If you have bad credit, everyday life might be harder for you. If you want to apply for a mortgage, loan, or credit card, you typically will require a good credit score. If you have bad credit but still need an emergency loan, it is possible that you could apply for a no credit check loan.
In this in-depth review, we have highlighted 5 of the best bad credit loan companies in America. It is important to note that these companies are not the direct lenders. Rather, they serve as the middleman when matching a borrower with no credit check loans.
The harsh reality is that if you have bad credit, the terms of your loan will not be the best. However, if you are able to consistently repay your bad credit loan on a monthly basis, you can rebuild your poor credit score.
We are now going to review in detail our top 5 picks for America’s best no credit check loan companies of 2022. You can then decide which company meets your criteria and apply for a bad credit loan if you so desire.
The 5 best no credit check loans of 2022
- MoneyMutual: Overall best no-credit-check loans (up to $5,000)
- FundsJoy: Runner up for no-credit-check loans (up to $5,000)
- BadCreditLoans: Payday loans online with no credit check (up to $10,000)
- CashUsa: Small payday loans online with no credit check (up to $10,000)
- PersonalLoans: Personal loans with no credit check (up to $35,000)
Now, let’s dive in and take a look at 5 companies in the country that facilitate no credit check loans for Americans.
1) MoneyMutual: Overall best no credit check loans (up to $5000)
MoneyMutual offers a free service to all borrowers. Trusted by over 2 million customers and counting, MoneyMutual offers a wide array of loans for bad credit. Once again, we would like to remind the reader that MoneyMutual is not the direct lender. Rather, it is the middleman that connects the borrower to the lender. These lenders can offer:
- Payday loans
- Personal loans
- Emergency loans
- Bad credit loans
- No credit check loans
If you come to an agreement with a lender, it is possible that you could have the funds transferred to your bank account within 24 hours.
Loan amount: It is important to know that the service MoneyMutual offers is completely free to the borrower. On its secure website, you can apply for a no credit check loan for amounts ranging from $200 to $5000.
APRs: The APR (annual percentage rate or interest rate) that you get will depend on a number of things. First, it will depend on the lender. Second, it will depend on your credit score. Please remember that MoneyMutual is not the direct lender. For any bad credit loan offered through MoneyMutual’s platform, each lender should provide you with loan terms that are clear and easy to understand.
Loan renewal terms: As you can imagine, these differ according to the lender. To meet customer demand, some lenders agree to alternative options that may result in a renewed loan with add-on fees. It is important that you understand your lender’s renewal policy, and you should make it clear how you prefer to pay your bad credit loan. If you ever have questions regarding your renewal policy, we strongly encourage you to call your lender directly. If you let the lender know that you originally connected with it through MoneyMutual’s online platform, its team will be more than happy to help you.
Eligibility requirements: Unfortunately, if you do not meet the eligibility requirements for MoneyMutual, you will not be able to get a no credit check loan. The minimum credit score that lenders require is not disclosed on the MoneyMutual website. Other important eligibility requirements include:
- Proof of age (over 18 years old)
- Accurate contact information
- A valid Social Security number
- Proof of citizenship
- A real bank account in your own name
- Confirmation that you earn consistent income (pay stubs, W-2s, etc.)
Application process: The application process with MoneyMutual is industry leading. In some cases, borrowers get funding in as little as 24 hours. MoneyMutual time and again ranks as America’s best no credit check loan provider, according to many borrowers and customer reviews.
2) FundsJoy: Runner-up for no credit check loans (up to $5,000)
FundsJoy has lenders that offer personal loans up to $5,000. FundsJoy is a fast, reliable, transparent company operating in the emergency loan and payday loan industry. The following are examples of the types of loans you can apply for with FundsJoy:
- Emergency loans
- Payday loans
- No credit check loans
- Loans for bad credit
- Bad credit loans
FundsJoy is a popular company in the bad credit loan space. For example, if you Google “FundsJoy” and “Customer Reviews,” you will see countless positive reviews online. Borrowers find it to be a fast, reliable, transparent company to work with.
Remember that FundsJoy is not a lender. As such, it is not involved in any debt collection practices and cannot make you aware of any of them. Your lender will notify you of its collection practices, which would also be outlined in your loan agreement.
