6 No-Credit-Check Loans and Borrowing Alternatives
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If you have limited credit history or no credit score, a no-credit-check loan is one way to get funds when you need them. Cash advance apps, “buy now, pay later” companies and high-interest installment lenders all provide loans without a hard credit inquiry.
Each option comes with its own set of risks, so compare these options to low- or no-cost borrowing alternatives, and have a plan to repay the funds to avoid financial risk.
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6 no-credit-check loans in 2024
OppLoans: No-credit-check, high-interest loans
OppLoans are short-term loans with triple-digit interest rates. OppFi, the company that provides OppLoans, reviews bank account transactions and does a soft credit check to qualify applicants.
on NerdWallet's secure website
on NerdWallet's secure website
None
160.00-179.00%
$500-$4,000
Pros
- Fast funding.
- Reports payments to the three major credit bureaus.
- Payment due date is tied to borrowers’ pay schedules.
Cons
- High interest rates.
- Interest may make up more than 50% of the loan amount.
- Does not perform a hard credit check.
- Does not offer pre-qualification.
Qualifications
- Minimum credit score: None disclosed.
- Minimum monthly gross income: $1,500 in most states.
- Must have a bank account.
- Must have a regular source of income.
- Must receive your paychecks through direct deposit.
Available Term Lengths
- 9 to 18 months
Fees
- Fees: None.
Disclaimer: Installment loan amounts typically range from $500 to $4,000. Typical annual percentage rate (APR) is 160%. Installment loan lengths range from 9 to 18 months. Example: A $2,000 installment loan repayable in 9 monthly payments would have an APR of 160% and monthly payments of $394.58. Loan amount may vary by state, please see our Rates and Terms for additional information. This is an expensive form of credit and you should determine whether our product(s) meets your financial needs.
Possible: No-credit-check, high-interest loans
Possible Finance is an app that provides small loans to consumers with poor or no credit. The app reviews applicants’ bank account transactions to qualify loan applicants.
on NerdWallet's secure website
on NerdWallet's secure website
None
151.70-248.67%
$50-$500
Pros
- Fast funding.
- May accept borrowers with low credit scores or thin credit histories.
Cons
- High interest rates.
- Customer support available through online form only.
- Difficult to assess the loan before borrowing.
- Short repayment terms.
Qualifications
- Must have a device that can install the Possible app.
- Must have a valid driver’s license, ID or passport.
- Must have a Social Security number.
- Must have a checking account that is supported by Plaid.
- At least three months of transaction history in your bank account, including recent deposits and a regularly positive balance required.
Available Term Lengths
- 0 to 2 months
Fees
- Origination fee: $15 to $20 for every $100 borrowed; varies by state.
EarnIn: No-credit-check cash advances
EarnIn allows borrowers to take up to $750 from their paycheck before payday in $100 daily increments. The app only works with people who receive regular paychecks, and applicants’ proof of income determines eligibility.
on NerdWallet's secure website
on NerdWallet's secure website
None
$100-$750
Pros
- No mandatory fees.
- Low optional fees.
- Potentially large advances.
Cons
- Requires access to your bank account.
- May require access to your location or contact you via your work email address.
- May cause an overdraft fee if you don’t have sufficient funds.
Qualifications
- Hourly or salaried employee.
- Get paid by direct deposit.
- Provide access to the checking account where your paycheck is deposited.
- Upload a timesheet or turn on location services to let the app know you went to work.
Fees
- $0.99 to $3.99 express fee.
- Optional tip.
Brigit: No-credit-check cash advances
Brigit is a budgeting app that provides small cash advances and charges a monthly subscription fee for access to advances. The app reviews bank account information to determine borrowers’ eligibility.
on NerdWallet's secure website
on NerdWallet's secure website
None
$50-$250
Pros
- Does not request tips.
- Low fast-funding fee.
- Tries not to cause an overdraft fee.
- Budgeting and credit-building features.
Cons
- Charges a monthly subscription fee.
- Smaller advances than some competitors.
Qualifications
- At least 60 days of activity.
- A balance greater than $0.
