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Best “No Credit Check Loans” Online for 2017

Latest Update:    March 17, 2017

Best “No Credit Check Loans” Online for 2017 – Elite Personal Finance
Company Loan Features Amount Rating

1) PersonalLoans

CreditSesame


Apply Now

APR: 5.99% – 35.99%
Loan Term: 36-60 months
Min. Credit Score: 0
Loans For Any Purpose
Up to $35,000 5star

2) Lending Tree

CreditSesame


Apply Now

APR: 5.99% – 35.99%
Loan Term: 36-60 months
Min. Credit Score: 0
Up to 3 Years
Loans for Any Purpose
Up to $35,000 5star

3) Cash Advance


Apply Now

APR: 200% to 2300%
Min. Credit Score: 0
Use it for Really Bad Credit !
Up to $1,000 5star

It’s easy to get into a bad financial bind. You might get laid off, you might get a divorce, you might have a child, or you might incur an expense that you simply were never expecting. Often times, this happens to even the best and most responsible of us.

However, there are plenty of online options for short term loans. It’s very easy to get money sent directly to your bank account, with no credit check. If you owe rent, or need to pay an electricity bill, or if your paycheck is a week late, then a short term loan may be the perfect thing for you.

What options are there for you? Well, if you’re an American citizen, aged 18 or older, with a job earning at least $1000 per month and a valid driver’s license, there’s plenty that you can do.

All of the options listed below are not lenders. Instead, they are portals that will allow you to apply for a multitude of potential loans directly on the website. You will be shown what you can apply for, then all you have to do is read and sign the forms given.

Money will be delivered to your bank account, accessible often as quick as 24 hours!

Which options are the best for your situation? We at Elite Personal Finance have reviewed many different lending portals and have come up with the 10 best companies for you to use in order to find reputable lenders in your area.

 

#1 – Personal Loans

personalloans

Personal Loans, run out of Houston, TX, is a service that will pair you up with a lending institution that will lend you cash for any need: emergency, leisure, or to pay something due quickly.

We’ve ranked Personal Loans at #1 for a lot of reasons. First, it allows you to borrow the largest amount of any of these lending portals: up to $35,000. Second, they accept applicants with any credit score. Third, they give you the longest time to pay: from 6 to 72 months to repay the loan without it going into collections!

In this list, we’ve compiled all the basic info needed to understand the service that you will be using. This way, you can easily determine what criteria we used to rank these loans, and you can make your decision based on the information given.

  • APR Range: 6 to 36%. Smaller loans command higher APRs.
  • Application Length: Short. They ask for contact info and employment verification, and they’ve separated the process into two easy steps.
  • Maximum Loan Amount: $35,000. Minimum of $1,000.
  • Total Score: 5/5
  • Final Thoughts: Personal Loans offers the lowest APRs, the longest payback times, and the highest possible loan amounts. It’s simply the best on the list, and there’s no comparison. However, the biggest thing that makes it shine is the ability to borrow up to $35,000. This could mean the ability to pay off medical bills, fixing a destroyed car, or some heavy home damage.

Apply Now!

 

#2 – Lending Tree

Lending Tree

 

 

  • APR Range: 6.70%-35.99%. Smaller loans command higher APRs.
  • Application Length: Short. They ask for contact info and employment verification, and they’ve separated the process into two easy steps.
  • Maximum Loan Amount: $35,000. Minimum of $1,000.
  • Total Score: 5/5
  • Final Thoughts: Lending Tree offers the lowest APRs, the longest payback times, and the highest possible loan amounts. It’s simply the best on the list, and there’s no comparison. However, the biggest thing that makes it shine is the ability to borrow up to $35,000.

Apply Now!

 

#3 – Cash Advance

  • APR Range: 200% to 2300%. Smaller loans command higher APRs.
  • Maximum Loan Amount: $1,000.
  • Required Credit Score: 0
  • Final Thoughts: Use it for really bad credit!!!
  • Bankruptcy is OK!

Apply Now!

 

 

What Are No Credit Check Loans?

If you have bad credit, it can be very difficult to get a loan. Sometimes, loans are needed in order to support a payment that has to happen immediately, despite not having the cash on hand. If you have bad credit and cannot get a bank loan, you are stuck, leaving you susceptible to the emergencies that life brings

No credit check loans are loans that are made to people with poor borrowing history for a short period of time. They require no collateral. Instead, they require you to verify your employment. The name “payday loans” comes from the idea that the loan is due at payday, along with any other additional charges. This way, you get the money you need and are still able to pay it back.

Some loans do run a credit check, but many lenders do not. Many lenders will ask for enough information to run a credit check but won’t reject those with poor credit. This is what makes these short term cash infusions helpful: anyone can get them, any time.