Loan amount: FundsJoy offers no credit check loans ranging from $200 to $5000.
Terms: FundsJoy has a variety of lenders to select from. These lenders can offer either short or long repayment terms for no credit check loans. We encourage you to contact your lender to discuss which terms are the best fit for you and your needs.
Application process: The application process is easy and straightforward at FundsJoy. A borrower can apply for a bad credit loan and within minutes get responses from a qualified lender. Funding of the personal loan can be sent directly to a borrower’s bank account within 24 hours.
Credit score: Every credit score is welcome to apply. The reality is that it is easier to get an emergency loan when you have a fair credit score. However, if you have a poor credit score, you can still get a bad credit loan.
3) BadCreditLoans: Payday loans online with no credit check (up to $10,000)
BadCreditLoans.com is an online platform that makes connections between people with bad credit scores and industry leading lenders. In operation since 1998, it offers a lot of different loans. These loans include:
- Payday loans
- Same day loans
- No credit check loans
- Emergency loans
- Loans for bad credit
- Installment loans
- Cash advance loans
If a borrower is able to find a lender via the company’s online platform, they could have funds available in as little as 24 hours.
Loan amount: Loan amounts through BadCreditLoans.com range from $500 to $10,000. No matter how small a bad credit loan you are looking for, BadCreditLoans.com will review your request.
APRs: The APR is the interest rate. The APR that you get depends on your lender and your credit score. BadCreditLoans.com is the middleman, which means that they do not determine your APR. Rather, your individual lender establishes this. BadCreditLoans.com cannot commit to the exact APR range that you can expect. However, it is not uncommon to see APRs in this industry range from 5.99% to 35.99%.
Terms: The terms of your loan will depend on which lender you agree to terms with. You can generally expect a repayment period from 3 months to 36 months with BadCreditLoans.com. So, if you are looking for a bad credit loan with a quick repayment period, BadCreditLoans.com would fit this criteria.
Eligibility requirements: If you do not meet the eligibility requirements for BadCreditLoans.com, you will unfortunately not get approved. The good news is that the company is very interested in connecting with borrowers with bad credit scores. In order to get approved for a no credit check loan, you should meet the following criteria:
- Proof of age (over 18 years old)
- Valid social security number
- Proof of citizenship
- Regular income (pay stubs, W-2s, etc.)
- A current bank account
- Up-to-date contact information
Application process: There is no fee to apply, and the online form that you fill out is quick. Typically, borrowers will get a response back shortly after they apply. If BadCreditLoans.com cannot match you with one of its bad credit loan lenders, it will try to match you with a third-party lender.
4) CashUSA: Small payday loans online with no credit check (up to $10,000)
CashUSA is one of the leading companies in the bad credit loan space. It has an elaborate network of lenders, and it has many borrowers who are actively seeking out no credit check loans.
CashUSA is different from similar companies for one reason. It has been known to have strong alliances with third-party lenders.
You will find that the application process for CashUSA is a bit longer compared to that of similar companies. Despite this, the loans are funded just as quickly to the borrowers. CashUSA is very selective about which lenders it works with.
There is a lot of information on the CashUSA website on bad credit loans and emergency loans. This platform provides a lot of education to its users. CashUSA has a very positive reputation within the industry. It is not hard to see why that is:
- There are no credit restrictions: It does not matter what your credit score is. You can have good credit and you can have poor credit. Whatever is the case, you can still use the CashUSA platform. This means those with bad credit or poor credit ratings won’t be rejected purely because of their credit score.
- Absolute & full personal data disclosure: CashUSA is a free service for the public. This company is very transparent about how it shares your information with other companies. The company explains how it uses and sells your data in an easy to understand way. Unlike many other credit websites, CashUSA is very transparent about how it sells your data and who it sells it to.
- Industry leading educational center: CashUSA runs an excellent blog that has volumes of information on bad credit loans and emergency loans. CashUSA is a leader when it comes to no-credit-check loans.
5) PersonalLoans: Personal Loans with No Credit Check (up to $35,000)
PersonalLoans is another online platform where borrowers can connect with lenders. The borrowers that visit PersonalLoans.com usually tend to have poor credit, bad credit, and fair credit score. If you are in search of a no credit check loan, PersonalLoans.com could be the solution. This online platform works with a large number of lenders and third parties, in an effort to match up borrowers with an ideal bad credit loan lender.
