4 Best Alternatives to No Credit Check Signature Loans in 2021

A credit check is there to ensure that lenders expose themselves to as little risk as possible. This is why lenders who don’t perform credit inquiries (like payday lenders) tend to compensate for this risk with incredibly high interest rates. For some lenders, this figure can go as high as 300-400% APR. The best alternative to this is to look for signature installment loans with a soft-pull pre-approval application.

With that in mind, here are some of the best alternatives to signature loans with no credit check.

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Top 4 Best Alternatives to No Credit Check Signature Loans 2021

1. BadCreditLoans.com

BadCreditLoans.com is a lending platform that can match borrowers with all types of credit score with the best loans for them — without a hard credit check. Only a soft credit check is performed to match you with lenders, which has no impact on your credit score. Full Review

  • APR: 5.99-35.99%
  • Loan Amount: $500-$10,000
  • Loan Term Length: 3 months to 5 years

BadCreditLoans.com is a lending platform that can match borrowers with all types of credit score with the best loans for them — without a hard credit check. Only a soft credit check is performed to match you with lenders, which has no impact on your credit score. Full Review

2. Avant

Avant’s unsecured personal loans are definitely a good alternative to some of best no credit check loans out there. Avant’s credibility in the lending industry is undisputed. Also, the fact it’s been working with loans for decades without a blemish on its reputation underscores the company’s reliability. Full Review

  • APR: 9.95-35.99%
  • Loan Amount: $2,000-$35,000
  • Loan Term Length: 2-5 years

Avant’s unsecured personal loans are definitely a good alternative to some of best no credit check loans out there. Avant’s credibility in the lending industry is undisputed. Also, the fact it’s been working with loans for decades without a blemish on its reputation underscores the company’s reliability. Full Review

3. OneMain Financial

The main advantages of this lender are the simple application process and the absence of a minimum credit score requirement. As it offers same-day funding, it’s a good alternative to the best instant loans with no credit check in the industry. Full Review

  • APR: 18%-35.99%
  • Loan Amount: $1,500-$20,000
  • Loan Term Length: 2 to 5 years

The main advantages of this lender are the simple application process and the absence of a minimum credit score requirement. As it offers same-day funding, it’s a good alternative to the best instant loans with no credit check in the industry. Full Review

4. Upstart

When looking for the best online personal loans with no credit check options, P2P platforms are always worth checking out as a second alternative. Here, a platform like Upstart towers head and shoulders above its closest competitors when it comes to APR and overall efficiency. Full Review

  • APR: 8.41%-35.99%
  • Loan Amount: $1,000-$50,000
  • Loan Term Length: 3 to 5 years

When looking for the best online personal loans with no credit check options, P2P platforms are always worth checking out as a second alternative. Here, a platform like Upstart towers head and shoulders above its closest competitors when it comes to APR and overall efficiency. Full Review

Best Alternatives to No Credit Check Signature Loans

 

Avant: Best for debt consolidation
OneMain Financial: Best for emergency expenses
Upstart: Best for short credit history borrowers
BadCreditLoans.com: Best for short-term loans

Detailed Reviews

Avant
Avant

BEST FOR

debt consolidation

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  • APR: 9.95-35.99%
  • Loan Amount: $2,000-$35,000
  • Minimum Credit Score: 580
  • Loan Term Length: 2-5 years
  • Origination Fee: Up to 4.75%
  • Funding Time: Next business day

Even when talking about the best installment loans with no credit check, not all platforms and direct lenders are the same. It’s very hard to find someone who can match Avant’s longevity and trustworthiness in the industry. Especially when we take into account that it deals in both secured and unsecured loans is also a huge factor.

One of Avant’s strongest points is its solid online presence. It has a pre-qualification form, a repayment calculator, and an extensive FAQ section on its website.

Loan Requirements

The first requirement to look out for is the minimum credit score of 580. This is what makes Avant’s loans a good alternative to some of the best bad credit no credit check loans.

During the application, the potential borrower needs to submit some personal information like their name, social security number, and contact info. Other than this, Avant needs their monthly net income, as well as their monthly housing payments, if any. This helps them establish the income-to-debt ratio. Loan reasons are the last piece of information required.

Loan Terms

APR: The APR on signature loans is always higher than the one on secured loans. For Avant’s loan, the APR ranges from 9.95% all the way to 35.99%.

Loan Amount: You can request to borrow an amount between $2,000 and $35,000. The maximum loan amount of $35,000 isn’t great for people who need a more substantial loan, but it’s enough for most purposes.

Loan Term Length: The usual loan term length for Avant’s installment loans is 24-60 months. This gives borrowers plenty of time to plan their monthly payments.

Origination Fee: The origination fee goes up to 4.75%. This may seem high, but it’s the average that doesn’t deviate much from the best online installment loans with no credit check.