However, they can be quite expensive with high Annual Percentage Rates (APRs), finance charges, and late fees.

 

Are No Credit Check Loans Short Term?

Lenders have a reputation for being predatory, unfair, exorbitantly expensive, and unnecessary. In order to analyze whether or not this reputation is well deserved or true, we’ll need to discuss how they got that reputation… and how you can avoid getting yourself into a worse situation than before.

Short term loans are meant to be used in an emergency situation and used with a lot of care. They’re primarily for the customer that has poor credit due to an unforeseen circumstance such as a medical emergency or identity theft, or for the customer that was previously uneducated about credit and how to use it responsibly.

Some lenders use predatory lending practices such as hiding behind the “Get Cash Now” mantra and not being completely clear about finance charges or effective APRs. Many borrowers who fall victim to these practices were not given clear information, or simply did not know how to interpret said information. Predatory lending also includes taking advantage of customers who do not understand what they’re getting into.

The best way to prevent yourself from being a victim is to understand what lenders are trying to do. You need to understand these things specifically:

  • Repayment due date. Your repayment due date is simply when you must pay, in full, your loan plus interest. If you do not pay on or before this date, you will incur late fees plus additional interest.
  • The total amount due. This number is the amount of money owed by the due date. Most short term loans do not allow installment payments, but will allow early repayment. If you borrow $100 with an APR of 100% in a 2 week timeframe plus a $10 finance charge, you can expect to pay $112.70 at the end of that 2 weeks.

 

What is my Annual Percentage Rate (APR)?

Your Annual Percentage Rate (APR) is the effective percentage rate of interest that you would be paying on a loan after a year. Interest is the amount of money that it costs to borrow money and is expressed as a percentage of the amount borrowed. For example, if you borrow $100 with a 100% APR, you would owe $200 (the initial loan amount, or principal, PLUS the percentage of the initial loan, in this case 100%) after a year has passed.

Since payday loans are short term loans, it’s generally not expected that you will be paying a full year’s worth of interest. In the previous case, the APR was 100%, but the loan was due in two weeks. Assuming a single compounding after two weeks, you will not be paying 100% of the loan amount (or $100 additional) you’d be paying an extra 2.7% of the loan amount (or $2.70). Add the $10 finance charge, your total payment is $112.70.

The higher your APR, the higher the additional payment.

Don’t forget that if the longer you go without repaying, the more money you have to pay for the loan. Not to mention, there are often late fees associated with paying off these loans and sometimes these are added to the balance, meaning you’re paying interest on these fees as well.

 

Does my Credit Score Affect my APR or Loan?

Your credit score can affect the APR that lenders will give you. If you have better credit, your APR will be lower. It may also affect the amount of money that you qualify to borrow.

However, if you have a ‘good’ credit score (that is, a credit score over 720) then you should avoid short term loans entirely. These loans are tailor made for people who are not in a very good financial position and need to pay an emergency or a pressing expense. Most of the time, a bank will be able to lend much cheaper than a payday lender.

 

Can a Short Term Loan Affect My Credit Score?

Requesting a short term no credit check loan from a payday lender is very unlikely to show up on your credit report. Since lenders typically don’t check your credit, this inquiry will not show up on your report and your score will not be affected.

On the other hand, even if you pay your loan back on time, getting one of these loans is very unlikely to increase your credit score. Since they are often done outside of the reach of credit bureaus, they will not help you improve your credit in any way.

However, if you fail to pay back the loans on time, they may go into collections. Any item that goes into collections can seriously damage your credit score. Collections items can remain on your credit report for a long time, as well.

So, in short, requesting for a no credit check loan or paying off such a loan will NOT affect your credit score in any way. Repay your loans on time and you should be fine.

 

Who Cannot Get a Short Term Loan Online?

Residents of certain states have many limitations as to what forms of loans they can take out. Residents of Arkansas, Arizona, Georgia, Maine, New York, North Dakota, Oregon, and West Virginia have noted restrictions on what types of loans they can qualify for. Some of these states do not allow short term online loans at all, while others allow only some types of loans.

Also, if you are under the age of 18, have no verifiable employment, do not have a valid driver’s license, or do not have a valid checking account, you will not be able to use any of the above services. This is because minors cannot enter into contracts and lenders rely on employment to make sure they get paid. Government issued ID is a necessity to verify your identity, and you need a checking account to have money sent online.

This concludes our article on short term no credit check loans. Remember: these loans are for absolute emergencies only! Do NOT use these loans to spend lavishly, or to buy gifts. Use these loans if you have literally nowhere else to turn, because they can get extremely expensive.

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One comment

  1. You need to continue to make paynemts until you get your judgment. You may very well not be let off of all of your debts, and if you don’t keep making paynemts, you could have a lot of penalties to pay.

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