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Borrowing money without undergoing a credit check can seem like a fairy tale. Luckily, there are actually several ways you can gain quick access to funding without having your credit play a major role in the lender’s decision. This is great news for anyone who has poor credit and needs to borrow money because it means that you don’t necessarily have to resort to selling your belongings or making any other last-ditch efforts that you wouldn’t normally do.
While poor credit borrowers will need to a search a bit harder to find the right kind of lender who is willing to approve them, if you know the kind of instant loans and funding are available to people in your credit bracket, you can maximize your odds of approval by avoiding lenders who are not likely to approve you. If you’re trying to borrow money fast but you know your credit won’t get you the loan you need, try some of the following tips to learn about the best loan types for individuals with poor credit.
Did you know you can get online loans, no credit check involved? The best way to ensure your credit won’t be a factor that disqualifies you is to lean on your proof of income and apply for a loan from a payday lender. As their name implies, this kind of lender really only wants to see how much money you make and how long you’ve been gainfully employed for a consecutive period of time.
If you’ve had your job for more than a couple of months and you earn a decent salary, a payday lender will almost always look past your poor credit. You’ll need to be over the age of 18 and have a valid state ID or driver’s license, along with an active checking account.
Typically, the payday lender will want you to agree to a direct deposit arrangement. This means a set amount will be withdrawn from your checking account on an auto-bill basis – normally on the date of or shortly after the date of your next payday.
Each lender will have different requirements for the kind of income proof they’ll need to see in order to approve you, but generally, a few check stubs or bank statements should be enough to convince them, especially if your employer is a reputable company. If you’re self-employed, be prepared to face a more stringent approval process that involves showing many months’ worth of tax returns and bank statements.
This kind of loan is best for people who have consistent, stable, and predictable sources of income. Since the amount that you earn is the primary consideration, your credit score will never be the sole reason why a payday lender turns you down.
An installment loan is very similar to a payday loan except it is often possible to get higher loan amounts. In terms of the repayment structuring, installment loans and payday loans are almost exactly alike in that they involve repaying the loan over an agreed-upon period of time with exact payment amounts being automatically withdrawn from your checking account in installments. In fact, many of the same online lenders who offer payday loans also offer installment loans.
The one major difference between installment loans and some types of payday loans is that installment loans will always have a fixed interest rate, which ensures that your monthly payments will always be the same and cannot fluctuate over time, like a loan with a variable interest rate would.
While there are many alternative lenders who offer installment loans, keep in mind that you might need to undergo a soft credit check to be approved for the larger loan amounts, such as those above $2,500. Before submitting an application for a large loan amount, be sure to ask the lender whether they perform a hard credit check. A hard check will take points off your credit score whether you’re denied or approved. Also, any lender that requires a hard check is performing the worst kind of credit check there is, so the chances that they’ll approve someone with poor credit are slim to none.
Most people are afraid to apply for a personal loan when they have bad credit because this kind of loan is sometimes offered by banks and larger financial institutions that offer a low chance of approval compared to alternative lenders. However, in recent years, many alternative and low credit lenders have started offering personal loans geared towards people who need a second financial chance.
With more lenders than ever before competing for the next person who needs to borrow money, it’s now a lot easier to find multiple personal loan providers who will accept you. However, it should be noted that there is sort of a threshold as to how low your score can be before lenders won’t even look at your application.
If you have a score is in the 400s and you have several negative marks on your report, applying for a personal loan might not be the best idea. If your credit is bad but not horrible (i.e. – in the mid-500s), then a poor credit personal loan might be just what you need.
Peer to peer lending is taking off in popularity, as overall global wealth continues to rise. With each new millionaire comes another person ready to invest in business ventures and good causes. If you’ve got a decent business idea, you might be able to use it as the motivation for lenders to let you borrow money, rather than approaching the loan from a personal perspective.
There are also peer to peer lending sites that let you seek personal loans for any emergency financial needs you might have. Ultimately, a P2P loan is usually easier to get than a bank loan, so this loan type is worth mentioning for anyone who is trying to compile a list of potential funding avenues.
Crowdfunding sites let you start your own personal fundraiser for any purpose you want. However, the catch is that you have to be ready to do a lot of marketing and promotion to push traffic to your crowdfunding profile page. Once you’ve generated an initial wave of momentum by promoting your campaign aggressively, the crowdfunding site’s search engines will notice that your post is popular and will feature it on the homepage or in the search results of related keywords.
With the right cause and enough exposure, you could raise all the money you need. While this isn’t technically borrowing, there are some crowdfunding sites that let you offer exclusive products and perks to people who donate on your page. Also, if you’ll be raising the funds with the promise of building a new product or business, you do at least owe the donors something for the work involved in seeing it through.
If you have a small business that invoices clients or receives recurring payments from customers, you could probably find online loans – no credit check required – through an invoice factoring company. This would require you to have proof of receiving payments for many months consecutively and the amount you borrow would be proportionate to the amount of the invoice payments you normally receive.
Still, this is a worthwhile loan type to bring up in this context due to the fact that your credit score will ultimately fall under one of the less important categories in the lender’s eyes. If invoice factoring doesn’t work out for you but you do have a company that has been in business for a while, you could try applying for business credit using your EIN instead of using your personal credit score on the application.
Borrowing money from friends and family isn’t the ideal thing to do, and you probably would like to avoid it if possible, but it’s also the last recommendation on this list for a reason. If you’ve reached your wit’s end and none of the loan types above are available to you, it might be time to call your closest family members and friends to see if they can either loan you some money directly or co-sign a loan application on your behalf.
Having a co-signer with good credit could greatly improve your chances of being approved for any kind of loan, so simply asking a few loved ones couldn’t hurt to try as a final step before conceding to the fact that you can’t get a loan.
In closing, you might be putting off the excursion involved in going around town and applying with different lenders in your city. Understandably, that can be an intimidating and nerve-racking process. As long as you can confirm that the lender is not going to run a hard check on your credit, it doesn’t hurt to see what kind of loans you find online before you waste your day being denied by local lenders who don’t really need your business.