Payday Loans Online No Credit Check Instant Approval

Writer and editor - Joseph Smith | Updated on 2020-04-27
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Are There Payday Loans Online with No Credit Check and Instant Approval?

Every lender has to have a process for loan approval and they can’t guarantee that they’ll approve a loan every time. On the positive side many lenders only require you to verify your income with a pay stub, and that might be the only requirement besides the minimum age of 18. If you see the term “instant approval,” chances are the lender is referring to an instant decision, where you’ll know if your application has been successful or not within a few minutes after your application.

The same is true for no-credit-check loans. In these cases, many lenders will say that they don’t do a credit check, when instead they mean they don’t do a hard credit check. Every lender has to decide whether or not the borrower can pay them back, since giving money to people who can’t pay it back doesn’t make a lot of business sense. Credit checks are a good way of finding out if you can pay the lender back. Payday loans typically only run soft checks or alternative credit checks, which look at your income to see if you meet the minimum income requirement instead of hard checks which might lower your credit score.

Best Payday Loans Online

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 ?
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 ?
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 ?
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 ?
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 ?
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 ?
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 ?
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 ?

What Are No-hard-credit-check Loans?

No hard credit check loans are loans where the lender doesn’t do a hard credit check. No hard credit check doesn’t mean that they don’t do a credit check at all; it just means that they don’t pull up a full credit history for every loan application they receive. Instead, they do a soft check which only confirms your identity and income, which they then use to decide whether or not to approve your loan application.

What Is a Hard Credit Check and a Soft Credit Check?

Three main credit bureaus keep a record of every person’s credit history. These credit bureaus can provide this information to third-parties, such as lenders, to decide whether or not a person is creditworthy.

The two main types of credit check are soft and hard credit checks. The two differ in the information they provide, their impact on your credit score, and even when lenders can request them. Understanding the difference between the two can save you a lot of hassle when you start shopping around for loans and can prevent you from accidentally dropping your credit score.

Soft credit check

Soft credit checks are often done as part of a background check and don’t connect to a particular loan application. Companies don’t need your permission to carry out a soft credit check, and they don’t affect your credit score. Examples of soft credit checks include employers conducting a background check, credit card companies checking your credit before offering you special deals, and insurance and loan pre-approvals. Checking your credit score is also counted as a soft credit check.

Hard credit check

Hard credit checks provide a lot more information than soft credit checks. They’re often used by lending agencies to determine your creditworthiness before the lenders approve your loan. Unlike soft checks, hard credit checks connect back to a specific loan inquiry; multiple hard checks in a short space of time can have a severe impact on your credit score.

The main reason that hard credit checks can affect a credit score is that they reflect the fact that you’re looking to take on extra credit. While one hard credit check isn’t too worrying, several happening at once would suggest that you’re in financial trouble or are planning to take on a massive amount of debt. Both of these are risky behaviors, so the credit score model takes these into account by dropping your credit score.

However, you shouldn’t let the fear of lowering your credit score prevent you from shopping around for the best deal on a loan. Both the FICO and VantageScore models count all instances of a similar loan inquiry as one single check. In the FICO model, any similar inquiries made within 45 days of each other are counted as one, while VantageScore uses a two-week rolling window.

So if you’re applying for a home loan and have contacted several lenders, all their credit checks will only count once against your credit score.

Is Same-day Deposit Possible?

Yes, though this depends a lot on the timing of the application. Most banking transaction has to pass through a central database called the Automated Clearing House (ACH). The ACH processes transactions using a batch system, where it collects all pending transactions before processing them at a certain time. The ACH only processes batches three times per day and only on business days. So if your bank transfers the money to your bank account on Friday after-hours, you’ll have to wait until Monday morning for your money to clear.

However, thanks to the fact that many lenders use automated systems to approve small loans, it’s possible to apply for a loan, get it approved, and receive the funds on the same day or next business day. It is less likely to happen with larger loans that require manual review and approval, which can take several days, depending on how busy the lender is.

Benefits of Payday Loans

Payday loans are small-dollar loans that borrowers pay back in a single lump sum. They’re often used by people who need money to cover an emergency or unexpected expense. While they have a reputation for being a predatory form of credit, payday loans do come with some advantages as long as they’re used responsibly.

Easy access when you need money

The main benefit of an online payday loan is that it’s really easy to get your money on the same day you apply when applying through a online application. Online payday loan providers tend to offer immediate decisions, and if they approve the loan, they can deposit it in your bank account within 24 hours.

The application process for a payday loan is also much easier than for a traditional one. Traditional loans take a long time to apply for, require a lot of extra information and documentation, and the approval requires manual review and approval. Payday loan applications, on the other hand, can be filled out in five minutes.

No credit check

Payday loans don’t require good credit history and most lenders will only conduct a soft credit check or an alternative credit check, where they only verify your income. Since they don’t pull a hard credit check, your credit history won’t be affected when you apply for a payday loan. However, this works both ways, so paying off a payday loan won’t improve your credit score either.

Unsecured

Unlike many other bad credit loans, payday loans don’t require collateral to secure the loan. Having an unsecured loan means that your personal property is safe, even if you’re unable to pay the loan.

Disadvantages of No-credit-check Payday Loans

Expensive

The biggest disadvantage of payday loans is that they will cost you a lot more to pay back than you initially borrowed. Payday loans will have up to a 700% APR (annual percentage rate), meaning that if you had a year to pay off your loan, you’d have to pay 700% interest. The way most payday lenders get around this is by letting you pay a single lump sum with only one month’s worth of interest, which is significantly less than 700%.

In addition to high interest fees, payday loans have a lot of extra fees that you’ll have to pay. These additional fees can quickly rack up and increase the amount you have to pay back. If you can’t meet your repayment, you’ll accrue extra fees and interest, which makes paying off the loan even more difficult.

Access to your bank account

A condition of many payday loans is that you allow the lender access to your bank account. This access allows them to withdraw their repayment on a specific date without needing your input.

The problem arises when you don’t have enough money in your account to pay this automatic withdrawal. Not only will you miss your repayment, but you’ll also get hit with overdraft fees from your bank, as well as failed payment fees from the lender. This cycle can snowball into massive debt as you continue to miss payments which are getting larger and larger every month.

What Are the Best Alternatives to Payday Loans?

Even the best online payday loan with instant approval still isn’t a very good option for getting cash fast. If you find yourself facing an emergency expense, look at these options before signing up for a payday loan:

  • Personal loan: personal loans are a type of installment loan that can be used for anything you need. Many lenders are willing to lend money to people with bad credit, though at a higher-than-average interest rate. But even a high personal loan interest rate will be in the double digits, not nearing 400%. Consider getting in touch with local credit unions that are more likely to provide flexible repayment terms and reasonable interest rates.
  • Employer advance: if you have an understanding employer, it may be a good idea to ask for an advance on your salary. The worst they can do is say no; then you can continue to look at other options.
  • Use your credit card: credit cards offer many advantages over payday loans. Not only is the interest much lower, even for people with bad credit, but the repayment terms are also more reasonable. If you’ve maxed out your credit card, consider applying for another one, which will still end up being cheaper in the long run than a payday loan.

Summary – Payday Loans Online with No Credit Check and Instant Approval

Online payday loans can provide a way to get fast cash without needing a hard credit check. However, payday loans can be very difficult to pay back, so make sure to consider your options and find alternatives whenever possible.

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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