Funding Time: Funding time is a strong selling point, as well. As soon as the borrower’s profile is fully assessed, and the application is approved, the money can be deposited in one or two business days.

Credit Check: You can check whether you are eligible for a loan with no impact on your credit score. Avant will only perform a soft credit pull to present you with offers. Should you decide to proceed with your application, a hard credit pull will be done which can negatively affect your score. While approval is not guaranteed, being able to compare the best personal loans for you with no hard credit check is a good option for people with bad credit.

Repayment: The payments can be made through the Automated Clearing House or via credit or debit cards. It’s also possible to reschedule payments or even make multiple payments in one billing cycle. There’s no early repayment fee, so it’s possible to repay a loan quickly if you have funds available.

What We Liked and Didn’t Like About Avant

For those with fair credit but no collateral, Avant offers some of the best online loans. It has competitive rates for fair-credit borrowers and good repayment term length.

While we’re focusing on signature loans, Avant does offer secured loans as well. That’s a huge plus for prospective borrowers with something to put up as collateral.

Most importantly, the loan is fully customizable and flexible regarding the repayment options.

While Avant accepts applicants with poor credit scores, they will most likely end up with high APR. This is why a lot of reviews prefer to see it as a fair rather than a bad credit lender.

OneMain Financial
OneMain Financial

BEST FOR

emergency expenses

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  • APR: 18%-35.99%
  • Loan Amount: $1,500-$20,000
  • Minimum Credit Score: Not disclosed
  • Loan Term Length: 2 to 5 years
  • Origination Fee: $25-$400 or 1-10%
  • Funding Time: Same day

If you end up short on your search for the best short term loans with no credit check, you may want to give OneMain Financial a chance.

The approval process doesn’t insist on a minimum credit score. This means that people who would be rejected elsewhere have a good chance of being eligible for OneMain loans. The APR is somewhat higher, but this isn’t that big of a problem in the short term.

The thing that separates OneMain Financial as a lender is that it offers some of the best fast loans in the industry. Everything about this process is speed-oriented, from the application and approval of a loan all the way to the time it takes for the funds to become available.

Loan Requirements

Although the lender doesn’t insist on the minimum credit score, having a score between 600 and 650 can significantly impact the loan terms.

All applicants need to be older than 18 and US citizens or residents. They need to submit a valid, government-issued ID, proof of residence, and proof of income.

Loan Terms

APR: The APR for this loan is between 18% and 35.99%. This means that while this is considered one of the best bad credit signature loans, it is still a good idea to apply for it with a fair credit score or higher.

Loan Amount: While the loan amount ranges from $1,500 to $20,000, this isn’t true for all the states. For instance, in Virginia, the minimum loan amount is $2,600, while in California, it’s $3,000.

In addition, new customers are limited to lower maximum unsecured loan amounts in some states. This maximum ranges from $7,000 in Maine to $14,000 in West Virginia.

Loan Term Length: The loan term length is a standard of 24 to 60 months. If you are looking for loans you can pay off faster, check out our reviews of the best short term loans.

Origination Fee: OneMain Financial charges an origination fee that can vary quite a bit. The fee is either flat $25-$400 or 1-10% of the loan’s value; both options vary by state.

Funding Time: The funding time is what cements OneMain Financial as providing the best alternative to signature loans with no credit check. Namely, a borrower can have the money available as soon as the same day, which is simply unparalleled.

Credit Check: OneMain Financial uses a soft credit pull in order to assess the credit score of their borrowers. This allows them to perform efficient pre-qualification. This saves the borrower the effort of having to undergo a hard credit check straight away.

Repayment: There’s no early repayment fee. It’s also possible to change the payment due date up to once a year and up to twice total, per loan.

What We Liked and Didn’t Like About OneMain Financial

It would be outright irresponsible, even negligible, not to start this list with the incredible speed at which the funding on this platform works. Having the money available on the day of submission is something few lenders can boast.

Another perk of applying for a loan through OneMain Financial is the fact that you can add a co-signer, which may increase your chances of approval, as well as your chances of getting more favorable terms.

A pre-qualification tool on OneMain’s website allows for free credit score access. This means that the applicant can skip the unpleasantness of having to resort to a hard credit pull straight away, a major advantage in its own right.

The origination fee can be incredibly high (1-10%). In fact, for below-average-credit borrowers, the origination fee will be substantially higher than the industry average.

Some of its closest competitors have a much lower APR and generally better terms for bad credit borrowers. Therefore, it would be hard to argue against shopping around a bit before committing to a loan.

