No-Credit-Check Loans Online Instant Approval

Writer and editor - Joseph Smith | Updated on 2020-03-04
Disclosure: Our goal is to help you find a lender even if you have a bad credit score. To maintain this site we may receive compensation from the products listed here. See our Advertiser Disclosure. Thanks for understanding.

Before no-credit-check loans, bad credit would essentially dash your dreams of getting the loan you need to move forward with your life. Luckily, that is no longer the case. These unique loans can get borrowers their money in a short period of time, all while asking minimal questions about their credit history.

About no-credit-check loans online instant approval

Many people ask how they can get no-credit-check loans online with same day deposit and instant approval. Well, the answer is a little bit complicated. No lender is allowed to automatically approve a loan instantly without first checking out the requirements of the individual applying for the loan. The good news is that there are plenty of lenders out there who will approve the loans that other lenders may have previously denied. This brings us to the requirements necessary for the respective company to lend money.

Typically, these no-credit-check loans have heightened interest rates to compensate for the risk the lender is taking on with the client. If a client is looking for a loan that does not consider their credit history, it is safe to say that they do not exactly have a stellar credit score. An individual’s credit score is an indicator of many factors, including how well they were able to pay back previous loans.

Loans Amount Cost / APR ? Bad Credit Features
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 ?
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 ?
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 ?

If a person has a poor track record with credit in the past, that will reflect in their credit score. It may also subsequently bar them from getting low-interest loans in the future.

These poor credit scores may come from factors like:

  • Not paying back credit cards
  • Falling behind on student loans
  • Defaulting on mortgage payments
  • Repossession of your vehicle due to payment failures
  • And more

However, there are still opportunities to get loans when you need them the most. Every type of lender will at least examine some of your past credit history. The difference lies in how much of that history they choose to consider.

For example, some payday loan lenders only check to make sure that the borrower has a source of income. For these lenders, everything else is secondary with the newfound knowledge that their borrower at least has the potential to pay the money back in short order, alongside the interest rate. There are minimum incomes that have to be met, with some set as low as $800 before taxes. For a personal loan, that number may increase to $2,000 before they work with you.

Your options regarding no-credit-check loans online with instant approval

When you don’t want lenders to look too deeply into your credit score, you should be aiming to receive a soft credit check. When you have a poor credit score, and a lender does a hard credit check, it can further damage your credit score, continuing the vicious cycle until you find ways to raise it. With some lenders, they will do a soft credit check first. Then, when you accept their offer, lenders carry out a hard credit check.

When you are looking for so-called “instant approval loans,” which technically do not exist, you will need to shop around to a variety of companies until you find one that meets your needs. Some specific lenders can typically help with a loan, but they may go to companies like Experian, Transunion, and Equifax that will likely do a hard credit check, which may not work for you. They will not bother taking on borrowers with very low credit scores, as there are plenty of people out there looking for loans who have a better track record. The solution is simple – as you get denied from one company, move on to the next.

Luckily, as we discussed, most start with a soft credit check, freeing you to apply to different lenders without hurting your score. The interest rates on these instant loans, which may sometimes be called “payday” loans or short-installment loans, are typically higher compared to the average 10 percent interest rate you may get on a personal loan. These personal loans usually allow you to pay the money back over a more extended period of time, such as several years.

The amount of money that lenders will give to you in a payday loan can be as high as 200 percent of a person’s income before taxes are taken out. This cap is the amount of money that you are allowed to owe a lender, except for your mortgage debt, which can range in the hundreds of thousands of dollars.

For example:

  • • If you make $25,000 a year before taxes, you may be in debt up to $50,000
    • If you make $37,000 a year before taxes, you may be in debt up to $74,000
    • And so on

If you absolutely need to borrow a certain amount of money, you can choose to go to several different lenders to achieve your desired amount. For example, if you need to borrow $50,000, but you only make $20,000 a year, you will only be getting a maximum of $40,000. To make up for that extra $10,000 you need, you can feel free to apply at another lender. It’s important to keep in mind that interest rates go up along with your amount of total debt. This increase in interest rates is due to the risk of the loan on the side of the lender.

