A no-credit-check loan is an option if you have bad or no credit and need cash fast. Here are the best companies to apply with and how much it will cost you.
How to get a $500 loan with no credit check
There are times when you may fall short after payday and you need a $500 loan. If you have good credit options from your bank are the best option but if you have bad credit you’ll likely need to look at alternatives. There are companies that offer $500 loans without checking your credit but keep in mind, approval isn’t guaranteed and they do come with high interest rates.
3 lenders to borrow $500 with bad credit
| Company | Loan Amount | Interest Rate | Term |
|---|---|---|---|
| Opploans | $500 -$4,000 | 59% – 160% APR | 9 – 18 months |
| Integra Credit | $500 – $3,000 | 99.99% to 399.99% APR | 12 – 18 months |
| Oportun | $300 – $10,000 | 12% – 36% APR | 7 – 42 months |
What is a no credit check loan?
A no credit check loan is a loan that does not require a credit check from a credit bureau like Experian or TransUnion. This means that people with bad credit or no credit history can apply for these loans with a chance of getting approved. These are common with payday lenders and high interest installment lenders.
When you apply for a loan or a credit card with a traditional lender like a bank, they will check your credit history and your credit score to determine if you’re likely to repay the debts based on your history. Lenders who do not check credit history rely on an alternative method of determining if you can repay the loan. These lenders also have higher interest rates to offset the risk in the event the loan is not paid back.
What are the benefits?
- Applicants can apply if they have bad credit or have damaged credit history
- Doesn’t require a hard FICO score credit check from the applicant.
- Fast approvals with cash deposited in 24 hours
- Loans up to $3,000
What are the drawbacks?
- High interest rates
- Potentially high fees
- Beware of online scammers impersonating legitimate lenders
How do I apply for a no credit check loan?
There are a few different ways to apply for a no credit check loan. You can fill out an application online, call a loan company, or visit your local bank. whichever option you choose, be prepared to provide your name, address, Social Security number, bank account information and other important info like job and potentially a reference for them to call.
What is the application process like for a no credit check loan?
The application process for a no credit check loan is typically simple. You will need to provide the lender with your current financial information, including your current Monthly Income and Debt Ratios. You may also need to provide documentation of your income and assets.
What is the repayment like?
There are a variety of repayment options available for no credit check loans. Some repayment options include traditional fixed monthly payments, extended payment plans, and pay as you go loans. Make sure you research each loan provider before applying for a no credit check loan and understand how much the loan will cost you.
No credit check loan example
If you have take out a no credit check loan for $1,500 loan with a 12 month term, here is how much you can expect to pay monthly, what your total repayment will be and how much interest you will pay on the loan compared to people with excellent and poor credit scores. This handy calculator can help you plan accordingly.
| Credit Score | Example APR | Monthly Payments | Total Payments | Total Interest Paid |
|---|---|---|---|---|
| Excellent (700+) | 11% | $132.57 | $1,590.84 | $90.84 |
| Poor (620 or lower) | 36% | $150.69 | $1,808.32 | $308.32 |
| No credit check | 200% | $296.65 | $3,559.85 | $2,059.85 |
Should I take out a no credit check loan if I have bad credit?
Everyone’s financial situation is different. If you don’t have good credit and need a loan urgently to pay for rent, utilities or groceries than the options above are worth considering.
If you have good or excellent credit than there are likely other options available to you that will come with lower interest rates that you’ll potentially get approved for.