It’s estimated 7 million American adults have no verifiable credit history, according to the Federal Reserve, and another 25 million have credit files that are so thin they’re considered “unscoreable.”
Whether you have no credit or poor credit, finding a personal loan without a credit check is difficult. There are options, but they often come with higher rates, limited repayment terms and other restrictions.
Here’s what you need to know about getting a personal loan without a credit check, including how to shop for lenders and look for alternatives.
Can you get a personal loan without a credit check?
What is a no-credit-check loan?
A no-credit-check loan doesn’t require a hard credit inquiry for approval, although a lender may perform a soft credit check on your credit report with Experian, Transunion or Equifax. It won’t affect your credit score, but it’s still a review of your credit file.
A lender may review your credit through an alternate source, like Clarity Services, which collects non-traditional financial data on subprime borrowers and consumers with thin or no credit files. You may be asked to provide info on your employment, income and banking history, or provide collateral to secure your loan.
No-credit-check loans are usually capped at a few thousand dollars and have short repayment terms, typically a few weeks or months. Because borrowers with low credit scores or limited credit history represent a bigger risk, these loans usually have very high APRs and fees.
OppLoans approves loans of up to $5,000 with just a soft credit inquiry. Funding may be available as quickly as the same day.
Possible offers short-term loans of up to $500 with no FICO® Score check at all. To judge your eligibility, it may review your income, cash flow and recent bank transactions, or pull a report from Clarity. Instead of an APR, you pay a flat fee of $15 to $25 per $100 borrowed and make four payments over eight weeks.
OppLoans is the rare lender that allows applicants to borrow as much as $5,000 without requiring a hard credit check. We like there are no origination fees and that positive payment history is reported to all three major credit bureaus. However, its interest rates are significantly higher than traditional lenders’ rates and repayment options max out at 18 months.
- Only runs a soft credit inquiry.
- No minimum credit score required.
- Funding available as soon as the same business day.
- Extremely high interest rates.
- No long-term loan options
- Can only borrow up to $5,000
Possible is a good option if you need $500 or less and want to avoid a traditional credit check.
We like that borrowers have a 29-day grace period before late payments are reported to credit bureaus and, if you’re facing serious financial hardship, you may be able to get a 60-day pause on payments. But while its APRs are lower than traditional payday loans, they can still reach three digits.
- No credit check required
- Funding to your debit card available in seconds.
- 29-day grace period for late payments
- 60-day pause possible during severe hardship
- On-time payments can help build your credit history.
- Only approves up to $500
- Requires monthly income of $750 and three months of payroll deposits.
- ACH transfers take 1-2 business days.
- Not available in every state.
Pros and cons of personal loans with no credit checks
While a no-credit-check loan can be helpful if you’re in financial straits, there are disadvantages to consider.
Pros
- Accessible to consumers with bad or no credit
- Don’t require a hard credit inquiry
- Typically fast turnaround
Cons
- High rates and fees
- Small loan amounts
- Short repayment terms
- May not report payments to credit bureaus
Bad credit? You can still get funding for major expenses.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Annual percentage rate (APR)
Alternatives to no-credit-check loans
Online lenders
While online lenders like Upstart and LendingPoint do perform hard credit checks, they consider borrowers with bad or no credit. Instead of just relying on your FICO credit score, they may evaluate alternative data, such as your salary, education and employment history.
We like that Upstart considers factors besides credit score, including education, income and employment history. However, co-signers aren’t accepted.
- Accept applicants with bad or no credit
- Minimum APR is lower than many competitors’
- Approves personal loans up to $75,000
- Most loans are funded the next business day
- Origination fee of 0% to 10%
- Doesn’t allow co-signers or co-borrowers
LendingPoint stands out for offering personal loans to borrowers with fair credit and for providing fast funding. Interest rates can be relatively high and borrowers may face origination fees, so the cost of borroweing can add up. Prequalify to get a estimate of the rate, terms, and borrowing amount you’ll be approved for.
- Next-day funding available
- Personal loans start at just $1,000
- Direct pay to creditors available with debt consolidation loans.
- Origination fee can be up to 10%
- Doesn’t allow secured loans or co-borrower or co-signers.
- Not available in all states.
Who’s eligible to apply for a LendingPoint loan:
- You must be at least 18 years of age.
- You must be able to provide a U.S. federal, state or local government issued photo ID.
- You must have a social security number.
- You must have a minimum annual income of $40,000 (from employment, retirement or some other source).
- You must have a verifiable personal bank account in your name.
- You must live in one of the states where LendingPoint does business (excludes Nevada and West Virginia).
Cash advance apps
Instead of a traditional credit check, cash advance apps like Chime MyPay and MoneyLion Instacash rely on your income history, reviewing your direct deposits and bank account history. Loan limits usually max out around $500 or $1,000, depending on the app, and repayment is typically due by your next payday.