Loan amount: People in search of larger loan amounts can try PersonalLoans.com. Loan amounts range from $1,000 to $35,000. The borrower always needs to remember that just because they have been given an offer from a lender, that does not mean that the offer has to be taken.
APRs: The interest rates (APR) offered by the lenders on loans for bad credit are industry standard: They can range from between 5.99% and 35.99%.
Terms: This online loan platform provides flexibility with loan repayment. The lenders on PersonalLoans.com have a minimum repayment term of three months, and a maximum repayment term of 72 months.
Application process: Yet again, here we find another straightforward and user-friendly application process. You will have to provide your Social Security number, income level, employment status, and your reasons for taking out a loan.
Eligibility requirements: The bottom line is that if you have good credit, you are going to get good loan terms. If you have bad credit, your options for loan terms are much more limited. PersonalLoans has a minimum credit score requirement of 600, and requires borrowers to earn a monthly income of $2,000.
What are no credit check loans?
No credit check loans are personal loans offered to people with bad credit. With these types of loans, no credit check is done because the borrower has a poor credit score. Therefore, the borrower is able to apply for a bad credit loan and avoid providing a credit check.
If you are getting a no credit check loan, chances are that you are going to be paying a much higher interest rate, sometimes as high as 35.99% or higher. No credit check loans come in many different forms. Some of these forms include payday loans, emergency loans, installment loans, and cash advances.
Applying for a bad credit loan is very easy. You log on, complete a few short forms, and then are matched with a lender. You will of course have to provide some details, including your Social Security number, income sources, employment, debt-to-income ratio, etc.
What makes a bad credit score?
It is important to know that most credit scores fall between 300 and 850. The two most common scoring models in America are called are FICO® and VantageScore®. In addition, the top three credit bureaus are Experian, Equifax, and TransUnion.
When credit bureaus are determining what your credit score is, they take a look at a number of variables. These variables include:
- Your existing debts
- The actual debts you have (i.e., mortgage, car, student loans)
- Total debt load
- How much credit you are actually using
- Your annual income (current)
- How frequent your payments are
- Prior loan defaults (if any)
- Prior bankruptcy
- How long you have had credit facilities
- How long your credit accounts have been open
Each model will come up with a slightly different credit score when analyzing the above variables. Here is a breakdown of what FICO® and VantageScore® consider bad, average, and good credit scores.
- Bad credit: 579 and below
- Fair credit: 580–669
- Good credit: 670–739
- Very good credit: 740–799
- Exceptional credit: 800 and above
- Very bad credit score: 300–499
- Bad credit score: 500–600
- Fair credit score: 601–660
- Good credit score: 661–780
- Excellent credit score: 781–850
We know this already, however, it is worth mentioning again: People with bad credit scores often apply for no credit check loans. Further, if they can find no credit check loans with guaranteed approvals, this is something that they are usually very interested in.
How to get no credit check loans with guaranteed approval
You might be wondering, are no credit check loans with guaranteed approval even a thing? You would be surprised. There are a lot of lenders out there with different loan terms and interest rates. Therefore, it is not impossible to come across no credit check loans with guaranteed approval.
The process for bad credit individuals to apply for no credit check loans is very straightforward. If you have a computer handy, access to the Internet, and some free time, you can apply for a no credit check loan from an online lender. The process is no different than the ones we have described in this article. You simply pick an online platform, for example, MoneyMutual. You then submit your information, and you are quickly matched with a lender. You then explore your options with that lender. If they offer no credit check loans with guaranteed approval, then you are in luck if that is what you are searching for. Remember, you are under no obligation to take any offer that is provided to you from one of these online platforms.
If you are looking for loans with no credit check, you can explore one of the 5 companies we have reviewed earlier in this article.
When you apply for a no credit check loan on one of these online platforms, you will have to enter your personal information. This whole process should not take more than 10 minutes. The information you will have to enter online includes the following:
- Proof of age
- Current address (where you live)
- Social Security number
- Where you work (company and address)
- Existing debt amounts
- Debt-to-income ratio
- Current contact information
- Bank account information
After you submit your loan application, you will typically wait anywhere from a couple of minutes to a few days to get back an approval. For those lenders that provide an approval within minutes, they often boast as being the lenders in the industry that give out no credit check loans with guaranteed approval. If you are using an online platform to submit your information, it is possible that you can get a number of loan offers within minutes, all from different lending partners. As always, read all the terms and conditions of the loan being offered before you accept it.
