Need a Loan Without a Credit Check? Here Are 7 Better Ideas

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

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Needing a loan without a credit check is the ultimate Catch-22.

Funds are generally most available and most affordable for those who’ve built a positive credit history and might not need this kind of loan. Everyone else risks not getting approved or paying astronomical interest rates (here’s looking at you, payday loans).

So what can you do if you need extra cash but don’t qualify for good rates?

Well, it might not be easy to get the money you need right away without some help from others or without paying high interest rates. But that’s not to say it’s impossible. Here’s a rundown of what to do if you need a loan without a credit check.

7 tips if you need loans without a credit check

Before we jump into the list, take a few deep breaths. It’s totally understandable that this situation is frustrating and stressful. But it’s best not to proceed with a solution until you know it’s one you can be happy with both now and later.

With that in mind, let’s look at some of your options.

1. Research affordable personal loans

If you have bad credit and are in need of a loan, chances are you think payday loans are your only option. But you should avoid payday loans as much as possible. They’re easy to get and hard to get rid of, thanks to annual percentage rates that can reach heights of 400%, according to the Consumer Financial Project Bureau.

There are, however, some options for more affordable personal loans — and you might not need to have perfect credit to get them. Here are a few personal loan lenders we work with and their minimum FICO credit score requirements:

As you examine your choices, only take out a loan you feel comfortable with. Don’t proceed if you can already tell the monthly payments will be tough for you to meet. And if the interest rate seems higher than what you think the new credit is worth, consider other options.

For some extra help, use this personal loan calculator to ensure you know what you’re walking into if you decide to take one of these loans.

2. Establish a relationship with a credit union

The reason it’s so hard to get new credit when you have a lower credit score is that lenders believe the behaviors that led to your current score will predict the future — a future of you potentially not making your payments.

You, of course, know that’s not a complete picture of who you are. That’s why, in these moments, it can be helpful to talk to a credit union. Credit unions don’t come with the convenience factor of big banks, but they do offer a more personal experience.

Credit unions want to get to know their customers and develop mutually beneficial relationships with them. If you were to open a deposit account at a credit union and start talking to them about lending options, you can at least have a decent chance of sitting down with someone to discuss your needs.

3. Ask a trusted confidant to co-sign

If you have anyone in your life that you trust greatly and that feels the same way about you, it might be worth asking them to co-sign a loan for you. If they have good credit, that could open you up to far better interest rates and approval odds than you might have on your own.

Be careful, though. If someone agrees to co-sign for you, and you default on the loan, you not only further damage your credit, you will cause damage to their credit as well. If you have any fear at all that the loan might be more than you can handle, don’t take this step.

But if you’ve already calculated what you can easily afford to pay and just need a co-signer for approval, this could be the option that works best for you.

4. Sell any assets you can live without

Do you have stock that’s not going anywhere? A car you don’t use? Computers, phones, or household items you’ve since upgraded? Try to sell them.

No, this isn’t a loan, but it could be a way to get the cash you need. Even if the sale doesn’t get you enough money, it can help you build up a savings account for future emergencies.

5. Work overtime or pick up side gigs

Like selling assets you don’t need, picking up extra money from working overtime or taking on a side gig could help you build the cash reserves you need to either avoid the loan or at least build up your emergency savings.

Even if this won’t help you quickly enough to avoid taking out the loan, it can help create some breathing room during tough financial times. This will be especially true when you get the loan and start repaying it.

6. Borrow from family

Let me start by apologizing for the obviousness and potential discomfort of this suggestion. But hear me out. Because if the only loan you can get is one with a super-high interest rate, it might be worth swallowing your pride if you have the kind of family members willing and able to lend you money in times of need.

As difficult as it can be to ask for help, borrowing money from a family member could mean avoiding interest altogether, or at least (hopefully) paying little in interest. You can even present them with a promissory note to show your commitment to repay.

7. If you can, wait until your credit improves

Finally, here’s an option to consider if you don’t need the loan in the next month or two: wait.

