Generally, bad credit scores limit your loan options and may disqualify you from many banks and traditional lending institutions’ loan offers. At this point, many frustrated borrowers get drawn in by commercials that promote no credit check loans with guaranteed approval. However, you should know that there are no guarantees anywhere, and the idea of no credit check may not be literally implied.
Credit checks are compulsory for every lender as per US lending regulatory laws. However, reliable lenders who advertise no credit check loans may run soft credit checks on borrowers’ profiles. These checks may be regarded as no credit checks since they are not reflected in your credit report like hard credit inquiries.
Also, many lenders who run these checks have high approval rates, so high that a borrower is almost guaranteed a loan once they meet the basic eligibility requirements. For these reasons, loans granted by these high-approval-rate lenders on running soft credit checks are advertised as no credit check loans with guaranteed approval.
- WeLoans – Best overall with no credit check
- iPaydayLoans – Best for same-day payday loans with no credit check
- CocoLoan – Best for online loans with quick funding
- US Bad Credit Loans – Best for affordable bad credit offers
1. WeLoans – Best overall with instant decisions
WeLoans is an industry-leading loan broker that connects applicants with members of its lending network with the best loan deals for them when applying. Both new and existing customers enjoy this service for free since it has a strict zero-origination and processing fee policy. Borrowers can get no credit check loan offers up to $35,000.
The customer-centric lending service is concerned about boosting borrowers’ credit ratings and aggregates within its network only lenders that report on-time payments to the major credit bureaus. This way, a borrower can qualify for better offers with lower interest rates when applying for a new loan.
To help bad credit borrowers qualify for its financial products, WeLoans’ lenders prioritize indicators like the borrower’s income and how long the borrower has been at their current job over traditional indicators like a credit score. It is deservedly in pole position on this list.
- Hard credit inquiries are frowned at
- Zero origination or processing fees
- Reports payments to TransUnion, Equifax, and Experian
- Vast network of reliable and licensed lenders
- Borrowers without proof of income may find it challenging to get a loan
2. iPaydayLoans – Best for same day payday loans
Borrowers who fancy secured loans but do not have the collateral to qualify for one can turn to iPaydayLoans for its no credit check loan offers. You can get these loans without collateral. They are pretty easy to qualify for, especially since iPaydayLoans’ partner lenders have a high approval rate.
One of its unique selling points is its offers for unemployed people. However, an unemployed applicant cannot qualify for its loans if they do not have a consistent income stream. This income may be in the form of pension, benefits, or dividends of a company’s holdings.
Also worthy of note is that iPaydayLoans, with its network of 150+ lenders, offer payday loans with same-day decisions.
- Monthly payments are well spread over the loan term
- Provides borrowers with enough cash to finance large purchases
- An easy and quick application process
- Lenders run only soft credit checks on borrowers’ profiles
- High approval rates
- No origination or processing fee
- Interest rates on bad credit loans may be a little too high
3. CocoLoan – Best for online loans with quick funding
CocoLoan is another good option to check out if you have poor credit ratings or a thin credit file. This loan broker connects poor credit borrowers to lenders who can provide them with personal loans or title loans up to $35,000. Borrowers can also get bad credit payday loans between $50 and $5,000.
Its minimum loan amount, $50, is conveniently small, making the service an excellent option for people who need small cash advances. Applicants typically receive the approved loan amount in their checking account as soon as the same day or the following business day.
On the site, you will find a loan calculator you can use to estimate potential fees, interest rates, and due monthly payments. With the calculation results, you can determine the total cost of the loan, assess its affordability and decide whether taking a loan is the best decision for you at the time.
- Lenders charge relatively low-interest rates on loans
- Provides borrowers with free, no-obligation quotes to enable them to make comparisons
- Excellent customer support
- Quick funding
- No prepayment penalties
- Its use is restricted in some states
4. US Bad Credit Loans – Best for affordable bad credit offers
It’s no coincidence that US Bad Credit Loans is on this list. The bad credit loan broker is licensed to operate in most states in the US and has been doing so for over two decades. This puts to bed every question about its legitimacy. Its loan request form can be completed in as little as three minutes, and funding decisions are made in under five minutes.
