Loans With No Credit Checks in the US - Yes, they exist.

Loans with no credit checks in the US - see our list of companies that does not require a credit check.

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By Ben Harper

Key Points:

  • No Credit Check loans are based on the borrower's income level rather than credit score.
  • These types of loans are great for people looking to start off fresh or people that do not have the best credit score BUT do have income that can sustain a new loan obligation.
  • Like any other types of loans, Loans With No Credit Checks in the US have their own set of pros and cons. We always recommend that you do your research thoroughly before making any sort of financial decision!

SimpleDirect allows all borrowers to see their personalized rates without impacting their credit scores. This is what is called a soft credit check. It is true that credit checks have traditionally been the number 1 criteria that banks check before determining anybody's loan rates. However, it isn't the only way to get loans.

Part I: Alternatives to Credit Checks

Why do banks check your credit score? Essentially, it is an indicator of how much they can rely on you to pay back the borrowed amount. This score is built upon years of your credit history which shows if you've missed any payments, if you've defaulted any commitments, or how leveraged you are as a whole.

Today, lenders realize that many people haven't had an opportunity to build a credit score. As such, they have introduced alternatives to the typical credit report. Here they are:

There are many alternatives to credit checks.

1. Bank Statements:

Some lenders use bank statements as an indicator of your financial activity. They will see if you have lots of withdrawals, deposits, and if you have any overdrafts.

2. Income Confirmation:

Rather than checking on your past, as shown through the credit history report, some lenders just want assurance that you are at a position today to make payments for a given loan.

So, they will want to ensure that you have enough stable inflows of cash coming in. How do they do this? You may be asked to present a document like a pay stub or a employment contract that provides a proof of employment along with the income amount.

Best personal loans for limited credit history

Lending Partner APR Loan Amount
Upstart Personal Loans by SimpleDirect 9.99 - 35.99% $1k - $35k Apply Now
Avant Personal Loans by SimpleDirect 9.99 - 35.99% $2k - $35k Apply Now
SoFi Personal Loans by SimpleDirect 5.99 - 16.19% $5k - $100k Apply Now
Prosper Personal Loans by SimpleDirect 7.95 - 35.99% $1k - $35k Apply Now

3. Collateral Loans:

This one's simple. If the lenders can be certain that in the event of your failure to make timely payments, an ownership of some type of tangible property belonging to you will be transferred to them, then they will have successfully mitigated their side of the risk.

Keep in mind, however, that the collateral has to be close to the value of the loan. Common collaterals used by people include their vehicle, computers, a home appliance etc.

4. Guarantor Loans:

This type of loan has gained a lot of popularity in the past few years. Essentially, if you find yourself with a bad credit or without any credit history at all, a guarantor serves as someone who takes personal responsibility over you and your ability to make the required loan payments.

There are many guarantor loans that does not involve a credit check. Consider a guarantor loan.

Guarantors are also called 'co-signors' to the loan and these individuals are typically people with good to excellent credit, and a high income. Guarantors take on a personal risk here in that if you as the borrower fail to make payments on the loan they co-signed on, they are personally liable to make these payments themselves. As such, guarantors are typically someone within your family or close group of friends.

Part II: Pros and Cons of No Credit Check Loans


Allows people with poor credit or no credit history to take on loans

As we've suggested already, these loans are great for people looking to get on their feet or start off freshly.

Fast Funding

With SimpleDirect, our lending partners provide borrowers with the funding within 1-3 business days from application.


May require Guarantors

For many this isn't an issue as family or friends are more often than not willing to help out. But, it is a con that they are exposed to risk as well.

A guarantor might be required for a personal loan or installment loan without a credit check

May require collateral

Nobody enjoys having to place a piece of property as collateral.

May come with higher interests

If you are unable to provide guarantors and settle for something like payday loans, then you can expect to pay higher interest rates.

As we can see above, like any other type of loans, loans with no credit check have their own set of pros and cons. So, it is important to understand what they really are and then determine if this is the best route for you. With SimpleDirect, you can check your personal rates without any impact to your credit score.

Part III: Common Forms of No Credit Check Loans

Payday Lenders:

You may have seen payday loan ads in your local TV station or perhaps even in the strip mall next door. These lenders are what we call "high-risk high-reward" businesses where they offer you a seemingly too-good-to-be true loan within an hour of walking into one of their stores. But this comes with a big cost: HIGH INTEREST. According to reports, payday loans require such absurd fees that they be equivalent to around 400% APR.

Auto Title Lender:

These lenders offer loans in return for putting up your legal ownerships of your vehicle as collateral. These lenders typically allow borrowers to take out loans at a value of around 35% of the car's value.

Loans from family/friends:

Typically, family and friends don't check your credit (we think?). But, as a lot of us have been taught, it is risky to mix money and family! You don't want to ruin relationships.

You can also consider taking a personal loan from your family and friend as an alternative

Part IV: Your Alternatives

1. Personal Loans:

While lenders do look at credit scores, having a bad credit score doesn't necessarily mean you will get no loan at all. You have many options for urgent loans with bad credit. Our top three choices are just a selection of what’s available. So how do you choose?

Check your rates - no impact on credit score

Lending Partner APR Loan Amount
SimpleDirect Personal Loans 5.99 - 35.99% $1k - $50k Apply Now

Popular Personal Loan Options in the USA

Lending Partner APR Loan Amount
Upstart Personal Loans by SimpleDirect 9.99 - 35.99% $1k - $35k Apply Now
Avant Personal Loans by SimpleDirect 9.99 - 35.99% $2k - $35k Apply Now
SoFi Personal Loans by SimpleDirect 5.99 - 16.19% $5k - $100k Apply Now
Prosper Personal Loans by SimpleDirect 7.95 - 35.99% $1k - $35k Apply Now

Questions to ask yourself:

What do you need?

Why do you need the funds? Do you need them immediately? Do you need a high loan amount? The answers to these questions will narrow down your options.

What can you afford?

Each lender charges different APRs and origination fees. If there is an origination fee it comes out of the loan proceeds. For example, if you borrow $5,000 and there’s a $500 origination fee, you’d receive $4,500 in hand.

How fast you can repay it?

Each loan has a different repayment period ranging from 2 to 5 years in most cases. The shorter the loan term, the lower the APR, but the higher the payment. Make sure you take a loan you can afford.

2. Credit Cards

There are some credit card options such as Secured Credit Cards, or even some introductory credit cards that look to loan to borrowers with low credit scores. Take a look!

Credit cards are a good alternative for personal loans and secured credit cards usually do not have credit checks

Best Credit Cards for All Credit Groups: See Your Options

Credit Score Range
Excellent (741-850) See My Options
Great (721-740) See My Options
Very Good (701-720) See My Options
Good (681-700) See My Options
Average (661-680) See My Options
Fair (641-660) See My Options
Poor (621-640) See My Options
Very Poor (350-620) See My Options
I'm not sure See My Options

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Ben Harper

Ben is a personal finance writer with SimpleDirect, where he focuses on topics such as personal loans, credit cards, and offering financing.

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Best personal loan options

Lending PartnerAPRLoan Amount
Upstart Personal Loans by SimpleDirect9.99 - 35.99%$1k - $35kApply Now
Avant Personal Loans by SimpleDirect9.99 - 35.99%$2k - $35kApply Now
Sofi Personal Loans by SimpleDirect5.99 - 16.19%$5k - $100kApply Now
Prosper Personal Loans by SimpleDirect7.95 - 35.99%$1k - $35kApply Now

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