4 Best No-Credit-Check Installment Loans in 2021

Has your bank denied your loan application because you’re not creditworthy enough? Despair not, as the best no credit check installment loans will help you obtain the financial boost when you need it most.

Personal loans without a credit check are an excellent alternative for all prospective borrowers struggling with poor credit. The loan application process is much faster due to the lack of some procedures, and the chances to get the money from lenders are higher.

In this article, we’ve reviewed and compared some of the companies that will help you get the much needed financial injection when those critical moments arrive.

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Top 4 No-Credit-Check Installment Loans in 2021

1. BadCreditLoans.com

BadCreditLoans.com is an excellent alternative for individuals whose credit score prevents them from obtaining an unsecured installment loan from banks or other lenders. Getting the best online loan with no credit check here is completely free and may even help you boost your FICO. Full Review

  • APR: 5.99%–35.99%
  • Loan amount: $1,000–$10,000
  • Loan term: 3–72 months

BadCreditLoans.com is an excellent alternative for individuals whose credit score prevents them from obtaining an unsecured installment loan from banks or other lenders. Getting the best online loan with no credit check here is completely free and may even help you boost your FICO. Full Review

2. PersonalLoans.com

PersonalLoans.com is an outstanding source of installment loans for borrowers with bad credit. It is a lending platform that partners with reputable partners eager to fund prospective borrowers with the best no credit check installment loans. Full Review

  • APR: 5.99%–35.99%
  • Loan amount: $500–$35,000
  • Loan term: 3–72 months

PersonalLoans.com is an outstanding source of installment loans for borrowers with bad credit. It is a lending platform that partners with reputable partners eager to fund prospective borrowers with the best no credit check installment loans. Full Review

3. Upgrade

Upgrade offers some of the best no credit checks loans online at affordable interest rates to borrowers with bad FICO scores. Its credit score requirements aren’t high, and the pre-approval process lasts just a few minutes. Full Review

  • APR: 7.99%–35.97%
  • Loan amount: $1,000–$50,000
  • Loan term: 3–5 years

Upgrade offers some of the best no credit checks loans online at affordable interest rates to borrowers with bad FICO scores. Its credit score requirements aren’t high, and the pre-approval process lasts just a few minutes. Full Review

4. Avant

Avant is a great match for individuals with bad credit seeking the best no credit check loans. Its flexible requirements are perfect for borrowers who aren’t eligible for other lenders. Full Review

  • APR: 9.95%–35.99%
  • Loan amount: $2,000–$35,000
  • Loan term: 2–5 years

Avant is a great match for individuals with bad credit seeking the best no credit check loans. Its flexible requirements are perfect for borrowers who aren’t eligible for other lenders. Full Review

Best No-Credit-Check Loans in 2020

Upgrade Best for joint applications
BadCreditLoans.com Best for borrowers with bad credit
PersonalLoans.com Best for quick short-term loans
Avant Best for fast long-term loans

Detailed Reviews

Upgrade
Upgrade

BEST FOR

joint applications

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  • APR: 7.99%–35.97%
  • Loan amount: $1,000–$50,000
  • Minimum credit score: 580
  • Loan term: 3–5 years
  • Origination fee: 2.9%–8%
  • Type of collateral: Not required
  • Funding time: 1–4 business days

Upgrade is a direct lender established in 2016 with the aim of providing affordable online loans with no credit check to clients with poor credit scores. Its loans are mainly intended for debt consolidation or large home improvement projects; however, they can be used for any other reason. In addition to personal loans, Upgrade offers lines of credit that can also meet a client’s funding needs.

In case your credit history is limited, you have the option to apply with a cosigner. In such a case, both your and your co-applicant’s credit profiles will be considered, which increases your chance to get the loan. Keep in mind, though, that Upgrade doesn’t accept clients from Vermont, West Virginia, and Iowa.

Upgrade Loan Requirements

To apply for an Upgrade installment loan with no credit check, there are several eligibility criteria you have to meet. Those are related to your legal age, residency status, income, and employment.

Firstly, you have to be 18+ to qualify for the loan. Secondly, you must be a US citizen or a resident with a permanent visa and a valid Social Security Number. Thirdly, you must be employed with a steady flow of income of at least $30,000 per year.

Prospective borrowers usually look for the best no credit check loan because of their bad FICO. The minimum credit score necessary to qualify for Upgrade installment loans is 580. Keep in mind that your FICO may affect your APR — the lower it is, the higher your interest rate will be.