Accept the terms
After you come to terms with a lender and accept the terms, it can take you anywhere from 24 hours to a few weeks to get your bad credit loan. After you have the loan in hand, the most important part comes: the repayment.
When you get your bad credit loan, you will have to make payments on a monthly basis. If the loan term is 24 months, you will pay it back in 24 months. If the loan term is 36 months, you will pay it back in 36 months.
It is very important to know that many lenders (such as payday lenders) have a prepayment penalty. With this scenario, you are charged a fee for ending your loan earlier than the original terms you agreed to during the approval process.
What are loans with no credit check used for?
It is not uncommon to have people with bad credit scores use loans for emergency situations. Having said that, personal loans can be used for any situation a borrower finds themselves in. There are a variety of loans with no credit check available to people with poor credit scores.
Here is a list of the most common personal loans. Some of these can also be loans for bad credit with no credit check:
- Auto loans
- Moving loans
- Secured loans
- Debt consolidation loans
- Credit card debt loans
- Home improvement loans
- Mortgage or refinancing loans
- Student loans
- Short-term loans
- Medical bill loans
- Credit union loans
- Unsecured loans
How we ranked the 5 best no credit check loans of 2022
In this next section, we are going to break down why we selected these online loan platforms as the best ones in America. Truthfully, there are so many online bad credit loan providers. In order to make it onto a top 5 list, you have to be doing something right. Here are the criteria we examined when grading these companies.
1) Eligibility requirements
We wanted to take a look at what factors lenders look at when approving a borrower for a bad credit loan. There are so many variables that the lenders look at. Just to name a few, they will take a look at a borrower’s credit score, income, and existing debt. Then again there are some lenders that look at very few variables.
2) Loan amounts
Another thing we examined was the loan amounts being offered from these online platforms. We found that the minimum and maximum loan amounts varied quite a bit. There are some lenders that will offer bad credit loans up to $40,000, while others might only offer an emergency loan for $500. Most lenders will still look at factors such as your credit report, income, and existing debt before they grant you a bad credit loan or no credit check loan.
This is one area that may vary greatly depending on the lender you are matched up with. Repayment terms on bad credit loans differ from lender to lender. You may be matched up with one that allows a longer repayment time frame or you may be matched up with one that wants a quick repayment of the loan. It is always very important to carefully read the terms of your emergency loan before you sign off on it. Whether you are getting a no credit check loan, a payday loan, or an installment loan, always read the fine print.
4) Interest rate
The reality is that if you have a poor credit score, you are going to pay a higher interest rate than if you have a good credit score.
If you have bad credit, you are likely going to have to pay high interest rates (25% and above), which will definitely raise your monthly payments. Unless you have a minimum credit history of Good (720 and above), you are not going to find a personal loan with a single-digit APR. Remember that APR stands for interest rate (annual percentage rate).
When you are in an emergency situation and you need money fast, time is of the essence. This is why we looked at the speed at which these 5 online lending platforms actually deliver emergency loans. If you have ever been in a situation where you need money fast, you understand the importance of a fast approval process.
MoneyMutual has consistently been rated as one of the best online lending platforms. Customers leave reviews saying that the turnaround time for its bad credit loans is very fast. In addition, customers seem very pleased with the high level of customer service. A close runner up to MoneyMutual based on positive customer reviews is FundsJoy.
6) Application process
The online loan application process is quick and straightforward. You are asked for basic information that allows these lending platforms to match you with potential lenders.
Always remember that you never have to take a loan offer that you do not like. No one will ever force you to do this. You read the terms of the loan and if you like them, you agree to the offer. Never feel that you are being pressured to take a loan that you do not like.
How to identify a no credit check loan scam
If you are someone looking for a no credit check loan, you have to be very careful about fraud. Unfortunately, the bad credit loan industry, like many other industries, has unethical people and unethical companies that prey on vulnerable people. Be very cautious when giving out your personal information. Make sure that you only use reputable online lending platforms. Never feel pressured to take loan terms that you do not understand. That is where these fraudulent loan companies try to get you. They use deception as their main tool when trying to steal from unsuspecting borrowers.