Upstart
Upstart

BEST FOR

short credit history borrowers

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  • APR: 8.41%-35.99%
  • Loan Amount: $1,000-$50,000
  • Minimum Credit Score: 580
  • Loan Term Length: 3 to 5 years
  • Origination Fee: 0-8%
  • Funding Time: Next business day

While Upstart signature loans for poor credit are a thing, the truth is that this lending platform has the most to offer to the middle of the road borrowers. They are definitely its primary focus, and they can get borrowers’ profiles that attract the best lenders. This means a minimal (or no) origination fee and APR that is amongst the lowest in the industry.

Regardless of its low credit score requirement, these are not guaranteed approval signature loans. This is why only 27% of applicants actually get approved for a loan. By having a credit score that is anywhere between 620 and 660, the applicant can drastically impact their odds of getting approved. More importantly, they can get much better rates.

Loan Requirements

The minimum credit score for Upstart personal signature loans is 580, but this might not be enough for guaranteed approval.

In order to create an accurate and reliable borrower’s profile, the platform briefly checks their credit history. It focuses on recent delinquencies, the number of inquiries, and potential bankruptcy in the last six months. As a relief to many, inquiries related to student loans, mortgages and car loans are not included in the inquiry. This means Upstart can facilitate an excellent unsecured loan for people who are already paying off one of those loans.

Loan Terms

APR: The APR for Upstart loans depends on the lender. It’s possible to get a rate of 8.41%, which is one of the lowest rates in the industry. The upper end of the range stops at 35.99%, which is similar to the rest of the lenders.

Loan Amount: The loan amount also has a decent spread, going from $1,000 to $50,000.

Loan Term Length: The minimum loan repayment term of 36 months is somewhat higher than the 24 months offered by some other lending platforms. The maximum length of 60 months, however, is an industry-standard.

Origination Fee: Depending on the lender’s terms and the borrower’s creditworthiness, the origination fee can be anything between 0% and 8%.

Funding Time: Like the majority of online loans, the verification can range between 24 and 48 hours. As soon as this is done, the funds can be available within one business day.

Credit Check: In order not to unnecessarily bring down one’s credit score, Upstart starts with a simple soft credit inquiry. Later on, once the application process really starts, the platform will resort to a hard credit pull.

Repayment: Upstart’s signature loans don’t require an early repayment fee. With the right repayment plan, this matter becomes a lot simpler both for the lender and the borrower.

What We Liked and Didn’t Like About Upstart

Upstart’s treatment of recent credit inquiries for car and mortgage loans is quite lax, which is a massive boost to potential applicants. The same goes for the fact that they accept borrowers who are new to credit.

While they may not be instant signature loans, Upstart loans can be available rather quickly. As soon as the borrower’s profile is completed and the lender is found, the money can be deposited in one or two business days.

With any signature loan with no credit check, the APR depends on the lender.

However, albeit you can’t get a no credit check loan, with the right credit score, Upstart can offer some of the best terms in the industry.

A potential origination fee can go up to 8%, which is fairly high compared to the industry standard of around 5%. On the other hand, with the right lender and a solid borrower’s profile, one can avoid paying the origination fee altogether.

The fact that Upstart is a P2P platform means that the majority of the terms are determined by the lender. So, the terms may range from ideal to quite unfavorable, depending on the situation. This lack of consistency makes planning quite difficult.

BadCreditLoans.com
BadCreditLoans.com

BEST FOR

short-term loans

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  • APR: 5.99-35.99%
  • Loan Amount: $500-$10,000
  • Minimum Credit Score: Not disclosed
  • Loan Term Length: 3 months to 5 years
  • Origination Fee: Varies by lender
  • Funding Time: Varies by lender

BadCreditLoans.com’s lender partners offer great terms for signature loans. The lender doesn’t have a minimum credit score requirement and offers smaller loan amounts. This means that you can potentially use this loan in order to fix your car or your fridge. Seeing as how the platform has no early repayment fee, you can use it as an alternative for a payday loan.

Other than this, the low APR makes this loan into quite a decent consolidation loan. You can apply for a loan of about $2,000 and, with an APR of about 20% (which is still relatively high), pay back the total of about $2,200 over the course of 12 months. In other words, you can use this platform to find a loan with good terms, instead of going for a no credit check signature loan This would set you on the path towards recovering your credit score.

Loan Requirements

There is no minimum credit score required; however, with an average-to-fair credit, a borrower can get far superior terms. The APR range is pretty large, and those looking for larger lendable amounts might want to pay close attention to this.

Other requirements are fairly standard as far as signature loans go. The borrower needs to be at least 18 years old. They are also legally required to be a US citizen or resident.

Loan Terms

APR: The APR range is 5.99%-35.99%, which is in line with most competitors in this category. While the upper end of the scale can be prohibitive, it can still be managed with the right lender and loan terms.

Loan Amount: It’s possible to get a no credit check loan ranging from $500 to $10,000. This is sufficient for emergency expenses, minor repairs, and relatively small debt consolidation.