Why take on loans without a credit check that will likely cost more than traditional loans if you don’t have to? Depending on what’s happened to your credit, you might be able to repair it in just a few months. And when you do, you’ll have access to many more credit options — and more affordable ones at that.

Here are a few things you can do to start rebuilding credit now:

  • Open a secured credit card and use it for small purchases. Pay off your balance on time and in full every month.
  • Use all of your extra funds (or take on extra work to build extra funds) to pay down existing debt more quickly.
  • Automate your bill payments so you can be sure you’ll never miss one or pay late.
  • Review your credit reports for free at AnnualCreditReport.com to make sure there are no errors on them. If there are, dispute them.

Wondering why these steps will help to rebuild your credit? Take a look at this chart.

rebuilding credit for a loan

Image credit: myFICO

As you can see from this chart, two of the most influential factors of your FICO credit score are payment history and amounts owed. And the picture doesn’t look all that different for the VantageScore credit score.

credit score breakdown

Image credit: VantageScore

FICO and VantageScore are the credit scores to watch, with FICO currently being more widely used.

According to myFICO, 90 percent of lenders in the U.S. use FICO credit scores when deciding to approve or deny someone for credit. And, since the top factors are the same for both scores, improving your credit doesn’t have to be an overly complicated task.

How to pay off the loan you end up with

So what happens if you end up getting a loan without a credit check? Start planning now on how you’ll pay it back.

Make a plan of action that includes earning extra money (if you need it) and creating a budget that lets you make at least minimum payments each month. As you chip away at your balances, you’ll build better credit over time.

With better credit, you might later be able to refinance your personal loan and avoid falling into the payday loan debt cycle.

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Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

RATES (APR)loan amount
5.74% – 16.99%1 $5,000 to $100,000
7.54% – 35.99% $1,000 to $50,000
7.99% – 35.89%* $1,000 to $50,000
56.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $35,000
5.99% – 29.99%4 $7,500 to $40,000
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1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.990% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.72% APR assumes current 1-month LIBOR rate of 2.49% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
2 Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states:

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. This information is current as of October 10, 2017 and is subject to change. Opportunity Financial, LLC lends or arranges loans in the following states: Alabama, California, Delaware, Florida, Idaho, Illinois, Kansas, Maryland, Missouri, Nevada, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin. We do not lend or arrange loans in all states. Opportunity Financial offers line of credit products in: Kansas, Tennessee and Virginia. Please note: This is an expensive form of credit. This service is not intended to provide a solution for longer-term credit or other financial needs. Loans made or arranged by Opportunity Financial are designed to help you meet your short-term borrowing needs. Loan amounts may vary and are dependent upon qualification criteria and state law. Refer to Loan Cost & Terms at www.opploans.com for additional details. Complete disclosures of APR, fees and payment terms are provided within the transaction documents, such as the Loan Agreement. First-time Opportunity Financial customers typically qualify for an installment loan of $1,000 to $5,000 with an APR from 59% to 199%. For example, a $1,000 loan made or arranged by Opportunity Financial with 12 bi-weekly payments of $130 has a 199% APR. After the 12th successful payment, the loan would be paid in full.
  3. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day. In some cases, we may not be able to verify your application information and may ask you to provide certain documents. Some customers applying for a loan may be required to submit additional documentation due to state law and qualification criteria.
  4. Lower APRs and longer terms when compared to a typical payday lending product. According to the Consumer Federation of America, a non-profit consumer advocacy group, payday loans range in size from $100 to $1,000, depending on state legal maximums and carry an average APR of 400% and an average loan term of two weeks. The maximum APR for a loan offered by OppLoans is 199% and loan sizes range from $1,000-$5,000 with a typical term of six months dependent on the state law.
  5. As of October 17, 2017. Ratings on third-party websites may periodically change; please check the third-party websites for up-to-date reviews and ratings. Google+ Rating: 4.8 out of 5 based on 1,824 reviews. Facebook Rating: 4.7 out of 5 based on 270 reviews.
3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.