How To Get a Personal Loan with No Credit Check

Bad credit can limit your options when it comes to borrowing money, but “no credit check” personal loans may be the solution you’re looking for.

Unlike traditional loans, personal loans with no credit check generally don’t require a hard pull on your FICO credit score. Lenders may still check your credit history, but they base your application decision on other factors, such as your income and employment history. As a result, you may still qualify for a “no credit check” personal loan with bad credit.

Learn how a personal loan works and whether you can get one without having your credit checked.

What is a personal loan?

A personal loan is a convenient money solution that you can use for a variety of situations. Since loan amounts range from hundreds to thousands of dollars depending on your state, you can use a small personal loan to cover a home or car repair, purchase a new appliance, pay medical bills, or even plan a vacation.

Personal loans with no credit checks are a type of Installment Loan, which means they’re repaid in installments (typically a monthly payment). Your loan agreement should detail your loan amount, payment amounts, and finance charges. Best of all, applying for a no-credit-check personal loan won't impact your FICO credit score.

What is a credit check?

A credit check is when a lender requests a report from the credit bureaus that details your credit history. The report shows all open and closed credit accounts you’ve had in the last seven years, the balance amounts on your open accounts, and your payment history for each account. 

A credit report also displays any late payments, accounts sent to collections, bankruptcies, liens, and court judgments.

When you apply for a credit product, lenders run a credit check and then use this information to decide what kind of lending risk you’ll be. If the lender chooses to extend credit to you, they’ll use your credit report to set the borrowing amount, interest rate, and payment terms you’ll receive.

Getting a personal loan with no credit check

Finding a personal loan with no credit check may not be easy, but some lenders have less strict credit score requirements.

For example, lenders like Advance America consider factors besides your credit score when making an application decision. This means that applicants with bad credit may be approved for personal loans if they have a regular income, steady employment, or a history of making on-time payments on other loans.

Apply for a Personal Loan today

Types of personal loans available without a credit check

Many of us have gone through hard times that resulted in some dings in our credit history and wonder if we’re out of luck for getting approved for loans and other kinds of credit. 

The good news is that, if you do your research, you can find lenders that offer no credit check options for many different types of loans.

Payday Loans

Payday Loans are small-dollar loans that you pay back on your next payday. The loan amount is based on your income and any state laws regarding payday loans. One of the most appealing features of a Payday Loan is that you don’t need good credit to be approved for one.

Installment Loans

Installment Loans are loans that you pay back in fixed payments. The loan amount, interest rate, payment terms, and credit requirements vary by lender. However, you may be able to get an Installment Loan from a lender that works with borrowers with bad or fair credit.

Line of Credit

With a Line of Credit, you’re approved for a maximum credit limit that you can then borrow against as you need to. When you repay the borrowed amount of money, you have the entire credit limit available again. Many lenders require credit checks for Lines of Credit, so research lenders that work with borrowers with bad or fair credit and inquire about their Lines of Credit.

Student loans

Student loans are loans used to pay for education costs. Payments don’t start until you’ve completed your education. Credit checks are not needed to receive student loans, except for PLUS loans.

Auto loans

Auto loans are used to purchase a vehicle like a car, truck, minivan, or SUV. Most lenders run credit checks, but there are “no credit check” or “buy here, pay here” loans that some dealerships offer for borrowers with poor or fair credit. If you find an auto dealership like this, do your homework and ask questions to see if this is the right option.

Mortgage loans

Mortgages are loans used to purchase a home. Like auto loans, most lenders will run credit checks for mortgage loan applications. But there are some no-credit-check options for mortgages you can look into.

Home equity loans

Home equity loans allow you to borrow against the equity you’ve built up in your home. It’s possible to find lenders that won’t run a credit check for this type of loan since the loan is secured by the home the equity is in.

Key benefits of a no-credit-check personal loan

Some of the benefits of no-credit-check personal loans include:

Easy application process. Applying for a bad credit personal loan is easy. Simply fill out an application online or at the lender’s physical location. You’ll need to provide a government-issued ID and some financial details, such as your bank account information, but the approval decision is instant.

Quick funding. Not only is the application process easy for personal loans with or without credit checks, but in some cases, you may even get your funds the same day you apply!

At Advance America, online loans approved before 10:30 AM ET (on regular business days) are deposited into your bank account by 5 PM ET. Loans approved after 10:30 AM ET are typically funded the following business day.

Manageable payments. Many types of personal loans offer lengthy repayment terms, so your payments remain manageable. To ensure you can afford your loan payments, review your loan agreement before signing so that you know your exact payment amount — and never borrow more money than you can afford to repay.

Good credit not needed. Traditional loans that pull a hard credit check often require you to have a FICO credit score of 700 or above. If your credit is in the “poor” or “fair” range, your application may be denied.

By contrast, lenders offering personal loans who base their approval decisions on factors in addition to credit history (without the hard credit pull) will often approve applicants with bad credit.

How to apply for a personal loan

There are a few steps to take when applying for a personal loan with or without a credit check:

1. Compare lenders

Whether you get a personal loan with or without a credit check depends on where you apply. Regardless of your credit score, you should shop around to compare lenders so that you’re aware of your options.

2. Select a personal loan and gather your documents

After you’ve chosen a lender and personal loan, you’ll need to gather the documents required for the loan you want. These requirements may vary by lender and state, but generally consist of a government-issued ID and proof of income.

3. Apply

Fill out a personal loan application online or in person. With “no credit check” personal loans, you may need to provide your employment history and other details related to your income.

4. Wait for an approval decision

After applying, you won’t have to wait long to receive an approval decision. Many lenders even offer instant approvals for personal loans with or without credit checks, while others can approve loans within 24 hours.

5. Receive your funds

Depending on your lender, you might receive funds via check, prepaid debit card, or direct deposit. Typically, you’ll have access to the money by the next business day, if not sooner.

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Who should get a personal loan?

Personal loans are for anyone who needs a little extra money. Here are just a few examples of the types of borrowers who can benefit from a personal loan:

People at the start of their financial journey

No-credit-check personal loans for bad credit can be a good option if you need money but don’t have an established credit history.

Those who need to pay for a major life event

An unexpected life event, such as a major surgery or job loss, can easily wipe out your savings. A personal loan with or without a credit check can help cover costs until you’re back on your feet.

New parents who need extra funds

Baby formula, diapers, and other newborn essentials add up quickly. If you’re a new parent, you may opt for a personal loan to help pay for items that aren’t gifted to you by family or friends.

People making home improvements

Whether you’re dreaming of a home renovation or you need to replace a broken appliance, home improvements cost money. It can be a source of relief for homeowners to know they can apply for a personal loan without a credit check.

Those who want to consolidate their debt

Getting a personal loan can be a good way to consolidate multiple debts. Rather than juggling multiple payments per month, you can streamline them into one manageable payment.

Get an Advance America personal loan

Advance America offers in-store and online personal loans that can help borrowers cover a variety of expenses, regardless of their credit score. Even if you’ve been turned down for a loan in the past, we might be able to help. Apply for a personal loan online or at your nearest Advance America location today!