Requirements for payday loans and personal loans

For a personal loan, the requirements to qualify will typically be more advanced than those with a payday loan. When applying for a personal loan, they will need you to meet the following criteria:

  • At least 18 years old, but they prefer to lend to people at least 21 years old or older
  • You must be making an income of at least $800 a month before taxes. Yet, this is only the minimum income. Most lenders look for their borrowers to be making at least $2,000 a month before taxes so they can safely justify giving them a loan
  • You must have a valid form of identification, either a driver’s license or a passport. Some lenders will require that you present proof of residency, such as a billing statement. They do this to be able to reach out to you more easily and make sure you are who you say you are for security purposes
  • Your bank account must be active
  • You will need some sort of proof of income, such as a check, direct deposit file, or a pay stub

Inherently, payday loans are less strict with their requirements, which is why lenders can offer up loans with higher interest rates. They are taking a risk on you, so they need you to make it worth their time and effort financially. For payday loans, you will need to meet the following requirements:

  • You must be at least 18 years old
  • You will still need a minimum monthly income of $800
  • You will need a piece of valid identification, such as an ID or a passport
  • You will need proof of income
  • You must have a valid bank account

Is it possible to get a same-day deposit?

Lenders are not allowed to guarantee same-day deposits, just in the same way that they are not allowed to give instant approval for loans. There must be a buffer period. Even so, it is possible to get your loan deposited into your account on the same day as the transaction. But to comply with laws and industry standards, lenders will tell their borrowers that they will get their deposit as quickly as the next business day.

To get the loan deposited into your account on the same day as the transaction, the lender will need to approve your application and transfer the coinciding amount of money before the end of the business day. The business hours vary, but most operate between 9 am-5 pm or sooner during the workweek.

If you are looking to receive a larger loan, the transaction may take longer. Why? There is a higher likelihood that more in-depth checks need to take place before they get the go-ahead to transfer the funds. When the loan is smaller, the transaction typically takes less time.

What is a bad credit score?

A poor credit score is typically a FICO score that ranges between 300 and 650. For some charts, these numbers vary, dipping the higher end of the scale to 550. On these charts, they refer to the range between 550 and the low 600s as credit that is not ideal, but not terrible. Some lenders call this range “subprime credit.” Whatever your score is, it may not explicitly bar you from a particular loan, as long as you have other factors in your favor like a high income.

How can I check my credit score?

With your social security number, you may receive up to three credit reports within 12 months. To access your credit score, you can visit www.annualcreditreport.com. However, this site will not show your FICO score.

How can I improve my credit score?

There are a variety of ways to raise your credit score, and it starts by making more consistent payments and taking more control of your credit responsibilities. These methods may include:

  • Make larger credit card payments: Credit companies look at your overall available credit to determine how well you are doing. You should try to lower your debt to 30 percent of that total allotted sum. For example, if you have a $10,000 line of credit and you owe $3,500, you should try to pay off at least $500. This practice will drastically help your score and open up new lines of credit
  • Consolidate balances to one card or account: Having one line of credit open can help raise your credit score, compared to owning many debts to many companies
  • Open lines of credit and do not spend money on them: This works well with credit cards. Keep the balances at zero and watch your score increase over time
  • Make payments before they’re due: This will show creditors that you are on top of it by never missing a payment

Pros and cons of payday loans

The pros of payday loans:

  • You get your money very quickly when you need it the most
  • You do not need an in-depth credit report to get the loan
  • Borrowers can gain more financial independence
  • Your credit profile can stay positive because you can avoid late fees on other balances

The cons of payday loans:

  • Very high interest in some cases, which may only go up depending on your credit score
  • Can lead to bad credit and quickly snowball if you cannot keep up with payments
  • You may be subject to late fees and penalties

Summary – No credit check loans with instant approval

While lenders cannot guarantee instant approval on short-installment and payday loans, there is a good chance that you can find a lender for your needs if you keep applying. If one company cannot lend you the total amount of money you need, you can borrow from several sources to meet your requirements. A major benefit of “instant approval” loans is that they do not consider your credit score as a significant factor in their approval process.

While there are many benefits to these types of loans, if you are in financial need, make sure you can keep up with your interest payments so that you don’t fall behind. To find out more about these types of bad credit loans, browse around our US Loan Options website.

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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