No-credit-check loans are a lifeline for individuals with poor credit who wish to avoid further damage to their credit score.
These loans are characterized by their low interest rates, minimal fees, and reasonable repayment periods. The approval process for these loans does not involve a credit score check, making them an attractive option for many borrowers.
The Best No-Credit-Check Loans of 2023
1. Best Overall: 60MonthLoans
60MonthLoans stands out as the best overall no-credit-check loan provider. It offers a loan amount range of $2,600 to $10,000, with APRs as low as 19% to 35.83%. The repayment period extends from 24 to 60 months, and approval and funding can be completed in up to three business days. However, it’s worth noting that 60MonthLoans charges an origination fee of 0% to 5%.
2. Best for Quick Loans: OppLoans by OppFi
OppLoans by OppFi is the top choice for quick loans. It typically approves and funds loans within one to three business days. The loan sizes range from $500 to $4,000, and there’s no origination fee. However, the APR range is quite high, from 59% to 160%.
3. Best for No Origination Fee: Integra Credit
Integra Credit shines when it comes to no origination fee loans. It offers loan sizes from $500 to $3,000, with approval and funding possible in as little as one business day. However, the APRs are quite high, ranging from 99% to 300%.
4. OppLoans by OppFi: Quick and Reliable No Credit Check Loans
OppLoans by OppFi is a great choice for quick loans. They typically approve and fund loans within 1 to 3 business days. The range of APRs is 59% – 160%, and loan sizes range from $500 – $4,000. The origination fee is $0, and the payoff period is 9 – 18 months.
5. 60MonthLoans: Best Overall No Credit Check Loans
60MonthLoans is the best overall choice for no credit check loans. They offer loan sizes from $2,600 – $10,000 with a range of APRs from 19% – 35.83%. The origination fee ranges from 0% – 5%, and the payoff period is 24-60 months.
6. Integra Credit: No Credit Check Loans with No Origination Fee
Integra Credit offers no credit check loans with no origination fee. The range of APRs is 99% – 300%, and loan sizes range from $500 – $3,000. The payoff period is 6 – 18 months.
Tips for Getting the Best No Credit Check Loan
- Compare your choices carefully: No credit check loans can be very expensive compared to other personal loans, so it’s ideal to try to minimize your APR and fees. You’ll also need to find a lender that offers enough funding for whatever your expense is. No credit check lenders typically offer a few hundred to a few thousand dollars.
- Get pre-qualified: Even though applying for a no credit check loan won’t affect your credit score, it’s still a good idea to get pre-qualified with several lenders first. This will let you estimate your rates before you apply.
- Pay off your loan as quickly as possible: No credit check loans typically have relatively short payoff periods because the loan amounts are small. However, you should consider paying back your loan even faster than you’re required to, if you’re financially able to. This will minimize the amount of costly interest charges you’ll have to pay on the loan.
- Consider alternatives: No credit check loans aren’t the only options for people with bad credit. There are a few lenders that do check your credit that offer unsecured personal loans to people with credit scores as low as 585. You can also consider getting a secured loan (which requires collateral) in order to get even better terms. Another option is to borrow money from a friend or family member, as these people won’t be able to do a credit check when giving you a loan, and may not be concerned about your credit score.
Tips for Securing the Best No-Credit-Check Loan
When seeking a no-credit-check loan, it’s crucial to compare your options carefully. These loans can be more expensive than other personal loans, so it’s essential to minimize your APR and fees. It’s also a good idea to get pre-qualified with several lenders first. This allows you to estimate your rates before you apply. Paying off your loan as quickly as possible can also help minimize the amount of costly interest charges you’ll have to pay on the loan.
Conclusion: Choosing the Right No-Credit-Check Loan
While no-credit-check loans can be a viable option for those with bad credit, it’s important to consider all your options. There are lenders that offer unsecured personal loans to people with credit scores as low as 585. You can also consider getting a secured loan for better terms. Always remember to compare and choose the best loan that suits your financial needs and circumstances.