Chime MyPay
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Loan amounts
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Terms
Repayment is automatically deducted from your next paycheck
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Fees
Pros
- Lets you borrow money from your paycheck early
- Repayment is automatically deducted from your next paycheck
- Fee-free deposit option if you choose to wait 24 hours for funding
- No credit checks
Cons
- $500 limit is a bit low compared to limits from other EWA services
MoneyLion InstaCash
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Loan amounts
Up to $500 standard; Up to $1,000 for MoneyLion
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Terms
Repayment is automatically deducted from linked bank accounts
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Fees
Free standard delivery (1–5 days); 9% Turbo fee for instant delivery (capped at $14.99)
Pros
- Fee-free deposit option if you choose to wait 1–5 days for funding
- Relatively low instant transfer fees (on the lower end) compared to other services
- $0 monthly administrative fee
- Tips are optional
- No credit check
Cons
- $1,000 borrowing maximum is only available to MoneyLion customers
Buy now, pay later loans
If you need fast cash to make a purchase, a buy now, pay later (BNPL) app can split the expense into several smaller payments, usually made over several weeks. Two popular options, Afterpay and Klarna, use a soft credit pull to verify your identity.
Cash App Afterpay
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Interest rate
0% on purchases under $400. Up to 35.99% on purchases over $400.
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Credit limit
$35 to $2,500 per transaction.
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Loan terms
Four installments over six weeks.
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Monthly payment plan?
Yes, Pay Monthly plan is available for purchases from $100 to $10,000, with payments across 3, 6 to 12 or 24 months. APR ranges from 0% to 35.99%.
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Fees
One-time late fee of up to 25% on purchases under $40.For purchases of $40 or more, an initial $10 late fee and $7 for every 7 days, up to $68 or 25% of the purchase price, whichever is less.
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Available merchants
Afterpay is accepted at over 15,000 merchants nationwide, including Sephora, Ulta Beauty, Target and Best Buy.
Pros
- No interest on purchases under $400
- Accepted at over 15,000 merchants, including Sephora, Ulta Beauty, Target and Best Buy
- Available online and in stores
Cons
- Late fees can add up fast (up to $68 on larger purchases)
- Pay Monthly plan not available in Hawaii, New Mexico, Nevada or West Virginia
Klarna
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Credit limit
Initial limit of $100; may be increased up to $2,500.
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Loan terms
Four interest-free payments every two weeks or a one-time payment within thirty days
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Monthly payment plan?
Yes, users can pay over 6 to 24 months.
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Fees
Late fee of up to $7 (after 10 days)
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Available merchants
Accepted at nearly 800,000 merchants, including Amazon, Best Buy, Walmart and Target. Through the Klarna card, you can buy from retailers not integrated with the company.
Pros
- Accepted at nearly 800,000 merchants, including Amazon, Best Buy, Walmart and Target
- Splits purchases into four interest-free payments
- Pay-over-time plans available up to 24 months for larger purchases
Cons
- Late fees apply, though capped at $7
- Monthly installment plans may charge interest
- No option to reschedule payments once scheduled
- Credit limit starts at $100
Secured loans
Some banks and credit unions offer loans secured by a car, CD, savings account or some other asset. The collateral reduces risk for the lender — that can help you qualify for better loan terms, but it also puts your property at risk of repossession. Best Egg and OneMain Financial are among our top picks for secured loans.
Best Egg Personal Loan
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Annual Percentage Rate (APR)
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Loan amounts
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Terms
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Credit needed
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Origination fee
0.99%–9.99% of the loan amount
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Late fee
$15 fee if the borrower’s bank account has insufficient funds
Pros
- Secured loans have an average APR discount of 20% compared to unsecured loans.*
- Factors besides credit scores are considered when applying.
- Possible to get financing in as little as 24 hours.
- Vehicles and home fixtures can be used as collateral.
Cons
- The origination fee is higher than some competitors’.
- Best Egg does not allow co-signers or co-borrowers.
*The Best Egg Secured Loan is a personal loan secured using a lien against fixtures permanently attached to your home such as built-in cabinets, light fixtures, and bathroom vanities. Rest assured, your home itself will not be used as collateral.
We like that OneMain accepts borrowers with bad credit and offers secured loans and fast funding. However, its minimum APR is on the high side and the $30,000 financing maximum may be too low if you need a larger loan.
- Approves applicants with bad/fair credit
- Same-day funding available
- Can apply with collateral
- Co-applicants allowed
- High origination fee
- High minimum interest rate
- No autopay discount
- Co-signers not allowed
*You must complete a loan application and continue to meet any criteria used to select you for a loan offer. Not all applicants are approved.Loan approval and actual loan terms depend on applicant’s state of residence and ability to meet OneMain Financial credit standards such as a responsible credit history, sufficient income after monthly expenses, and if applicable, availability of eligible collateral.
