| APR range | None |
| Loan amounts | $100 a day (up to $750 per pay period) |
| Loan terms | 7 to 30 days |
| Fees | $0 to $3.99 per transfer (plus optional tip) |
| Pros | Cons |
|---|---|
No interest Can reschedule one debit every 60 days if in a bind 24/7 live chat available May be helpful in an emergency | Can find yourself in a borrowing cycle if you aren’t careful Payments are automatically withdrawn on your payday, regardless of whether the funds are available Optional tips can add up |
EarnIn is a paycheck advance app that allows you to access your work pay before payday. You can borrow up to $100 a day ($750 maximum per pay period) through the EarnIn app. On your payday, EarnIn will then automatically withdraw your loan from your bank account. Unlike standard payday advances (which typically come with predatory APRs), EarnIn doesn’t charge interest. Instead, it charges a $0.99 to $3.99 fee for near-instant access to funds. However, if you can wait one to three business days, this fee won’t be required. You can also include an optional tip of up to $14.
The instant gratification that comes along with EarnIn could some into trouble, but if you practice self restraint, EarnIn might be a good option in a pinch. Read our full EarnIn app review.
| APR range | |
| Loan amounts | Depends on creditworthiness |
| Loan terms | |
| Fees | Late fees up to $7 |
| Pros | Cons |
|---|---|
Can use online or in store for retail purchases 0% interest (unless using financing product) Offers a few ways to repay | Borrowing limit fluctuates based on Klarna’s algorithm Unable to use for bills, rent or medical care Fees can rack up if you don’t pay on time Can be hard to use responsibly |
Klarna is a buy now, pay later app that allows you to make retail purchases with a low (or no) down payment. If approved, the app creates a one-time-use credit card number that you’ll use to make your purchase. Then, you’ll have 30 days or six weeks to repay what you borrowed (or up to 24 months if you use Klarna Financing). Klarna is convenient — so much so that you might accidentally overspend. Your borrowing limit depends on your borrowing history, and Klarna doesn’t disclose its maximum loan amount. Read our full Klarna buy now, pay later review.
| APR range | Up to 160.00% |
| Loan amounts | $500 to $4,000 |
| Loan terms | 9 to 18 months |
| Fees | None |
| Pros | Cons |
|---|---|
High maximum borrowing amount Reports payments to major credit bureaus No origination fees or repayment penalties Transparent website helps you understand the cost to borrow | Triple-digit APRs Not available in all states Some applicants may need to wait two to five days for approval decision |
Founded in 2012, OppLoans has offered 2.5 million loans to more than 900,000 people. OppLoans does not offer loans in Colorado, Georgia or Nevada. Borrowers in other select states will be linked to one of OppLoans’ lending partners. As is the case with other bad credit loans, OppLoans’ APRs are high. On the plus side, though, the lender doesn’t charge fees like some other lenders in this arena. Read our full OppLoans personal loan review.
OppLoans uses a soft credit inquiry to determine eligibility. They also evaluate applicants’ creditworthiness by reviewing income, bank account transaction information, employment status and financial history. Applicants must also be at least 18, have a bank account, live in a state that the company does business in and receive regular income via direct deposit.
| APR range | Up to 248.67% |
| Loan amounts | Up to $500 |
| Loan terms | 2 months |
| Fees | One-time fee of $15 to $100 |
| Pros | Cons |
|---|---|
Mobile app simplifies borrowing experience No late payment fees 0% interest no-credit-check credit card available | May be charged a one-time fee High APRs Low borrowing limit Not available in all states |
Possible Finance is an online lender that specializes in small loans for those with no credit or bad credit. Possible boasts that one-third of their customers with no credit had a credit score of 570 after their loan term ended. If used responsibly (and in tandem with other strategies), you could use a Possible loan to build your credit from scratch, potentially unlocking future loans with more favorable terms. But while the company’s APRs are steep, you could qualify for a loan with Possible Finance when other lenders have turned you down. Some borrowers might also be interested in Possible’s 0% interest credit card (although it comes with an $8 or $16 membership fee).
When it comes to personal loans, the term “no credit check” is a little misleading. More commonly, when financial institutions offer a no-credit-check loan, it means they don’t run a hard credit check and don’t use your FICO Score or credit history to determine eligibility.
Rather than relying on your credit score, lenders pull a soft-credit report and review other aspects of your creditworthiness, which can include your employment status, annual income, bank transaction history and debt-to-income (DTI) ratio.
Many borrowers with bad or no credit turn to these types of personal loans because they don’t meet standard personal loan requirements.
