Signature Loans No Credit Check

Writer and editor - Joseph Smith | Updated on 2020-03-06
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If you’re searching for a no credit check loan, you may be considering a signature loan.

Historically, a signature loan has been a lending product that is popular for borrowers with a poor credit history. In this article, we’ll take a closer look at signature loans and help you determine the best way to approach the credit process.

Signature loans are consumer loans that only require the signature of the borrower.

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 ?
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 ?
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 ?
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 ?
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 ?

Signature Loans Explained

Instead of providing collateral or other assurances, a signature loan is an unsecured personal loan that doesn’t have as stringent requirements as other lending products. Also known as bad credit personal loans with no credit check. It’s been a popular choice with many borrowers that don’t have healthy credit histories.

Borrowers use signature loans for a variety of reasons. It is used to access emergency funds to pay for short-term costs, and people may use signature loans to pay down credit card debts (this approach is only advisable if the interest rate on your signature loan is lower than on your credit card, though).

Signature loans are also more manageable than payday loans. It doesn’t typically have the same high interest rates and doesn’t require you to repay the loan in a single lump sum. The balloon payments typically associated with payday loans can be difficult to pay back at such short notice.

Requirements for a Signature Loan

Signature loans often have some of the lowest requirements in the lending market. Let’s take a look at the minimum standards that you should be able to meet if you want to access a signature loan:

  • 18 years old or older (21+ is preferable)
  • $800 per month minimum income ($2,000 or more is preferable)
  • Valid ID
  • Legitimate proof of income
  • A current and active bank account

Where Can I Find Signature Loans with No Credit Check?

You might be looking for a signature loan with no credit checks, but there’s no such thing as a lender that doesn’t perform basic due diligence. You will need to face some type of credit check if you’re planning on borrowing money.

There are lenders that are willing to use alternative credit checks, though. Traditionally, it doesn’t look at your traditional credit report. It is most likely the avenue that you should take if you want to avoid a lender looking at your FICO score or other major credit reports.

Alternative credit checks include verifying your income, for example. Some lenders are willing to provide loans to clients if there is proof of reliable and stable income.

Finding a signature loan lender that uses income instead of credit reports is the best way to access money if you have a poor credit history.

What Are the Pros and Cons of Signature Loans?

While there are plenty of upsides to signature loans, there are also some weak points. Below, we’ll explore the pros and cons of using these types of loans when you need to borrow money. Accessing a birds-eye-view of a lending product can help you make the right borrowing decision.

Pros

  • Lower Requirements: If you’re able to find a signature loan company that uses alternative credit checks, you won’t have to go through rigorous credit report checks.
  • Quick Funding: Many signature loan companies provide quick funding. It can be an excellent benefit if you need money quickly, and various online lenders offer this type of financing.
  • Longer Terms Than Other Products: While signature loans don’t always have extremely long terms, it offers better pay arrangements than payday loans.

Cons

  • Higher Interest Rates: You’ll often find that signature loans have higher interest rates due to the risk involved in unsecured loans.
  • Lower Loan Amounts: You might not be able to access large amounts of money using this type of loan.
  • Terms Depend on Lender: We can speak about the benefits of using signature loans, but many of the features included in your loan will depend on the lender you choose. Assess the individual terms and requirements of each lender before making any final decisions.

About Same Day Deposit

Many people that need money quickly try and source same day deposit loans. You may see this type of loan advertised online, but the truth is murky. Some lenders will be able to provide you with genuine same-day loans, but it will depend on a variety of other factors.

The lender will need to provide you with an immediate decision on your loan. Next, the money must be transferred before your bank account’s daily cut-off. There are multiple variables that will dictate whether the money enters your account on the same day.

Many lenders can provide you with next-day loans, but we don’t suggest that you rely on a signature loan for same-day money. There is too much risk involved to guarantee that you’ll receive your money on time.

Direct Lender or Connector?