- Money leftover at the end of the day on payday.
- Three recurring deposits from the same source, like an employer.
- When Brigit reviews your account, it gives you a score from 0 to 100. You need a score of 40 or higher to qualify for an advance.
Fees
- Membership fee: $9.99 per month.
Afterpay: No-credit-check buy now, pay later loans
Afterpay splits purchases into smaller payments. Users start with a maximum spending amount around $600. The app may do a soft credit check to determine applicants’ eligibility.
on NerdWallet's secure website
on NerdWallet's secure website
None
$200-$2,000
Pros
- Offers zero-interest loans.
- Includes free payment rescheduling.
- Pauses account after missed payment.
Cons
- Charges late fee.
- No option to build credit.
- Accepts credit card for repayment.
Qualifications
- Must be at least 18 years old in most states.
- Must live in the United States.
- Must have a valid email address, mobile phone number and mailing address.
- Must provide a valid payment method (credit or debit card).
Available Term Lengths
- 1 to 2 months
Fees
- Late fee: Up to $8.
Affirm: No-credit-check buy now, pay later loans
Affirm provides zero-interest pay-in-four plans and does a soft credit check to approve applicants.
on NerdWallet's secure website
on NerdWallet's secure website
None
$50-$25,000
Pros
- Offers zero-interest loans.
- No fees.
- Offers monthly financing.
- Some loans include credit reporting.
Cons
- May send past-due borrowers to collections.
- Doesn’t pause account after missed payment.
Qualifications
- Must be at least 18 years old.
- Must be a U.S. resident.
- Must have a Social Security number.
- Must be able to receive texts to a U.S.-registered phone number.
Available Term Lengths
- 1 month to 5 years
Fees
- No fees.
Editor’s 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.
What is a no-credit-check loan?
A no-credit-check loan doesn’t require a review of your credit history or credit score. 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.
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 prequalify 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.
» LEARN MORE: Soft vs. hard credit inquiries
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. |
Types of no-credit-check loans and their risks
You can get a no-credit-check loan from many different kinds of lenders, but some are riskier than others.
No-credit-check high-interest installment loans
No-credit-check high-interest lenders may do a soft credit pull to approve you, and they may review information from alternative credit bureaus like Clarity Services from Experian, but they won’t do the hard credit inquiry that causes your credit score to dip.
These lenders operate online or from storefronts and charge triple-digit annual percentage rates. Loan amounts are usually a few hundred to a few thousand dollars, and repayment terms are typically less than two years.
Risks of high-interest installment loans:
Your credit score may be damaged. No-credit-check lenders may report missed payments to the three major credit bureaus and send you to collections if you fail to repay the loan.
Short terms make it difficult to repay the loan on time. The lender may offer to extend your loan term to lower your monthly payment, but this often keeps the borrower in debt for longer and drives up the total cost of borrowing.
No-credit-check cash advance apps
You can download a cash advance app to your mobile phone to borrow a small amount of money quickly. These apps generally don’t do hard or soft credit pulls. Instead, they rely mostly on your bank account transaction history to determine whether you qualify for an advance and how much to give you.
Advance amounts are usually between $10 and $500, but some apps cap advances at $250. New users may not qualify for the maximum advance amount, but can increase their advance amount over time. The apps typically take repayment for an advance from your next paycheck.
Risks of cash advance apps:
High fees. Cash advance app fees are high for what you get. Most apps say they’ll take a couple of days to deliver funds unless you pay a fee — often ranging from $1 to $25, depending on the advance amount. Many also ask for an optional tip or charge a subscription fee.
Upcoming gap in your paycheck. If you can’t tolerate spending part of your upcoming paycheck to repay the app, you could end up returning to the app for more cash to make ends meet — a cycle of debt that’s difficult to break.
No-credit-check buy now, pay later loans
Buy now, pay later apps usually qualify applicants with a soft credit check rather than a hard inquiry. A BNPL company may increase your loan amounts over time as you borrow and repay the app.
When you use the common pay-in-four plan most BNPL companies offer, you pay for 25% of the purchase at checkout and then rest in 25% increments over six weeks. There’s usually no interest with these payment plans, but some companies charge a late fee (usually below $10), and returns can be tricky.
