No Credit Check Loans Direct Lenders

Writer and editor - Joseph Smith | Updated on 2020-03-03
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Where can I find no credit check loans from direct lenders?

Loans without credit checks allow lenders to offer terms without looking at the prospective borrower’s financial history. This feature can increase the odds of approval, especially for people with poor credit. There is no shortage of these lenders as consumers can pick and choose from online options or brick and mortar stores.

While there is no such thing as guaranteed payday loans direct lenders, many financial institutions come close. They have lax requirements that make obtaining a loan straightforward. Some places will approve or decline an application within minutes or hours, and deposit the money to the bank account the same business day.

While the immediate source of funding is a marked benefit, consumers should be cautious about entering a cycle of debt. Borrowers usually have to agree to high APRs and short repayment periods. Because applicants often have poor credit, they are more likely to accept any conditions offered to them.

If it’s possible, people should take the time to improve their credit score before getting a loan. While this strategy is not always realistic, it is useful because a person’s credit history directly influences the agreement. For instance, people with outstanding credit scores tend to be offered lower interest rates and large loan amounts.

Loans Amount Cost / APR ? Bad Credit Features
CashUSA
$500 - $10,000
Individual rates
Bad credit allowed
Allowed
  • Loan terms start at 3 months.
  • Next-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
QuickLoanLink (Personal loan) $300 - $35,000 APR:
Starting at 6.90% ?
Bad credit allowed
Allowed
  • Loan term 2 months to 7 years
  • Credit check type: Soft ?
  • Next-day deposit: In some cases ?
  • Min creditscore: 550
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
HonestLoans
$400 - $5,000
$30 - $750 ?
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
GazelleLoans
$300 - $5,000
Individual rates
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
LifeLoans (Personal loan) $500 - $40,000 APR:
Starting at 5.99% ?
Bad credit allowed
Allowed
  • Loan term 2 months to 5 years
  • Credit check type: Both ?
  • Next-day deposit: In some cases ?
  • Min creditscore: 580
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
CreditLoan (Personal loan) $100 - $40,000 APR:
Starting at 5.34% ?
Bad credit allowed
Allowed
  • Loan term 2 months to 7 years
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
OppLoans (Direct Lender)
(Personal loan)
$1,000 - $5,000 APR:
Starting at 99.00% ?
Bad credit allowed
Allowed
  • Loan term 9 months to 3 years
  • Next-day deposit: In some cases ?
  • Low approval rates ?
  • Time for decision: 1.5 min ?
RubikLoan
$100 - $1,000
$1,000 - $5,000
$15 - $300 ?
APR from 6.9% ?
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
Personal Loans (Personal loan) $500 - $35,000 APR:
Starting at 5.99% ?
Bad credit allowed
Allowed
  • Loan term 3 months to 6 years
  • Credit check type: Soft ?
  • Next-day deposit: In some cases ?
  • Min creditscore: 580
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
BadCredit.com
$100 - $5,000
Individual rates
Bad credit allowed
Allowed
  • Next-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
OpenCashAdvance
$200 - $5,000
Individual rates
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?

How do credit checks work?

When applying for a loan, a lender will often check the prospective borrower’s financial history by running their credit report. This step allows them to see whether the borrower is responsible and trustworthy with money. The five significant areas of information on a credit report include personal information, credit history, credit inquiries, public records, and personal statements.

The lender receives this information from one or more of the three major credit bureaus: TransUnion, Equifax, and Experian. Often, the lender will have the ability to check credit from their system immediately. When someone applies, they can streamline the approval or denial of the application.

There are two types of credit checks, soft and hard. Soft checks are a way of looking at someone’s credit history without effecting their score. A hard check can lower a borrower’s credit score, and therefore requires consent. This type of pull typically occurs when someone applies for a mortgage, loan, or a credit card.

Requirements for a loan

The specific requirements for a loan will depend on the lending institution. That said, there is a decent amount of overlap from lender to lender. The first form of paperwork is the loan application, which initiates the procedure. Prospective borrowers can fill these out online.

People will also need to prove their identity. Applicants should be United States citizens or permanent residents, in addition to being 18 years or older. Many lenders require two forms of identification, such as a birth certificate, driver’s license, a state-issued ID, or a student ID.

If borrowers want an unsecured loan, no collateral is needed to back up the loan. Conversely, if a borrower defaults on a secured loan, they have to turn over property or another form of collateral. Unsecured loans are inherently riskier, so financial institutions want to see evidence of a reliable income source. That may include bank account statements, pay stubs, tax returns, and Social Security benefits statements.

Finally, many lenders want to determine how stable someone’s lifestyle is with proof of address. Confirming a residence can demonstrate reliability when it comes to overall finances. Evidence can come in the form of a rental agreement, proof of insurance, a utility bill, or a voter registration card.

Requirements, summary:

  • Should be United States citizens or permanent residents, in addition to being 18 years or older.
  • Evidence of a reliable income source. At least $800 / month pre-tex
  • Proof of address

Pros and cons: Direct lender vs. connector

As the name suggests, a direct lender is a financial institution that offers a loan. Examples include banks, loan associations, and credit unions. The benefit is that borrowers can work directly with the business while personalizing the terms of the agreement. There is no intermediary in the process, so communication is direct.

When shopping for a loan, prospective borrowers can consult with as many lenders as they want. This process may be overwhelming if they do not consider themselves knowledgeable about finances. As a result, they may not secure the best terms and conditions possible.

A connector works to connect people with their optimal loan. Borrowers pay a fee in exchange for the connector’s knowledge and experience in the industry. The connector will then work with different lenders to find a loan that works without the borrower having to lift a finger.

The connector does not have the same power as a financial institution. They cannot make final underwriting or funding choices, nor can they make exceptions to the loan guidelines. Additionally, clients are entirely reliant on the connector to secure an ideal loan.

Of course, people do not have to choose between a direct lender and a connector. It is best to use both routes as a way to shop and compare rates. While this method involves the most commitment, it is also the one that is most likely to yield the best loan.

Summary – No credit check loans direct lenders

Here is the bottom line: consider selecting no credit check loans direct lenders seriously. The immediate source of funding and lack of background checks can be enticing, but for every pro there is usual a con. Depending on the terms, the loan can be challenging to payoff, especially if the APR is above 400 percent.

People who do want to commit to these loans should be aware repayment costs before signing. It is a relatively expensive form of credit and is not available in all states. Make sure to consult a range of direct lenders before moving forward, including banks and credit unions.

Joseph Smith

Joseph Smith
Writer and editor

Joseph Smith is an experienced freelance writer with over 11 years of experience. His area of expertise includes finance, loans and lending. His work has been featured on various large websites including this one.
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