Whether you’ve borrowed money before or not, you may not realize the difference between a direct lender and a connector. It is another critical component of a signature loan that you need to understand before applying for a product.

A direct lender is a loan provider that is typically restricted by region and other regulations. Many people source money from direct lenders, but it can be restrictive and difficult to access.

A connector is an intermediary that works with multiple lenders. It can connect you with someone that is eligible to lend money in your region, for example.

In some cases, a connector won’t be able to source the best deal on the market. They might help you increase your chances of approval, though.

If you want to avoid applying to multiple direct lenders and receiving a significant number of rejections, a connector might be the most viable option available to you.

Where Can I Check My Credit Score?

Before you apply for any type of loan or credit card, it’s a good idea to check your credit score. It will help you determine if you’re eligible for certain types of loans, for example.

Don’t make the mistake of paying a large sum to access your credit report, either. You may not realize that you’re legally entitled to view your credit report FOR FREE. The federal government mandates that you’re allowed to view one free credit report per year from all three of the major credit bureaus.

If you want to access a free credit report, use the resources at www.annualcreditreport.com. While you won’t find FICO scores on this website, it’s an excellent place to source free reports.

This is How You Improve Your Credit Score

If you want to establish credit and you don’t have any previous history, you may want to consider applying for a secured credit card.

A secured credit card is a credit account that requires you to pay a deposit. For example, if you apply for a $500 secured credit card, you will pay a $500 deposit to access the credit account.

If you default on the credit card, the lender will be able to use your deposit to pay off the card.

If you already have credit cards, and you want to improve your credit score, follow the four steps below:

  1. Reduce Your Balances – If you’re carrying large balances, it will impact your credit utilization—the amount of available credit that you use frequently. The higher the percentage of credit that you’re using, the lower your score drops. Lenders and credit bureaus view people with high utilization as risky. Paying down your balances can drastically reduce your scores and quickly improve your credit report. Many lenders provide balance updates on a monthly basis, so you can expect to see a change in your score the next time your billing cycle is over.
  2. Consolidate Your Debt – Credit bureaus prefer it when you have fewer balances across your cards. For example, if you have three credit cards, it’s better to only have a balance on one. By consolidating your debt to a single card, you may be able to boost your score.
  3. Open New Accounts – If you only have one credit card, it might be adversely affecting your score. It’s best to open two new accounts if you only have one currently. Consolidate your debts to a single card if you do open more accounts so that you don’t build balances on the new cards. Also, if you want to consolidate your scores, it’s best to have multiple accounts. Applying for new credit cards can result in a short-term drop in your score, but the long-term benefits are often worth it.
  4. Pay Balances Multiple Times Per Month – Many people pay off their balances once per month. The practice can damage your credit score critically due to the way that lenders report balances to credit bureaus. A lender may report your balance before your due date, for example, which means that you can be seen to have a large balance even when you paid off your card. Paying your balance twice a month ensures that you’re not unfairly judged to have a significant credit utilization.

Quick Tip: Outside of the above four steps, it’s also important to inspect your report. If there are mistakes on your report, or debts have been attributed to you incorrectly, it may lower the score. By spotting mistakes on your credit report, you can request that reporting agencies remove the errors that are damaging your score.

Summary – Signature Loans No Credit Check

If you’re looking for a no credit check loan, a signature loan might be a good solution. But there are other options as well, so for more options see best no credit check loans.

Signature loans don’t require any type of collateral, which means it serves as an excellent resource if you’re trying to gain access to an unsecured loan quickly. You will still want to make sure that you’re offered an interest rate that you can afford long-term, though. Some signature loans have higher interest rates than other lending products.

If you’re able to access a lender that offers alternative credit checks, you may be able to avoid the scrutiny involved in a hard credit check.

Ensure that you check your credit report thoroughly before you apply for any type of loan. Not only will this help you improve your chances of approval, but it can also help you access better interest rates and keep track of errors that may be affecting your credit score.

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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