Risks of buy now, pay later:
Difficulty budgeting. If you use multiple BNPL apps to make multiple purchases, you could find yourself struggling to keep track of payments, racking up late fees and you may even be reported to collections.
Growing dependent on payment plans to make ends meet. Relying on these payment plans for basic needs, like groceries, can lead to a cycle of debt if you’re unable to pay off the purchase and cover the rest of your monthly expenses.
Bank loans
Some banks provide small-dollar loans to existing customers. Wells Fargo, for example, provides loans up to $500 with a hard credit check only after you’re approved, so rejection doesn’t impact your credit. In some cases, your relationship with the bank and account history may be factors for these loans, which could mean the bank isn’t relying as heavily on your credit score to determine eligibility.
Risks of bank loans:
Existing customers only: Small bank loans are typically only available to customers with at least a few months of banking history.
Missed payments impact credit: The bank may report payments to the major credit bureaus, meaning missed payments could hurt your score.
Payday loans
Payday lenders may not do a soft credit inquiry or review your bank account information to determine whether you qualify. Instead they require only proof of identification, income and a bank account.
You can get a payday loan from an online or storefront lender. Loan amounts are typically $500 or less, the average annual percentage rate is around 400% and the loans are usually repaid from your next paycheck.
Because of their high rates and short repayment terms, payday loans are known to cause consumers to slip into difficult-to-break debt cycles. NerdWallet doesn’t recommend payday loans if you can avoid them.
Risks of payday loans:
Cycle of debt: Plenty of research shows that consumers who get payday loans often must borrow again after repayment or pay a fee to extend repayment.
Collections: These lenders don’t usually report to the credit bureaus, but borrowers who can’t repay are often subject to high fees and may be sent to collections.
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 to refinance the loan for one with a longer term or get 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 so you don’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.
» MORE: How to spot a personal loan scam
How to get a loan with no credit check
Before you get a no-credit-check loan, consider all your alternatives. In general, the easier a loan is to get, the more expensive it will be.
Check your credit and bank account histories: It’s helpful to know what lenders will see when they review your application. Even if a no-credit-check lender only does a soft credit pull, it’s helpful to check your credit reports before you apply to understand what may be working against you. Because these lenders often look at cash flow information in your bank account, it may also help to see how much money you’re keeping in the account at the end of every month.
Do your research: The last thing you want when you apply for a loan is to be scammed, so research the lender you plan to use to evaluate their legitimacy and learn the pros and cons of borrowing with them.
Gather required information: In general, even a lender that doesn’t check your credit will likely ask for the basics that all lenders require on an application: Your name, birthdate, address, email, phone number and Social Security number. The lender may also ask you to connect your bank account. Be sure to have this information ready before you apply.
Apply: Once you request a loan, the lender may do a soft credit check, but rest assured that the lender must notify you before doing a hard inquiry, per the Fair Credit Reporting Act. The lender should give you an approval decision quickly after you apply.
Make a plan to repay: Payday and high-interest installment lenders must disclose the loan’s APR before providing you a loan, but cash advance apps and BNPL companies don’t have to. Before you accept a loan, make sure to understand how much you’ll be required to pay and when so you can make a firm plan to make the payments on time and avoid getting stuck in a cycle of debt.
Per the Military Lending Act, lenders can’t provide loans with APRs above 36% to active duty military members or their dependents. That’s why, if you’re a military member or dependent, you may be rejected for a high-interest no-credit-check loan outright.
No-credit-check loan alternatives
» READ OUR GUIDE: Find alternatives to payday and other high-cost loans
Online loans
Some online lenders accept borrowers with poor credit — even those with credit scores below 600 — and consider additional data, like employment status and outstanding debts. Online lenders offer prequalification, which involves just a soft credit check that doesn't impact your credit score. If you qualify, your loan will have a higher rate, but typically not above 36% APR.
» COMPARE: Best bad credit loans
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.
» MORE: Compare secured personal loans
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.
Methodology
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.
