Personal Loans with No Credit
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. Read on to learn how a personal loan works and whether you can get one with no credit check.
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 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.
Can I get 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 in addition to 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.
Benefits of personal loans with or without credit checks
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 required financial details, such as your bank account information, but the approval decision is instant.
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.
Installment loans, including 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 get a personal loan with or without a credit check?
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.
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.
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
Taking out 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!