Like iPaydayLoans, it has lots of offers for unemployed Americans who have a consistent source of income. Lenders within its network charge competitively low-interest rates and run only soft credit checks on applicants’ profiles. Borrowers can also get loan terms up to 36 months.
- Does not charge prepayment fees
- Simple application process
- A funding decision is made in as little as five minutes
- A late payment fee may apply if you miss a payment deadline
5. CashAdvance – Best for helpful customer services
Hundreds of borrowers who have had their applications thrown out by traditional lenders have found a safe haven in CashAdvance. The loan broker connects borrowers to hundreds of lenders with no minimum credit score requirement. This improves the borrower’s chances of getting a loan.
In fact, a borrower should get an offer, and a juicy one at that, once they meet the lender’s basic eligibility requirements. One can request a loan up to $10,000 on CashAdvance.
The service created in 1997 is a member of the Online Lenders Alliance (OLA), an industry association set up to monitor the internet for predatory lenders. All members of this association adhere to its customer data and lending code of conduct.
It is respected for its excellent customer support, which can be reached via phone or email to answer all pressing questions you may have.
- The platform has a loan calculator to help borrowers determine the total cost of the loan ahead of time
- Simple application process
- Lenders have high approval rates
- No minimum credit score requirement
- Has a rich educational database on each state’s lending laws
- The borrower must have a regular monthly check of $1000 to qualify for its loans
6. Ace Cash Express – Best for small-loan seekers
Ace Cash Express, founded as far back as 1968, has been the lending service of choice for many borrowers needing short-term loans. The company bills itself as a good alternative to small cash advance apps, providing its users with small no-credit-check loans between $50 and $2,000, depending on your state’s lending limit. It also provides check cashing services to its users.
Have you changed your mind about getting a loan? If so, you can return it within 72 hours after obtaining the loan at zero extra cost. You may also elect to get paid via your checking account or to pick up the cash at a local Ace Cash Express Store if you have one in your state of residence.
As with many others on this list, it has no application or subscription fees. You may access any of these services for free.
- No application fees
- Funding is fast and easy
- The application process is pretty straightforward
- Can cancel the loan within a 72-hour window at no extra charge
- Not so transparent with rates and costs.
7. US Title Loans – Best for bank-level confidentiality
If you are a bad credit borrower and have a car title registered in your name, you can turn this in as collateral to qualify for better no-credit check loan offers on US Title Loans. This loan broker connects you with industry-leading lenders in its network with car title loan offers you can’t resist. Depending on your car’s value and a few other factors, you can secure a car title loan up to $35,000.
Although borrowers are encouraged not to miss payment deadlines to avoid forfeiting their collateral, lenders may be open to renegotiating these deadlines with borrowers who may default.
- Does not charge any feel for broker services
- Reports early payment to the major credit bureaus
- Quick approval decision
- Lenders may report late payments
8. PersonalLoans – Best for large loan amounts
PersonalLoans is your one-stop place for personal no-credit-check loans and other credit-related services like credit monitoring, credit repair, and debt relief. What makes this service particularly attractive to bad credit borrowers is its zero minimum income or credit score requirements. This is uncommon with a few large loan sites.
One of its other biggest selling points is its business loans, available to startups and new businesses. In comparison, business loans from traditional institutions are only granted to businesses that are already in operation.
Like CashAdvance, it is a registered member of OLA and so is no party to predatory lending. An applicant can request no credit check loans up to $35,000 and get offers with loan terms between 90 days and 72 months.
- Fund applicants as soon as the same day or the following day after approval
- Soft credit pulls
- A large, extensive network of reliable lenders
- High loan amounts
- Provides other credit-related services
- Offers start-up business loans to new and existing customers
- Applicants may be charged an origination fee
9. Check Into Cash – Best for small cash advances
Check Into Cash, a no credit check loan resource with 1,000 physical stores, is a darling among borrowers who prefer hybrid service, a service with the right mix of a physical and online presence. This online broker is licensed to operate in 26 states in the US.
