No Credit Check Loans

If you have bad credit or don't have a credit score, qualifying for a personal loan if you're in a financial bind may seem impossible.

With a no-credit-check loan, loan lenders don't use your credit score during the application process to determine your creditworthiness. To show that you'll be able to make your monthly payments, financial institutions may have you provide information such as personal bank account details on your loan application.

Few loan options exist for those who need a personal loan but have a bad credit history. Title loans, payday loans, and cash advances offer no-credit-check loans, but typically have high-interest rates. You may be able to find a more affordable interest rate at a credit union payday alternative loan (PALs) or an online lender.

If you can't qualify for a personal loan, you can also ask a family member or close friend for a short-term loan. It's unlikely that they would ask for your full credit report. If this person has an excellent credit score, you can also ask them to be a co-signer on a personal loan application if you're unable to qualify for the loan on your own. When a borrower has bad credit, a co-signer can help assure lenders that they'll be repaid for the full loan amount.

No matter if you have a poor credit score or lack of credit history, focus on building your credit score to obtain the most favorable interest rates and more options for loan offers. You can obtain free copies of your credit report from the three major credit bureaus. Reviewing your credit report periodically can help determine the reasons for poor credit.

When looking for a bad credit loan, make sure you look for a lender that reports repayment history. This can help you build your credit history. Another way to show on-time monthly payments is to build credit history through a secured credit card or credit-builder.