Not all approved applicants qualify for larger loan amounts, lower APRs, or the most favorable loan terms.For example, larger loan amounts typically require a first lien on a motor vehicle that is no more than ten years old, meets our value requirements, and is titled in applicant’s name with valid insurance. APRs are generally higher on loans not secured by a vehicle.
Example Loan:A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
OneMain charges origination fees allowed by law.Depending on the state where the loan is opened, the origination fee may be either a flat amount or a percentage of the loan amount. Flat fees vary by state, ranging from $25 to $500. Percentage-based fees vary by state, ranging from 1% to 10% of the loan amount subject to certain state limits on the fee amount.
For information about these fees and minimum and maximum loan sizes available in certain states, visitomf.com/loanfees.
Current OneMain Customers:Loan offers presented to a consumer assume the individual has no active loan with OneMain or one of its affiliates. If a customer applies for a new loan offer, a OneMain representative will discuss available options.
Active-duty military, their spouse or dependents covered by the Military Lending Act (MLA) may not pledge any vehicle as collateral.If you are covered by the MLA, you are not eligible for secured loans.Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Time to Fund Loans:Funding within one hour after loan closing through SpeedFunds® must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after closing.
Payday loans
Usually capped at $500, payday loans are a form of short-term financing that typically only require a valid ID, proof of income and an active checking account. Fees can translate into APRs of over 400%, though, which is why consumer advocates criticize payday loans as predatory.
Payday alternative loans
To discourage members from turning to payday loans, some credit unions offer payday alternative loans (PAL) of up to $2,000, with lower APRs and capped fees. There’s usually a credit check, but PALs are specifically designed for borrowers with bad credit or limited credit history.
Century Federal Credit Union approves PALs of up to $1,000 at a fixed 25% APR, with funds available the same day via ACH deposit.
Century Federal Credit Union payday alterntative loan
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Loan amounts
Payday alternative loans (PALs) of up to $1,000
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Terms
Repayment terms of up to six months
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Fees
$25 application fee and 25% APR
How to shop for a personal loan with no credit check
There are different options for securing financing without a credit check.
Find out how your creditworthiness is judged
“No credit check” doesn’t mean automatic approval. Lenders still evaluate your income, employment, bank account activity, collateral or other information. While some may approve without reviewing your FICO credit score at all, others will perform a soft credit check or use an alternate credit bureau like Clarity Services.
Find out the full cost of borrowing
Don’t just look at the interest rate or flat fee for borrowing, also consider:
- APR
- Application fees
- Finance charges
- Total amount you’ll repay
- Payment frequency and duration
- Late fees and prepayment penalties
Compare repayment terms
No-credit-check loans are generally short-term financing, giving borrowers just months, or even weeks, to pay off their balance. Compare lenders to see which payment schedule fits you best.
Consider how quickly loans can be funded
If you need money quickly, some lenders can fund loans within minutes, but only to debit cards. An ACH transfer can still take one or two days. Make sure you choose a loan with a funding timeline that works for your needs.
Be cautious with payday loans
These short-term loans typically don’t require a traditional credit check, but they often come with substantial fees. Borrowers unable to repay their loan in full by their next payday can find themselves caught in a growing debt cycle.
Avoid lenders that guarantee approval
Even lenders that don’t require a credit check still need to review your application. Any lender that offers unsolicited financing, guarantees approval or requires money upfront before approving your loan should be considered a red flag. As with any loan, look at reviews and Better Business Bureau ratings to get a sense of a lender’s overall reputation.
FAQs
Can I get a loan without a credit check?
It is possible to get a personal loan without a credit check, although you’ll have fewer options and the cost of borrowing is likely to be higher. If you’re avoiding a credit check because you have a low credit score, there are personal loans for bad credit.
How much can you borrow without a credit check?
Most no-credit-check options limit financing to a few hundred or thousand dollars, OppLoans offers personal loans of up to $5,000, depending on your financial health and state of residence.
Does taking out a no-credit-check loan affect my credit score?
Since a no-credit-check loan doesn’t involve a hard credit inquiry to one of the main credit bureaus, it shouldn’t impact your FICO credit score. Depending on the lender, it may notify the bureaus of on-time loan payments, which can raise your score. Defaulting on a no-credit-check loan can still severely damage your credit score, however.
Why trust CNBC Select?
At CNBC Select, our mission is to deliver high-quality service journalism and comprehensive consumer advice to our readers, enabling them to make informed financial decisions. Every personal loan article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of loan products.While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content independently of our commercial team and any outside third parties, and we pride ourselves on maintaining high journalistic standards and ethics.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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