Upgrade Loan Agreement Terms

APR: Upgrade charges an APR rate of 7.99% to 35.97%. The exact interest that will be charged depends on the FICO score. Borrowers whose credit score is good to excellent will be offered the minimum rate. Conversely, those with poor FICO scores will be charged a higher interest rate.

Loan amount: The minimum amount of an Upgrade online installment loan with no credit check starts at $1,000, while the maximum is $50,000. There are no limits or restrictions that prospective clients may borrow.

Loan term: The period through which you’re expected to pay off your loan is 3 to 5 years. However, you may pay it off earlier, as Upstart doesn’t charge a prepayment fee.

Origination fee: Upgrade charges an origination fee of 2.9% to 8%, which may tend up somewhat high, based on your creditworthiness.

Type of collateral: As all no credit check installment loans that Upgrade provides are unsecured, no collateral is needed.

Funding time: Funding time may take up to four business days. Once you’ve been approved for the loan and complete the needed verification, funds will be deposited into your bank account within only one business day. However, it may take even four days until your bank processes the transaction.

Credit check: Even though Upgrade offers some of the best no credit check personal loans, it doesn’t mean that the lender won’t check your creditworthiness. Upgrade first performs a soft pull in the pre-approval process, which won’t affect your credit score. At some point in the application process, however, Upgrade is going to perform a hard inquiry that will slightly impact your FICO score.

Loan fees: In addition to the origination fee of up to 8%, Upgrade charges a late payment fee of $10. Fortunately, borrowers have a grace period of 15 days.

What we liked & didn’t like

Upgrade offers some of the best installment loans online on the market, especially for individuals with bad credit. As it allows joint applications, it’s also excellent for people with limited credit history who want to apply with a cosigner. The loan amount is decent, and you can have funds deposited into your account within only one business day.

The loan term is average for the industry. Should you decide to pay off your loan earlier, you won’t be charged a prepayment fee or penalty.

On the downside, Upgrade is not available in all 50 states. Residents of Iowa, West Virginia, and Vermont aren’t eligible to apply for installment loans with no credit check at Upgrade. Another drawback is the origination fee that is deducted from the loan amount, so you may not always receive the full amount you qualified for.

BadCreditLoans.com
BadCreditLoans.com

BEST FOR

borrowers with bad credit

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  • APR: 5.99%–35.99%
  • Loan amount: $1,000–$10,000
  • Minimum credit score: 500
  • Loan term: 3–72 months
  • Origination fee: Varies by lender
  • Type of collateral: Not required
  • Funding time: 1 business day

BadCreditLoans.com is a Nevada-based online lending platform that was established back in 1998. It specializes in providing personal loans with no credit check to borrowers who are in dire need of money but are troubled with a poor FICO. Besides personal loans, the platform enables you to get auto and student loans, home equity loans, and mortgages.

Note that BadCreditLoans.com is not a direct lender or financial institution. It is only a loan aggregator that connects you with prospective lenders who are about to provide you with your much-needed loan. Hence, BadCreditLoans.com doesn’t have guaranteed approval for bad credit long term loans. It’s all up to direct lenders.

BadCreditLoans.com Loan Requirements

To qualify for installment loans with BadCreditLoans.com, you must be 18 and more years old. Secondly, you must be a US citizen or hold a permanent visa. Furthermore, you must have a valid Social Security Number and a steady income. The minimum amount is not specified, and it may depend on the direct lender.

Since BadCreditLoans.com focuses on securing loans for individuals with poor credit, the minimum required FICO is 500. However, amounts for no credit check loans are rather limited, so borrowers who have good or excellent credit scores may want to consider other lenders as well.

BadCreditLoans.com Loan Agreement Terms

APR: The fixed APR may range from 5.99% to 35.99%. Your interest rate will depend on the lender and your credit score. Those who have a good credit score will be charged the lower rate. However, those whose FICO is bad will be offered the highest APR.

Loan amount: The amount of the installment loan with no credit check you can seek varies from $1,000 to $10,000. However, the ultimate amount you’ll get is based on your credit score. Borrowers with bad FICO may get little more than the minimum amount of $1,000.

Loan term: BadCreditLoans.com facilitates both short-term and long-term loans, so you may pay your loan off within only three or up to 72 months. Typically, short-term loans have much higher interest rates.

