4 No-Credit-Check Loans and Borrowing Alternatives

No-credit-check loans can have high rates and short repayment terms. Compare your options, including loan alternatives.
Annie Millerbernd
By Annie Millerbernd 
Updated
Edited by Kim Lowe

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A no-credit-check loan can seem like the only way to get cash fast if you have a low credit score or no credit history. But some no-credit-check loans are risky, especially those with triple-digit interest rates and short repayment terms.

Whatever type of no-credit-check financing you consider, research the lender and rates — and make a plan to repay the loan — before you borrow.

4 no-credit-check loan options

Summary of no-credit-check lenders

Lender

Loan type

Loan amount

Est. APR

Fees

High-interest installment loan.

$500 to $4,000.

160%.

None.

High-interest installment loan.

Up to $500.

91.25% - 248.67%.

May charge an origination fee.

Cash advance app.

Up to $100 per day; up to $750 per pay period.

None.

  • Optional fast funding fee: $1.99 to $4.99.

  • Optional tip.

Buy now, pay later app.

$200 to $2,000.

None.

Late fee: $8.

Note: NerdWallet uses different methodologies to rate high-interest personal loans, cash advance apps and buy now, pay later apps. Read more about star rating methodologies for personal loans, and cash advance and BNPL apps.

OppLoans: No-credit-check, high-interest installment loans

OppLoans
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OppLoans are high-cost, short term loans that are available in most states. All loans have triple-digit annual percentage rates, regardless of the borrower’s creditworthiness or ability to repay.

OppFi, the fintech platform that provides OppLoans, reviews applicants’ bank account transactions to assess their monthly cash flow. Instead of a hard credit pull, the lender does a soft pull and checks bank account transaction data to determine whether borrowers have enough income to repay the loan.

OppFi reports payments to the three major credit bureaus: Equifax, Experian and TransUnion.

APR

160% - 179%.

Loan amount

$500-$4,000.

Fees

No origination, late or prepayment fees.

Repayment terms

9, 12 and 18 months.

States where available

AK, AL, AR, AZ, CA, DE, FL, HI, ID, IL, IN, KS, KY, LA, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WI and WY.

Pros

Cons

  • Fast funding.

  • Reports payments to the three major credit bureaus.

  • Payment due date is tied to borrowers’ pay schedules.

  • Does not perform a hard credit check.

  • High interest rates.

  • Interest may make up more than 50% of the loan amount.

  • Does not offer pre-qualification.

  • Minimum monthly gross income of $1,500.

  • A bank account and regular source of income.

  • To receive paychecks through direct deposit.

  • To live in one of the states where OppLoans are offered.

  • To be at least 18 years old.

Possible Finance: No-credit-check, high-interest installment loans

Possible Finance
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Possible Finance is an app that provides loans of up to $500 to consumers with bad or no credit. Repayment terms are up to eight weeks, and payments are made in biweekly installments. Possible’s rates can reach 248% in some states, which is extremely high compared with the 36% maximum APR recommended by most consumer advocates.

Possible reviews applicants’ bank account transactions to determine whether they qualify and their loan amount, but the lender doesn’t do a hard credit check. The lender reports payments to Experian and TransUnion.

APR range

91.25% - 248.67%.

Loan amount

$50 - $500.

Fees

Fees vary by state.

Repayment terms

8 weeks.

States where available

AL, CA, DE, FL, ID, IN, IA, KS, KY, LA, MI, MS, MO, OH, OK, RI, SC, TN, TX, UT and WA.

Pros

Cons

  • Fast funding.

  • May accept borrowers with low credit scores or thin credit histories.

  • High interest rates.

  • Customer support available through online form only.

  • Difficult to assess the loan before borrowing.

  • Short repayment terms.

  • A Social Security number.

  • A state-issued ID, such as a driver’s license.

  • A positive bank account balance with recent deposits.

  • A minimum monthly income of at least $750.

EarnIn: No-credit-check cash advances

EarnIn
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EarnIn is a cash advance app that allows borrowers to take up to $750 from their paycheck before payday in $100 daily increments. Other apps let users borrow more at one time, but a $750 max between paychecks is high compared to other similar apps. EarnIn doesn’t charge mandatory fees, but it has optional tips and fees for same-day funding.