Loan Term Length: Standard loan term length for this loan is anywhere from 90 days to 5 years. The three-month minimum loan term duration can make this installment loan into a decent alternative to a payday loan that the borrower originally intended to get.

Origination Fee: The origination fees are set by lenders and can reach 8% of the loan amount.

Funding Time: You can expect that these no credit check loans will be funded relatively quickly, but the exact time is determined by the lender.

Credit Check: The process starts with a soft credit pull. Later on, the direct lender will perform a hard pull in order to present you with a final offer.

Repayment: As the final offer depends on the lender you are matched with, it is best to read the loan agreement carefully and to discuss the repayment plan with the direct lender.

What We Liked and Didn’t Like About BadCreditLoans.com

With a decent credit score, it’s possible to get really favorable terms with good APR and/or even non-existent origination fees.

The BadCreditLoans.com platform has a large lender network. As far as no credit check personal loans go, this is one of the best alternatives.

The application process is very quick. The applicant submits several details regarding their personal info and financial history. As soon as the borrower’s profile is done, the offers will start arriving.

One more thing that might concern some of those interested in getting a signature personal loan from BadCreditLender is the lack of transparency. Prospective borrowers who want to learn actual information about loan terms will have to go through the application process.

The biggest downside of this particular platform is the fact that the upper margin for the potential APRis pretty high. Sure, 35.99% is an industry-standard, but it still means paying huge potential interest.

How to Find the Best Signature Loan

If you follow our guide, you should have no trouble choosing the right signature loan with no credit check that will match your needs. Here’s a basic overview of what you should do:

Manage your expectations

Finding the right signature loan with no credit check is not a difficult task, the offers are available anywhere you look. Getting one might be trickier; there’s no such thing as really guaranteed signature loan. They have high credit score requirements, high APRs, other fees, or a combination of those factors. You have to know what you’re looking for and how likely you’re to get it.

Consider your financial situation

There are some loans that have unusually high credit score requirements, while others offer a guaranteed loan approval with no credit check. Naturally, those with higher requirements offer much better terms, but getting rejected because you’re unable to meet those requirements will waste your time. Consider if a secured loan might be a better option if you have something to put up as collateral.

Figure out how much money you can afford to pay off every month, and maybe get a joint loan to get better terms. Do the math and weigh your options.

Do your homework

So, choose wisely, do your homework and try shopping around. Getting the best signature loans is going to take some work.

Research interest rates, additional fees, prepayment penalties, credit score requirements, everything you can think of. You can’t have too much information. Direct lenders, lending platforms, and even P2P sites may be a great place for you to start this research.

Then, after you’ve factored in all of the above, you should have narrowed your choices sufficiently to make the decision much easier. Generally, you always want to go for as low a lending amount as you can get away with, minimize the APR, and eliminate any other fees.

Wrap Up

Like we said, finding the best place to get personal loans online with no credit check is not going to be effortless. You need to weigh loan requirements and terms against your own needs in order to find a perfect balance that goes in your favor. Signature loans don’t require collateral, so their repayment terms may be unfavorable.

However, if you cannot find a signature loan with no credit check that has low fees and a good repayment plan, we suggest looking into the platforms we have reviewed.

Since there’s no hard pull involved initially, shopping around is a lot simpler, and the risk of applying to several lenders is a lot lower.

FAQ

How to get a signature loan with bad credit?

Getting a signature loan with bad credit isn’t as hard as it may seem, provided that you can find a suitable lender. What you’re looking for is a lender that provides guaranteed signature loans for bad credit borrowers. With lenders that accept 580 credit scores or don’t insist on a credit score at all, this really shouldn’t be a problem.

What is the easiest loan to get approved for?

The easiest loan to get approved for is definitely a payday loan. Unfortunately, they have incredible high interest rates, making them a bad proposition. On the other hand, while secured loans are somewhat more difficult to get, they’re much more affordable in the long run. Next are unsecured loans, that compensate for the increased risk with higher interest rates. When it comes to specific platforms and lenders on our list, BadCreditLoans.com and OneMain Financial loans have low qualification thresholds and offer reasonable terms.

What credit score is needed for a signature loan?

Even though some lenders have a minimum score of 580+, the truth is that for a favorable APR, the applicant should have at least 660+ credit score. The majority of direct lenders and lending platforms have a wide APR range, which is why the borrower’s credit score makes a world of difference.

Are signature loans hard to get?

Signature loans are unsecured, which is why the expectations of lenders tend to be a bit higher. Still, without a decent credit score, your options will be limited and loan terms far inferior. The platforms we have reviewed allow you to find out what type of loan you are eligible for without an impact to your credit score – which makes them the best alternative to signature loans with no credit check.