In case you want to repay your loan prior to the end of the term, you may do so without paying any fees or penalties.

Origination fee: Since BadCreditLoans.com is only a lending platform that connects you with loan companies that require no credit check, it won’t charge any origination fee. However, direct lenders may have fees ranging from 1% to 8%, so you should be careful and study their terms before finally accepting their offer.

Type of collateral: All loans offered by BadCreditLoans.com and companies it partners with are unsecured, so no collateral will be required.

Funding time: BadCreditLoans.com may help you obtain the much needed no credit check personal installment loans within a single day after your application. But the time needed to have your funds deposited into your account depends on the direct lender and your bank. Thus, sometimes it may take up to several business days for your account to be funded.

Credit check: As a platform that only aggregates lenders, BadCreditLoans.com will perform a soft inquiry to check what you qualify for. This won’t affect your credit score. But, at some point during your application, the direct lender will perform a hard pull, which will impact your overall FICO.

Loans fees: BadCreditLoans.com doesn’t charge any fees for unsecured installment loans with no credit check. Lenders, on the other hand, may charge late payment fees. Therefore, to avoid any unnecessary costs, it’s essential to repay everything on time.

Besides, regular payments are an excellent opportunity to improve your credit score, as lenders report them to major credit bureaus.

What we liked & didn’t like

BadCreditLoans.com is a fantastic solution for individuals who can’t qualify for loans and credits due to their bad FICO score. It connects prospective borrowers with the best no credit check loan offered by their network of lenders. The lending platform doesn’t charge any fees, so it’s free to use. In addition, with all payments made on time, you have a chance to boost your FICO and improve your credit history.

Upon application, BadCreditLoans.com will perform a soft pull only, which will not affect your credit. Direct lenders perform a hard pull if you decide to accept the offer and proceed with the application for no credit check loans online.

The main drawback of BadCreditLoans.com is the loan amount. It’s rather limited, even for borrowers who have good credit. In addition to a limited amount approved, individuals with bad FICO will be charged quite a high-interest rate of 35.99%.

PersonalLoans.com
PersonalLoans.com

BEST FOR

quick short-term loans

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  • APR: 5.99%–35.99%
  • Loan amount: $500–$35,000
  • Minimum credit score: Varies by lender
  • Loan term: 3–72 months
  • Origination fee: Varies by lender
  • Type of collateral: Not required
  • Funding time: 1 business day

PersonalLoans.com was founded in 2017 with a mission to help people with poor credit get a  personal loan. As the name suggests, its main focus is on different types of loans, such as tax loans, payday loans, online loans, and debt consolidation.

The process of getting a personal loan with no credit check is quite simple and straightforward. But keep in mind that, as a loan aggregator, PersonalLoans.com can’t guarantee that you’ll be approved, as it’s the lender that makes the final decision.

PersonalLoans.com Loan Requirements

PersonalLoans.com has several preconditions you must fulfill in order to apply for the loan concerning your age, residency, employment status, and income.

To be eligible for bad credit personal loans with no credit check, you must be an 18+ US citizen or permanent visa holder. Furthermore, you must have a Social Security Number. Most importantly, you must have a stable income of at least $2,000 per month.

The minimum required FICO varies by lender. Of course, the better it is, the greater are the chances of obtaining higher loan amounts at more affordable rates.

PersonalLoans.com Loan Agreement Terms

APR: PersonalLoans.com APR ranges from 5.99% to 35.99%. It depends on your credit score and the specific direct lender.

Loan amount: The loan amount ranges from $500 to $35,000. The lender determines the final amount of personal loans with no credit check. Hence, your request for a specific amount may be declined despite your good FICO due to the lenders’ limitations.

Loan term: PersonalLoans.com helps its clients obtain both short-term and long-term loans. The former ones may be paid off within only three months, whereas the latter may be extended up to 72 months. You also have the opportunity to repay your loan earlier without paying any prepayment fees.

Origination term: PersonalLoans.com doesn’t charge origination nor any other fees whatsoever. But direct lenders may charge an origination fee of 1% to 8%. Therefore, you should peruse the lenders’ terms and conditions before accepting any offers.

Type of collateral: As opposed to some lenders that provide guaranteed installment loans for bad credit, PersonalLoans.com helps its clients get unsecured loans, so no collateral is needed.