EarnIn only works with employees who are paid regularly and have a fixed working location or employer-provided email address. The app doesn't do a hard or soft credit check to determine eligibility. Instead, borrowers must show proof of time worked.

Advance amounts

Up to $100 per day and $750 per pay period.

Fees

  • Optional fast-funding fee: $3.99 to $4.99.

  • Optional tip: Up to $13 per advance.

Repayment

Withdrawn from your bank account on the date of your next direct deposit.

Time to fund without express fee

1 to 3 business days.

Time to fund with express fee

Within minutes.

Pros

Cons

  • No mandatory fees.

  • Low optional fees.

  • Potentially large advances.

  • Requires access to your bank account.

  • May require access to your location or verify employment via your work email address.

  • May cause your bank to charge an overdraft fee if you don't have sufficient funds on the due date.

  • To be at least 18 and a U.S. resident.

  • A consistent direct deposit schedule.

  • A fixed work location, work email address or electronic timesheet.

Afterpay: No-credit-check buy now, pay later loans

Afterpay
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Afterpay is a buy now, pay later company that splits purchases into smaller payments. Users’ maximums are initially $600 and increase over time. Afterpay doesn’t charge interest, but late fees are capped at $8.

Afterpay only does a soft credit check when you apply. The app splits your shopping bill into four equal payments — one due at checkout and the other three due in biweekly installments.

Loan amount

$200-$2,000.

Payment structure

Pay-in-four plan.

Interest

0%.

Availability

Available online and in stores.

Conducts soft credit check

Yes.

Minimum credit score

None.

Late fee

Up to $8.

Other fees

No other fees.

Option to reschedule a payment

Yes.

Pauses account when payment is missed

Yes.

Pros

Cons

  • Offers zero-interest loans.

  • Includes free payment rescheduling.

  • Pauses account after missed payment.

  • Includes access to rewards program.

  • Charges late fee.

  • No option to build credit.

  • Accepts credit card for repayment.

  • To be 18 years old and a U.S. resident.

  • A verifiable email address.

  • To be authorized to use the credit card, debit card or checking account making the purchase.

Did you know...

The total interest paid on some no-credit-check loans can be more than double the amount initially borrowed, and borrowers risk being trapped in a cycle of debt with this type of loan. Compare affordable borrowing and non-borrowing options before getting a no-credit-check loan. You can search NerdWallet’s database of local financial assistance programs or compare alternatives to payday and other high-cost loans.

What is a no-credit-check loan?

A no-credit-check lender doesn’t review your credit history or credit score when deciding whether to give you a loan. Omitting credit checks is common with payday lenders and other companies that offer high-interest loans.

These loans are often a few thousand dollars or less and can be used to cover an emergency or bridge an income gap. They typically have short repayment terms of a few weeks or months.

Not knowing your credit history makes the loan risky for the lender, and many no-credit-check installment lenders balance that risk by charging sky-high annual percentage rates. The loans’ short terms can also make them difficult to repay on time and potentially trap borrowers in a cycle of debt.

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Soft vs. hard credit inquiry

Even a no-credit-check lender may do a soft credit inquiry. This type of credit check can be done without your knowledge, but it doesn’t affect your credit score. Soft checks happen when you pre-qualify for a personal loan or receive a credit card offer in the mail.

A hard credit check requires your consent. It’s triggered when you submit a formal application for credit, like a mortgage or car loan, and it usually causes your credit score to dip by a few points. Hard credit inquiries typically affect your credit score for one year but stay on your report for about two years.

No-credit-check loan example

A one-year, $2,000 loan with a 36% APR will have monthly payments of $201. That same loan through a no-credit-check lender with an APR of 200% would run you $396 a month — nearly double the cost.

Here are examples of that same 12-month, $2,000 loan repaid at different APRs.

Credit score

Example APR

Monthly payments

Total payments

Excellent (720 or higher)

11%.

$177.

$2,144.

Poor (629 or lower)

36%.

$201.

$2,411

No-credit-check

200%.

$396.

$4,746.

Things to consider about loans with no credit check

Here are a few things to know before applying for a no-credit-check loan.

Other qualification criteria: No-credit-check lenders may not have credit score requirements, but some have requirements around income and U.S. citizenship or residency. Those that do a soft credit check may require that you have some credit history.