Unfortunately, this desperation can cause unscrupulous lenders to charge astronomical APRs and excessive fees with short repayment terms that are near impossible to meet. For instance, payday loans are a type of no-credit-check loan.
Attention military personnel: The Military Lending Act prohibits lenders from offering loans with an APR higher than 36% to active-duty military, their spouses and select family members. That means that some of the loan options on this list may not be available to you. Instead, see our alternatives to no-credit-check loans.The cost associated with no-credit-check loans can be high. But if this is your only option, here are some steps you can take to find the best loan for your situation:
Traditional lenders use your credit score to determine your eligibility and APR. If you need a personal loan with no credit check, you’ll need to narrow down your search to lenders that offer them.
Although you can apply for a no-credit-check loan in person at brick-and-mortar payday and cash advance lenders, avoid them. You might have better luck finding a less expensive personal loan online.
Beware of scams: Most are on the up-and-up, but some no-credit-check lenders take advantage of borrowers in dire financial situations. Know the signs of predatory lending and always look for the lender’s license before providing personal information (which should be available on their website or hanging in their office, if applying in-person).It’s important to comparison shop when considering any personal loan, but especially so if you need a no-credit-check loan. The Truth in Lending Act requires all lenders to display their rates and fees to remain compliant. Look for lenders’ disclosures, where you can compare:
APRs: Most financial experts recommend that you avoid loans with an APR of 36% or higher, but no-credit-check loans tend to have rates in the triple digits. Compare more than one lender to find the one with the most reasonable APR.
Repayment terms: No-credit-check loans usually provide smaller loan amounts than traditional personal loans, as well as shorter repayment terms. Although a shorter repayment term can lead to less interest over the life of the loan, a repayment term that is too short may make it difficult for you to repay what you owe.
In particular, be on the lookout for balloon payments, or extra-large payments that come at the end of your repayment term. Balloon payments aren’t common with personal loans; if your loan has one, you could be facing a predatory lender.
Fees: Since no-credit-check personal loans come with such high APRs, you may want to try to pay it off early. In this case, you need to avoid lenders with prepayment penalties.
Also, do your best to choose a lender with no (or low) late payment fees. Although you should always pay your loan on time, you don’t want to get buried in excessive fees if the worst should happen.
Applying for a loan with no credit check is simple. The process can vary, but generally, you’ll need to provide your name, contact information, Social Security number and bank account information. You may also need to send in a copy of a government-issued ID.
Many no-credit-check lenders know their borrowers need money fast, so approval time is typically short (anywhere between a few minutes and a few days).
Depending on your repayment term, your first loan payment could be due as soon as the week after your loan was disbursed. Pay close attention to your repayment schedule and make your payments on time. Since no-credit-check loans have such high APRs, a missed payment or two could land you in a debt cycle.
If you don’t qualify for a traditional personal loan or credit card, you may have other options.
If you have thin or rocky credit, you may want to consider a secured credit card. These might not be the best choice for everyone (you’ll have to put down a small deposit to get one, which acts as collateral). If you can swing it, though, a secured card can be a great way to build credit.
If you have a credit score of at least 580, you might qualify for a bad credit loan. Like no-credit-check loans, APRs are higher than average, but they’re likely to be lower than what you’ll find on a no-credit-check loan.
A secured loan (also called a collateral loan) is much like a secured credit card in that you’re required to put up valuable assets to get one. In this instance, collateral could be your house, car, jewelry or savings account. Tread with caution, though — it would be financially devastating if your lender seized your home because you couldn’t pay back what you borrowed.
Some federal credit unions offer payday alternative loans. These have a maximum APR of 28% and longer loan terms than a payday or no-credit-check loan. PALs can be hard to find but if your credit union offers them (or you can join a credit union that does), it may be worth your while to check this option out.
The easiest loan to get is the one with the loosest requirements. Many times, this is a no-credit-check loan or a payday loan. Unfortunately, these types of loans will likely cost you several times what you borrowed due to high APRs and fees.
If you can, improve your credit score before borrowing money so you can qualify for a traditional personal loan or credit card — that, or choose an alternate line of funding.
It depends. It can be easy to get in over your head with no-credit-check loans, especially if you’re dealing with a shady lender. Still, when used responsibly (and sparingly), they could provide relief in a financial emergency.
No. Although APRs are high on no-credit-check loans, payday loans are even higher. It’s not uncommon for a payday loan to have APRs as high as 400%.
While no-credit-check loans have shorter repayment terms than a standard personal loan, payday loans are even shorter (usually two to four weeks after the loan is disbursed). Plus, payday lenders usually require you to postdate a check for the amount you owe and if you don’t pay, they’ll cash the check. This isn’t a standard practice on no-credit-check loans.