Watch out for the warning signs below. If you see something like this below, consider it a red flag, and do not get a bad credit loan from such a lender. The things to watch out for include:
- Guaranteed approval offered without a soft credit check
- Very limited or no online presence
- Requests to send money directly to a person
- Company name similar to a well-known company
- No registration in your home state
- No license in your home state
- No physical location
- Solicitations via phone
- Door to door solicitation
- Requests to wire money directly to a person
- Unsecure website
If you see a red flag, we highly recommend that you do not proceed. The lender in question could be a fraudulent lender.
Types of no credit check loans for people with poor credit
We are now going to take a look at the 5 most common loans for bad credit that people get when they have a poor credit score. There are lenders out there that will offer these loans either with a credit check or without a credit check. It all depends on which lender you chose. Now let’s review the top 5 loan types:
Secured and unsecured personal loans
Secured and unsecured loans are two of the most common loan types for people with bad credit. The difference between the two is collateral. It is important to know that secured loans tend to have a lower APR versus unsecured loans. Both loan types can have origination fees and prepayment penalty fees.
If you have bad credit, chances are you will be approved for a secured loan versus an unsecured loan. Why is this? Secured loans have collateral. In the event that the borrower does not pay back their secured loan, the lender has a claim against the collateral that was pledged.
On the flipside, unsecured loans do not have any collateral. As such, a person with bad credit will see higher interest rates and lower loan limits with unsecured loans. This is because the lender is taking on more risk.
It is important to remember that the amount of the loan you are able to get will depend on a number of factors. Your credit score and your overall debt level will play an important role in determining if you are able to get a bad credit loan.
There are two distinct camps when it comes to payday loans. The first camp believes that payday loans are a great idea, while the other camp is not in favor of them. The reality is that a payday loan is sometimes the only option available to a borrower if they do not want to disclose their credit score.
The best payday loan companies are able to provide you with quick cash. However, it comes at a price. The APR can be as high as 400%! So please be cautious when and if you are exploring payday loans as an option.
If you have a credit card, then you can take out a cash advance. In order to access a cash advance, borrowers typically withdraw cash from their local ATM machine. Look at it as a short-term loan from your credit card provider. Please remember that cash advances are going to have very high APRs (interest rates). Further, if you are using a secured credit card, your APR can be even higher. Be cautious with this option.
HELOC (Home Equity Line of Credit)
This is a type of loan that uses your home as collateral. It is a flexible loan type. With a HELOC you are able to withdraw funds from your home as you need it. You do not need to take a lump sum all at once. For example, if you have a HELOC on your home in the amount of $100,000, you could utilize $3,000 today, $2,000 a month from now, and $10,000 a year from now. It is completely tailored for you to take the funds as you need them.
HELOCs have a variable interest rate. If you don’t make payments on your HELOC, you could lose your home, since you have put it up for collateral. The lender can force the sale of your home in order to make up the money that you owe them.
Remember that HELOCs require a very detailed application process, including the appraisal of your house.
There are two types of car loans for people with poor credit. The first one is called a car loan for bad credit. The second one is called a car title loan.
Bad credit auto loans tend to have a higher interest rate. However, it is possible to use this loan to build up your credit rating.
Car title loans and payday loans are similar. With this type of loan, you will have a high APR. In addition, you will have to hand over your car title to borrow money against for a short period of time. It is almost guaranteed that this type of loan will have an origination fee. If you miss any of your payments, you will risk losing your vehicle once and for all.
Our final thoughts on no credit check loans
If you are still reading this, then it is very possible that you have learned a lot about no credit check loans from this in-depth review. Remember that the choice is always yours to make as to whether or not you want to accept a bad credit loan and its terms. Also, it is very important to remember that a lender may require a credit check from you or may require no credit check. It ultimately depends on the lender and the terms they are offering.
There are many online lender platforms to choose from. We have outlined 5 of the best in this article. However, do your own research and check to see how many others are out there and how reputable they are.
No credit check loans are available everywhere. Make sure that when you get one, you are taking out the loan with a well-known lender.