Best No Credit Check Loans

Most lenders let you prequalify for a personal loan. To do this, you fill out an application, the lender does a soft credit check that doesn't affect your credit score and then the lender sends you the interest rate and loan terms they'll offer you. If you accept their offer, the lender will do a hard pull on your credit that will have a small affect on your score.

It's extremely difficult to find a lender that doesn't do a credit check at any point in the process. The lenders that do often charger higher interest rates. But if you're worried that your credit score is too low to qualify for a personal loan, it might be your best chance at getting financing. Here are some lenders to start with:

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

60 Month Loans

60 Month Loans offers personal loans of $1,500 to $5,000 for terms of up to five years. Instead of using your credit score to make a lending decision, 60 Month Loans looks at your three most recent bank statements to confirm that you have enough income to repay the loan.

After your application is approved, you sign the loan documents to accept the loan offer, and 60 Month Loans direct-deposits the money into your checking account within one business day, or two business days if you sign the documents after the 4:30 p.m. Central Time cutoff. Your bank should make the funds available within three business days.

60 Month Loans personal loans are available in 16 states.

• Minimum/maximum loan amount: $2,600 to $10,000, varies by state

• Time to receive funds: One business day for loans accepted before 4:30 p.m. CT

• Fees: Up to 5% origination fee, deducted from loan proceeds

• Loan terms: One to five years, depending on state; most loans have terms of two to three years

• Interest rates: 17.75% to 35.85% annual percentage rate, depending on state

• Co-signer allowed: No

OppLoans

The OppLoans Lending Platform offers loans of $500 to $5,000 with just a soft pull on your credit. OppLoans is not a lender — it's a loan-matching service that connects borrowers to its lending partners, which are state-chartered banks. Regardless of the loan you choose, you won't pay fees other than interest on the amount you borrow. However, that rate is exorbitant at 160% to 179% annual percentage rate.

OppLoans' application process is fully online and requires just personal and employment information for approval. Once approved, you can receive your funds via direct deposit in as soon as one business day as long as OppLoans can verify and approve your credit by noon Central time on a business day.

• Minimum/maximum loan amount: $500 to $5,000

• Time to receive funds: As soon as one business day

• Fees: None, other than loan interest

• Loan terms: Nine to 18 months

• Interest rates: 160% to 179% APR

• Co-signer allowed: No

Possible Finance

Possible Finance is a payday loan alternative offering a more favorable repayment plan than payday loans typically offer. You can get instant approval for up to $500 (subject to state restrictions), which you can receive instantly, and with no hard pull on your credit because Possible uses information from bank statements and a soft credit pull to evaluate applications.

Possible deposits the loan funds into your bank account or loads them on a debit card linked to that account. Loans are repayable in four installments spread out over eight weeks. Loan costs vary by state. The Possible website discloses flat-rate borrowing fees ranging from $10 per $100 borrowed to $25 per $100 borrowed. It notes that in a number of states, including Florida, Texas and Ohio, the fee is not a flat rate, and borrowers typically pay an APR of 150% to 200%. However, you'll have to search through Possible's State Licenses & Disclosures webpage, located here, or install the app and create an account, to find the rates for those states.

• Minimum/maximum loan amount: Up to $500

• Time to receive funds: Within minutes or up to five days

• Fees: $10 to $25 per $100 borrowed or a percentage of loan amount (see app for details)

• Loan terms: Four payments over eight weeks

• Interest rates: 150% to 200% APR but could be higher in some locations

• Co-signer allowed: No

Is a No Credit Check Loan Right For You?

No credit check loans are risky for lenders, so they have high rates and/or fees. You should consider using one only as a last resort, and only in an emergency. However, if you have bad credit, your personal loan options will be limited.

If you have no alternative, such as borrowing from a family member, selling big-ticket items you no longer need or taking a side gig to raise the extra cash, minimize loan costs by paying it off quickly, particularly if there's no prepayment penalty. Making extra principal payments will get you out of debt faster and reduce the total interest paid on the loan.

FAQs

Is it possible to borrow money without a credit check?

It's typically not possible to borrow without a soft credit check to verify your personal and financial information. However, a soft check has no effect on your credit. A small number of lenders do let you borrow without a hard credit check to verify your credit score and history.

Which type of loan does not require a credit check?

Personal loans are a common type you can get without a credit check. Auto lenders sometimes offer car loans with no credit check, too. While such loans are sometimes called "guaranteed," they're not. All loans have lending requirements, such as verifiable income and employment.

What is a hardship loan?

A hardship loan is for borrowers facing a cash emergency. Lenders usually set low loan limits and high interest rates for such loans. In addition, you'll typically have to repay the loan within a few months. Some hardship loans are predatory in nature — they take advantage of people with poor credit by charging exorbitant interest rates that make the loans difficult to repay.

What is the easiest loan to get online immediately?

Wise Loan offers 15-minute funding if you accept your loan and return any required documents before 5:30 p.m. Central. But check with your bank to find out what the waiting period is before it makes the deposited funds available to you.

Photo Credit: ArLawKa AungTun / Getty Images/ iStockphoto