It has good customer support and can provide small cash advances with longer loan terms. This makes it a good alternative to paycheck cash advance apps with characteristically short loan terms, usually a month or two.
- Has 1,000 physical stores
- Quick funding
- Soft credit pulls
- Courteous customer service agents
- Charges a flat fee between $10 and $30
10. Upgrade – Best for joint personal loans
Upgrade provides no credit check loans between $1,000 and $50,000 at 8.99%-29.99% APR to borrowers in nearly all states in the US. Unlike many others on this list, it’s a direct lender. It has a wide acceptance, thanks to its mobile integration. The service has a mobile app through which applicants can repay their loans and monitor their balances in real-time.
What about its reward system? You may get a 1-3% cashback on loans taken out. Borrowers who open a reward checking account and make three debit card transactions on this account may also qualify for a $200 bonus.
Unlike many lenders out there, its offers are accessible to borrowers who do not get monthly checks. In other words, self-employed borrowers may qualify for their loans. However, they must be able to provide their business’s latest tax returns and income statements to qualify for these offers.
- Has a mobile app
- Offers rate discount on debt consolidation loans for direct payment to creditors
- Provides cashback on loans
- High loan amounts, up to $50,000
- Has offers for self-employed borrowers
- Charges origination fees up to 8%
Tips for comparing no credit check loans
Company background and reputation
Getting multiple offers upon tendering your application is a given. However, you can only spot the best lender by doing proper research on each one! This could be checking out reviews on third-party review sites or asking a real person (if you know one) about their experience with your ideal lender. You’d be surprised how much you’d find.
It is always encouraged that borrowers search for the eligibility terms of each lender they are connected with. A lender may have specific eligibility requirements aside from the more general ones. Make sure you check these out to see how many you satisfy. This would go a long way in reducing unpleasant surprises after accepting your lender’s loan offer.
Interest rate and APR
Interest rate and APR are yet other factors to consider when choosing the ideal lender. Since these parameters directly affect how much you’d be paying back, it’s important to know what each lender charges. This should help you know if you’re getting a good deal on your loan or not.
You are advised to get an online loan calculator and calculate how each lender’s rate can affect your monthly payments. Remember! Cheap isn’t always better. Choose a lender that works for you.
Fees and penalties
Ask questions! Contact the lender and ask them if there are any fees you should know about. Do they charge prepayment fees? Are there any late payment fees, and if any, is this a flat fee, or is it charged on a percentage basis?
With some lenders, you are not qualified if you don’t make a monthly income of at least $800, and with some others, $1,000. A lender may also cater to only borrowers in the fair credit category. Check with your lender for their reservations concerning applicants’ income and credit score.
Ways to improve your credit score
With a better credit score, you get better rates on loans and anything and everything a financial service has on offer! You get better rates on quick loans, auto loans, car title loans, and other loan products too. As such, working towards getting a better credit score is important. Check out the following proven tips to bump your credit score by a few points.
Consolidate your existing debts
Debt consolidation entails you taking out another loan from a bank/lender to settle your existing debts. This way, you’d know you have just one debt to settle.
Seize control of your bill payments
The fate of any borrower’s FICO score rests on the shoulders of five major factors, which are – your payment history (35%), credit usage (30%), age of credit accounts (15%), credit mix (10%), and new credit inquiries (10%).
Payment history contributes the most to your credit ratings. So, settle existing bills and cultivate a habit of paying your debts on time, and you could see a big jump in your credit ratings pretty soon.
Hopefully, you are now clear on what services you should check out for no credit check loans with guaranteed approval. Since most of the lenders report payments to the major credit bureaus and their loan broker counterparts to connect you with lenders that do, their loan offers may be good for building your credit. Alternatively, apply for tips on improving your credit score to enable you to qualify for better offers.