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Can You Get No Credit Check Loans?

  • October 5, 2020

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No Credit Check Loans

Trying for a no credit check loans to help with a financial difficulty?

Having a low credit score can be quite a problem, especially if you’re looking for financing options. Legitimate lenders will not grant loans without having a fair idea of your credit capabilities.

This means they’ll prefer extensive credit checks before giving any loans or mortgages.

No Credit Check Loans

Since it’s difficult to secure loans with bad credit, people often search for no credit check loans. Loans like these are hard to find. In fact, they barely exist if you want to borrow from reliable and legitimate sources. However, some lenders do offer soft credit check loans. Soft credit checks usually verify whether you have a stable current income. This is to make sure that you possess the financial capability to pay back the loan. For example, a soft credit check may try to verify if you get $800 after taxes. So, if you borrow a couple of thousand dollars, it shows that you can repay the amount in a few months.

Related: Getting Monthly Budget On Track: Online Payday Loans For Bad Credit & More

No Credit Check Loans with ‘Guaranteed Approval’

When you look for loans with bad credit, be wary of offers that sound too good to be true. The phrase ‘Guaranteed Approval’ can come up many times when searching for lenders. Some laws and regulations oversee loan transactions. This means loans cannot have guaranteed approval without a basic assessment by the lender.

Also, no legitimate lender will approve a loan with zero credit and background check. If any lender agrees to a no-questions-asked loan without any verification, there may be legal consequences. You’re better off opting for soft credit checks if you have a low credit score. This type of credit check is faster and less complicated.

Alternatives to No Credit Check Loans

No legitimate lender will agree to a zero credit check loan. But you can still secure a loan with bad credit if you fulfill some basic factors. Getting a loan with bad credit means you may have to go through some basic requirements first. Soft credit checks often skip checking your full credit history. But there are still a few criteria you have to meet.

Requirements for Bad Credit Personal Loans

Get ready with the following items when you apply for a loan with bad credit:

  • A valid and legitimate proof of identification.
  • You have to be over the age of 18. Some lenders may even require a minimum age of 21, depending on your region.
  • A desirable income of about $2000 (Before taxes). Even after taxes, they may require your income to be at least $800.
  • Proof of a stable income (Eg. A Pay Stub).

Payday loans are also an option if you want quick and short-term arrangements. With payday loans, you can get by with a minimum of $800 as income (instead of the recommended $2,000).

Are same-day deposit loans possible?

Same-day deposits are certainly possible in some cases. But they’re not a guaranteed action. Whether or not you get same-day deposits depends on a couple of factors:


Smaller loan amounts allow lenders to check your credit faster. This increases the possibility of earlier deposits. With larger amounts, even soft credit checks may take longer to fulfill.

ACH (Settlement Time)

Automated Clearing House (ACH) is an entity that transactions must go through if they’re between two or more banks. ACH approves transactions on batch-basis. This means it waits until there are enough pending transactions before proceeding. Your transaction may be eligible for a same-day deposit if it arrives before the last batch for that particular day.

Final Thoughts

Even if no-credit-check loans sound attractive, there are many conditions that come with it. Due to legal ramifications, you’re better off choosing a loan with a soft credit check. Soft credit checks usually verify incomes without diving too much into your credit history. This way, your credit score does not get affected.