Funding time: Once you accept the direct lender’s offer and your application is approved, you may have your funds deposited within one business day. However, some lenders may take a few days longer to fund your account, or the bank might need some time to complete the transaction.

Credit check: As a lending platform, PersonalLoans.com performs a soft pull only with the aim of matching you with lenders. But, as soon as you accept the offer and proceed with your application for the online loan with no credit check, the lender will perform a hard pull.

Loan fees: Since it is not a direct lender, PersonalLoans.com doesn’t charge any fees. On the other hand, lenders may charge their own fees like origination fees or late payment fees. To avoid any extra costs and damaging your credit, always make all your payments on time.

What we liked & didn’t like

PersonalLoans.com lending platform is perfect for borrowers who seek the best installment loans with no credit check. If you’re in desperate need for quick cash, PersonalLoans.com is the best place to start. In just a few steps, it will match you with direct lenders with which you may proceed your application for the personal loan. The platform is completely free, so you won’t be charged a cent during the application process.

The offered amounts are quite decent, and the APRs are standard for no credit check loans with monthly payments. Your credit score will remain unaffected as PersonalLoans.com performs a soft inquiry only.

The major drawback is that PersonalLoans.com requires a lot of information you might not be comfortable sharing. This info will further be shared with third parties, i.e., direct lenders. This step is, again, inevitable since it’s the only way to obtain loan offers.

Avant
Avant

BEST FOR

fast long-term loans

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  • APR: 9.95%–35.99%
  • Loan amount: $2,000–$35,000
  • Minimum credit score: 580
  • Loan term: 2–5 years
  • Origination fee: Varies
  • Type of collateral: Not required
  • Funding time: 1 business day

Established in 2012, Avant is a direct lender that caters to clients with less-than-perfect credit scores. Once approved, the funds for poor credit loans with no credit check are delivered quickly, as early as the next day. The lender offers both secured and unsecured personal loans, as well as business loans. Avant has generous offers for its prospective borrowers, but it also has a range of different fees.

Sadly, Avant isn’t available in all American states. Thus, the lender doesn’t accept clients from Iowa, Vermont, Colorado, and West Virginia.

Avant Loan Requirements

Just like all other lenders and lending platforms, Avant can only provide the best no credit check installment loans to borrowers who are older than 18 and have a valid Social Security Number. Furthermore, they must be US citizens or hold a residential visa.

Another requirement is a steady stream of income, the minimum amount of which isn’t specified. To qualify for the loan, borrowers must have a credit score of at least 580. It’s interesting, though, that applicants who aren’t accepted for unsecured installment loans with no credit check may be eligible for secured loans.

Avant Loan Agreement Terms

APR: APR varies from 9.95% to 35.99%, with the lowest rate being somewhat higher compared to other lenders in the market. The lender will determine your rate based on your FICO, so if your credit score is bad, you’ll be offered the highest rate of 35.99%.

Loan Amount: The available amounts of Avant unsecured loans with no credit check range from $2,000 up to $35,000. Speaking of secured loans, prospective borrowers have a somewhat narrower range of options: $5,000–$25,000.

Loan Term: Avant focuses on long-term personal loans, so the borrowers may repay their loans within two to five years.

Origination Fee: The lender charges what it refers to as an “administrative fee” of up to 4.75% for its unsecured online installment loans with no credit check. Regarding secured loans, the fee is a bit lower, amounting to 2.50%

Type of collateral: Avant requires no collateral for its unsecured personal loans. However, if you opt for secured loans, then the lender will require your vehicle to ensure that you’ll repay your loan in due time.

Funding time: Once Avant approves your loan, the funds will be transferred to your bank account within the next business day. However, you might have to wait a bit if your bank needs some time to process the transaction.

Credit check: When you apply for a loan with bad credit and no credit check, the lender will perform a soft inquiry to come up with the right offer regarding the loan amount and APR. As soon as you accept the offer, the hard pull will be performed.

Loan fees: In addition to the upfront administrative fee, Avant charges a range of other fees. Thus, if you don’t make your payment on time, you’ll have to pay a late payment fee of $25 for unsecured, or a $15 dishonored fee for the secured loan.

What we liked & didn’t like

Avant loans without a credit check are a great alternative for applicants with a bad credit score. Even if the lender denies an unsecured loan due to a too low FICO, borrowers might apply for a secured loan.

