Below are some of the common questions we receive about this topic.
Will my bank give me a loan with no credit?
Most banks will not give you a loan with no credit. If you want to obtain a loan with no credit, you’re better to look at alternative lenders – such as online lenders. The only way banks typically provide loans with no credit is if you have extremely high income or someone willing to co-sign the loan for you.
How to get a bank loan with no credit?
It’s much harder to get a bank loan with no credit. Banks are historically some of the most risk averse lenders in the industry. If you want to obtain a bank loan with no credit, you will probably need someone to co-sign the loan.
Specific Loan Amount FAQ
If you have a specific loan amount in mind, you have a question about how to obtain a loan. Below are some of the common specific loan amount FAQs we receive.
How to get a $500 loan with no credit?
Considering the small amount of the loan, there are most likely some online lenders or peer-to-peer lenders that would be willing to lend you this amount of capital.
How to get a 1000 dollar loan with no credit?
You can consider working with online lenders or peer-to-peer lenders that aren’t as strict as traditional banks. If you want to borrow from a traditional bank, using a co-signer is probably your best option.
How to get a 1500 dollar loan with no credit?
If you want a $1,500 loan with no credit, you should ask someone to co-sign the loan for you. Alternatively, you can head online and search for online lender or peer-to-peer lenders that are willing to lend to people with smaller credit profiles.
Where can I get a 2000 loan with no credit?
The best way to get a $2000 loan is to consider alternative lenders (such as online lenders, or P2P lenders) or ask someone you know to co-sign a loan for you.
How to get a 2500 loan with no credit?
Obtaining 2500 dollars without any credit will be very difficult. Using an online lender with lower requirements or asking a family member to co-sign are your best options.
How to get a 3000 dollar loan with no credit?
Considering 3000 dollars is a substantial amount of money, it will be very hard to find a lender if you don’t have any credit. Some online lenders or peer-to-peer lenders do offer options, but their interest rates can be much more than typical banks. The other option is to get someone to co-sign the loan for you.
How can I get a 5000 loan with no credit?
$5000 is a lot of money to obtain without a credit check – most traditional lenders won’t consider providing you with a loan this large without a credit check. Online lenders sometimes have lesser requirements, but often provide worse interest rates. Sometimes a co-signer can also help you obtain a loan.
How to get an 8000 loan with no credit?
If you have no credit, you will most likely need to work with an online lender or peer-to-peer lender to get a loan of this size. Keep in mind, their interest rates can sometimes be higher than traditional banks. You may be able to get a loan from a traditional bank if you obtain a co-signer.
How to get a 10k loan with no credit?
Borrowing 10k from a lender is not easy, especially if you don’t have any credit. Your best options are to try and tie the value of the loan to collateral or use a co-signer. Using online lenders is also an option – some of them have lesser lending requirements.
How to get a 50000 loan with no credit?
It’s almost impossible to borrow $50,000 with no credit. The only way a lender may let you borrow this amount without a credit history is if you have an asset to tie to the value of the loan – such as property.
Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her innate understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.