Credit reporting: Check if the lender reports payments to the three major credit bureaus. You can usually find this information on the lender’s website or by contacting customer service. When loan payments are reported to the bureaus, on-time payments build your credit score and missed payments hurt it. This is especially important to note with high-interest lenders whose expensive loans may be difficult to repay.

Collections: If you fail to repay a no-credit-check loan, high-interest lenders and some buy now, pay later apps can send you to collections. This usually happens after 120 to 180 days of nonpayment. Debt collectors can contact you via phone, mail, email or text. Most cash advance apps do not send unpaid advances to collections.

Did you know...

Per the Military Lending Act, a lender can’t provide a loan with an annual percentage rate above 36% to active duty servicemembers, their spouses or certain dependents. If you’re a military member, spouse or covered dependent, a lender may decline your loan application in order to comply with the law.

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How to shop for no-credit-check loans

If a loan with no credit check is your best option, here are a few tips to avoid a predatory lender.

  • Look for the APR. An APR helps you evaluate the loan’s affordability and compare it with other loans. Lenders are required by law to disclose the loan’s APR before you sign a loan agreement.

  • Find a lender that assesses your ability to repay. Reviewing your bank account information, doing a soft credit pull, checking alternative credit bureaus and requiring proof of income are all signs that a lender wants you to repay the loan. A lender that doesn’t check your ability to repay may be counting on you getting a second loan to pay off the first, which is how a debt cycle begins.

  • Understand the repayment terms. Whether you agree to repay the money in two weeks or a few months, know your payment date and how the lender will collect the money. If the lender debits your bank account, review your budget to make sure the money will be there and you won’t overdraw.

  • Review the amortization schedule. If the loan requires multiple payments, ask to see the amortization schedule, which is a table that shows how much of each payment goes toward principal and how much to interest. At least part of each payment should pay down the loan’s principal.

  • Look for the lender’s license. Lenders must register in all states where they operate. Many list their licenses on their websites. 

  • Beware of scammers. A reputable lender won’t ask you to pay them before you get a loan. If the lender asks for a gift card or cash before they lend money, it’s likely a scam.

No-credit-check loan alternatives

Online loans

Some online lenders consider borrowers with poor credit — even those with credit scores below 600. To help you qualify, some lenders consider additional data, like employment status and outstanding debts. Bad-credit loans have higher rates, but typically not above 36%.

Co-signed or joint loans

If you have a low credit score, consider adding a co-applicant with a better credit profile. A co-signer is someone who vouches for you but doesn’t have access to the loan funds, while a co-borrower on a joint loan shares the loan funds and repayment responsibility. In either case, your co-applicant is responsible for loan payments if you fail to make them.

Secured loans

Secured loans usually have softer credit requirements than unsecured loans, so those with fair or bad credit scores may get a larger loan or lower rate. Most online lenders accept a vehicle as collateral, while banks and credit unions prefer a savings or investment account. Weigh the benefit of adding collateral against the risk of losing it if you miss too many payments.

Family loans

Ask someone you trust to help you pay a bill, cover rent or spot you cash for groceries. It may be difficult to ask, but it will preserve your credit and keep you from entering into a contract with a high-interest or payday lender. You and your family member can draw up a contract detailing the loan amount, repayment term and how you’ll repay them.

Payment plans

If reducing a credit card bill, rent, utility bill or mortgage payment for a month or two would provide enough relief, inquire about a payment plan. Some creditors and utility companies have hardship forms you can use to request an extension, but you may have to reach out to your landlord or lender.

Credit union loans

Many credit unions offer small personal loans starting around $500. To qualify you, they may consider information other than your credit score, like your history as a member. Federal credit unions cap rates for personal loans at 18%. Some credit unions also offer payday alternative loans, or PALs, which are small-dollar loans with maximum APRs of 28%.

Capital Good Fund

Capital Good Fund is a nonprofit lender that accepts borrowers with thin or no credit history for emergency loans up to $1,500. The lender doesn’t have a minimum credit score requirement but will review any credit history you have. Capital Good Fund also provides loans for immigration expenses and home weatherization in some states. With rates from 12% to 16%, Capital Good Fund loans are a good option for consumers who live in states where the lender operates.

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