Avant reports all your payments to three major credit bureaus, so this is a great opportunity to boost your score and improve your credit history. Therefore, it’s essential to make all payments on time so as not to damage your credit and incur a late payment fee of $25. Funding time is only 1–2 business days, so Avant offers you an outstanding chance to get fast loans with no credit check.

The main drawbacks are a rather high minimum APR of 9.95%, as well as an administration fee of up to 4.75%. How high your APR and administration fee will be depended on your credit, loan amount and the loan term. Hence, individuals with a better FICO might want to seek a loan with other lenders that don’t charge such a high APR and origination fee.

How to Find the Best No Credit Check Installment Loans

Before you decide to apply for a personal installment loan, there are some things you should consider in order to choose the loan and lender that suit your needs and avoid extra costs. Check them out.

APR and fees

Interest rate is one of the crucial factors you need to pay attention to before you accept the lender’s offer for personal installment loans with no credit check. It is an APR that actually determines how your loan is going to cost you in the end. Lenders use a range of different criteria to come up with your interest rate. Hence, it’s essential to shop around before you make the final choice.

In addition to the APR, you should be on the lookout for fees such as late payment and origination fees that may incur extra costs if you’re not careful.

Loan amounts and loan terms

The purpose of your short or long-term installment loans with no credit check will determine which lender you’ll eventually choose, as not all of them will offer the same amounts. Note, though, that you may not always obtain the sum you’ve requested, as it depends on your credit score and origination fees.

Loan term, i.e., the time period you’re supposed to repay your loan, may also affect both your loan and APR. Namely, you may choose between short-term and long-term loans. Typically, short-term repayment inevitably means a higher interest rate. But, you should take too long to pay off your installment loans without a credit check, as you may spend too much on interest rates.

Qualification requirements

There are specific criteria that prospective borrowers have to meet to apply for personal loans. Those are related to legal age (applicants have to be 18+ years old) and have a valid SSN (Social Security Number). They have to be US citizens or residents with a permanent visa. Lastly, they must have a steady stream of income and a bank account. Some lenders may even require a minimum monthly or yearly income.

Other requirements include your credit history and FICO score. In fact, these are the most significant factors that may affect the lender’s decision to approve or deny your loan.

Type of a loan

Before you apply for an installment online loans with no credit check, you must decide whether you want a secured or unsecured loan. The former require collateral or a cosigner as proof that the loan will be paid off, whereas the latter don’t. Collateral is typically your car, home, or savings, while the cosigner is a person with a good credit score and solid income.

Some lenders may turn down your unsecured loan application and offer you a secured loan instead.

Wrap Up

Loans with no credit check are an excellent solution when an emergency situation pops up, but a bank has denied you a loan because of your bad credit score. Fortunately, online lenders are here to provide you with desperately needed cash under much shorter and simpler procedures. Thus, as soon as you complete your application and have your loan approved, your loan will be deposited into your account in one or two business days.

However, not all lenders have the same requirements and offers. Due to that, it’s vital that you do thorough research of lenders and their requirements in order to avoid incurring additional costs.

FAQ

Can I get an installment loan with bad credit?

The minimum FICO required for a credit or a loan is 660 or above, depending on the lender or financial institution. But even if you have a bad credit score, you can still apply for a loan and have it approved as some lenders specialize in providing loans for people with poor credit history. However, you should investigate their offers in detail to avoid paying exorbitant interest rates and fees for smaller amounts.

Do installment loans require a credit check?

It’s not possible to get an installment loan without a credit check. When you apply for a loan, all lenders and lending platforms will perform a soft credit pull to check the amount and raters you are eligible for and determine your offer. Such a procedure won’t harm your credit score. However, once you accept the lender’s offer and choose to continue with the application, the lender performs a hard pull, which will affect your credit.

Which lenders offer long term installment loans with no credit check?

Short answer? None of them. However, the lending platforms and lenders we have reviewed are a great solution for individuals struggling with bad credit. As lending platforms only match you with your prospective lenders, they never perform a hard pull. Lenders do that once you accept their loan offer. Therefore, you shouldn’t fear that your credit will be negatively affected if you apply for one of the best no credit check installment loans at the platforms we’ve listed.

Mind, though, that you should always thoroughly research all lenders’ terms and conditions, interest rates, loan amounts, and repayment times in order to avoid costly errors and mistakes.