Best No Credit Check Loans – Top 9 Sites for Guaranteed Loan Approval

Are you currently looking for a guaranteed loan approval, but unable to find a provider because of bad credit?

If so, you should consider a no credit check lender. These types of lenders will assess other areas of your financial profile when deciding whether or not to approve you such as your income, employment status, and history with repaying loans.

If this sounds like something you’re interested in exploring further, continue reading this article and learn about the best no credit check loan offerings in 2021 and how you can improve a bad credit score.

In addition to listing a range of the best providers currently in the market, we also discuss how the end-to-end no credit check process works, and what you need to do to ensure you don’t end up paying extortionate interest fees.

What is a no credit check loan?

As the name suggests, a no credit check loan refers to a financing application that does not take your FICO credit score in to account.

In fact, when lenders determine whether or not to approve your application, they won’t run a credit check at all.

This is especially useful if you are currently in possession of bad credit, not least because traditional lenders will typically turn you down based on your less than ideal FICO score.

Instead of looking at your credit report, the no credit check lender will look at a number of other factors, such as your income and employment status.

This means that as long as you have a steady flow of income, and the lender is confident you can afford to meet your minimum weekly/monthly repayments, then you should have no issues in getting approved – irrespective of your credit score.

However, this does, of course, come at a cost.

In return for giving you a guaranteed loan approval with a no credit check basis, lenders will charge you a rate of APR that is significantly higher than a conventional bank. In fact, if opting for a no credit checks payday loan, you will pay an average APR rate of 400%.

It is also important to note that some providers charge a surplus of 1,000% APR, so it’s crucial that you understand how much you are paying prior to proceeding with the loan application.

Top 9 No Credit Check Payday Loans [Safe Lenders]

If you’re based in the US and looking to obtain payday loans without having and credit checks, check out the following five providers:

 

What will no credit check lenders look for when assessing my application?

When traditional lenders assess an online loan application, they will typically utilize the three main credit rating bureaus.

This includes Equifax, Experian, and TransUnion. The reports available from the previously mentioned agencies contain a vast amount of information on your financial background, such as who you have previously obtained credit from, to what value, and most importantly – whether you have ever missed a payment.

All of this information will subsequently yield a FICO credit rating, which most lenders use to determine whether or not to issue you a loan. 

However, no credit check lenders do not use the main three credit rating agencies when assessing your application. Instead, they will use secondary sources in an attempt to verify the information you provide in your application. With that being said, we have listed the main factors that no credit check lenders will look at when you make an application.  

Your Income

First, no credit check lenders will likely ask that you have a steady flow of income. In the vast majority of cases, this needs to be in the form of regular employment. However, some lenders will consider you if your main source of income derives from other avenues – such as benefits, disability allowances, or pensions.

Your Employment Status

The lender will also want to know what your current employment status is. This covers full-time and part-time employment, as well as self-employment.

Your State

As each state in the US has its own laws surrounding lending practices, the no credit check loan provider will want to know where you are based. In some cases, the lender might not be able to offer you a loan if you are based in a state that prohibits payday loans. In addition, your location can also determine how much interest you pay and whether you need to meet a minimum monthly income requirement.

Repayment History

Although no credit checks lenders will not use the main three credit reporting agencies, they are still likely to use secondary sources to assess your history with credit. This won’t be with the view of obtaining your FICO credit score. Instead, it will be to ascertain whether you have missed loan repayments in the past.

Home Ownership

Most lenders will ask whether or not you own your home, or if you are renting. If it’s the former, this will increase your chances of being approved by the lender, and will likely result in a more favorable APR rate.

What types of no credit check loans are available?

In the vast majority of cases, no credit check loans are available in two main forms – payday loans and installment loans. Here’s what you need to know.

Payday Loan

A payday loan is a type of short-term loan that requires you to pay the funds back when you next get paid.

• For example, let’s say that on September 4th you receive your monthly salary
• On September 20th, you are short of cash, so you decide to take out a payday loan
• You borrow $300 and agree to repay the money when you next receive your monthly salary
• On October 4th you get paid, and subsequently, repay the $300 you borrowed – plus interest

Installment Loan

An installment loan is a traditional personal loan that is taken out over a longer period of time. An installment Loan typically allows you to borrow more than what a Payday loan would permit.

• For example, you need to borrow $6,000 to pay for a new car
• You use a no credit checks lender and agree to repay the money over 5 years
• Every month, you make a fixed repayment, which includes your APR interest
• After 6 years of meeting your monthly repayments, you have settled the debt in full   

How can I get a no credit check loan online?

In a nutshell, the no credit check loan process works in much the same way as any other lender operating in the online space.

Nevertheless, if you’ve never gone through the process before, we’ve listed the main steps that you need to follow below.

Step 1: Find a no credit check lender

You will first need to find a no credit check lender that meets your individual requirements.

Further up the page, you’ll find the best five no credit check lenders currently operating in the space.

Step 2: Start the loan application

Once you have settled upon a preferred loan provider, it’s time to start your online application.

Initially, this will require you to choose how much you want to borrow, and for how long. Next, you’ll then need to enter some personal information.

This will include your full name, home address, telephone number, date of birth, social security number, and if applicable – your driver’s license number.  

Step 3: Enter your financial information

Although you don’t need to enter details pertaining to your FICO credit rating, you still need to let the no credit check lender know what your financial standing is like.

Typically, this will include your current employment status, monthly income, home ownership status, and whether you currently have any other loan products outstanding.

Step 4: Assess your loan offer

Once you’ve completed the loan application process – which typically takes no more than 5 minutes, the lender will then let you know whether or not you have been approved.

If you have, you will then get to view your loan offer on-screen. This will include your APR rate, and whether or not you need to pay an origination fee.

Step 5: Enter your bank Acount details

The final stage of the no credit checks loan process is to enter your checking account details.

This needs to be the bank account that you want your loan funds deposited into, which will also be required to set-up an automatic debit agreement on. This needs to be the bank account that you plan to make your repayments from. 

Finally, once all of the above has been completed, you should receive your loan funds within 1-2 business days, depending on the loan provider in question.  

Pros and cons of no credit check loans

How we ranked these no credit check loan lenders

• How much APR the lender charges
• How much you can borrow
• How long you have to repay the money
• How frequently you are required to make repayments
• Whether an origination fee is charged
• Whether you can repay the loan early without being penalized
• How quickly you are likely to receive the loan funds
• Eligibility requirements

Guaranteed Approval No Credit Check Loans

Of the providers that we have reviewed, there are several that will not perform a hard credit check and fewer that will also guarantee you a loan. Blue Trust Loans are one of the elite group that truly holds the moniker ‘guaranteed approval no credit check loan’ provider. They don’t look at your Fico score, but you build a reputation with them over time. The first time you borrow from this provider the limits will be low and the payment term will be fairly short.

Zoca loans are another option for both no credit checking and guaranteed approval, but beware fo this tribal lender as their interest rates are not governed by state law and therefore can be exorbitantly expensive.

Conclusion

In summary, with banks and traditional lenders getting stricter and stricter on who they lend money to, obtaining financing with bad credit is no easy feat.

However, the good news for you is that there are now a substantial number of online lenders that will consider your loan application without checking your credit.

As such, no credit lenders will instead look at other key metrics tied to your credit profile, such as whether you are in full-time employment, and how much you earn each month.

Ultimately, although obtaining a no credit check loan is relatively simple, you still need to ensure that you have the required funds to repay the loan back in full – each and every month.

Not only are your respective APR rates likely to be sky-high, but the late or missed payment fees can be crippling.

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