How to Get a Loan Without a Credit Check
Need a loan for your next home renovation but don't want the hassle of a credit check? Luckily, there are different options you can pursue. If you want to know how to get a loan without a credit check, keep reading.
Types of Loan Without a Credit Check
1. Payday Loans
Payday loans are short-term loans designed to provide quick cash (typically under $1,000) and are repaid with the borrower’s next paycheck. These loans usually don’t involve a credit check, but they come with high interest rates. Providers such as CashNetUSA or LendUp are great options. Make sure to have access to your proof of income, government-issued ID and a bank account are standard.
2. Title Loans
A title loan is a type of loan that uses your vehicle title as collateral. Since the loan is backed by an asset, lenders don’t typically require a credit check. Companies like TitleMax and LoanMart specialize in title loans. You will need all the usual documents for this kind of loan, as well as your car title.
3. Personal Installment Loans
Personal installment loans are repaid in fixed monthly payments, providing borrowers more time to pay compared to payday loans. Some personal installment lenders don’t require a hard credit check and instead assess your income and employment history. Providers include Possible Finance, OppLoans and Oportun.
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4. Credit Builder Loans
Although these loans are usually intended to help build credit, some providers offer credit builder loans without checking existing credit. With these loans, the funds are typically held in an account until repayment is complete. This can help borrowers save and build credit simultaneously. Self and CreditStrong offer credit builder loans without a hard credit check.
5. Cash Advance Apps
Some cash advance apps provide small loans or cash advances without a credit check, though they require a linked bank account with a steady income. Apps like Dave, Brigit and Earnin offer cash advances without a credit check. All you have to do to start is download the app.
Documents and Personal Information Needed
Even without a credit check, lenders still require some documentation to verify identity and ability to repay. Some of the documents that you will definitely need to have access to include but are not limited to:
- Government-issued ID: Such as a driver’s license or passport.
- Proof of income: Recent pay stubs, tax returns or bank statements.
- Bank account information: Most lenders require an active checking account for loan disbursement and repayment.
- Proof of residence: Utility bills or rental agreements can confirm your current address.
- Social security number or ITIN: Though not always mandatory, some lenders may request it for identity verification.
5 Steps to Get a Loan Without a Hard Credit Check
- Determine your loan type: Choose between options like payday loans, personal installment loans or title loans, as these often don’t require hard credit checks.
- Research lenders offering no credit check loans: Research lenders who are known for no-hard-inquiry policies.
- Prepare your documents and information: Even without a credit check, you’ll need documents like proof of income, a government-issued ID and bank account details.
- Submit your application: Fill out an online or in-person application. Be honest and accurate with all personal details to avoid delays in approval.
- Review loan terms carefully: Examine the interest rate, fees and repayment terms. Make sure to pay attention to the terms, as some loans that don’t require hard credit checks come with higher initial fees.
Final Notes
Securing a loan without a traditional credit check may seem challenging, but there are lots of available options for those with poor or no credit to access funds. These loans are often based on alternative data rather than a hard credit inquiry, and are a great option for people in need of quick cash without impacting their credit score. Now you know how to get a loan without a credit check!