Short Term Loans Online – No Credit Check

Writer and editor - Joseph Smith | Updated on 2020-05-27
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What are short term loans online no credit check

Short-term loans, also known as payday loans, are loans that borrowers must repay within a shorter time period than other loans. In the case of a personal loan, for example, the debt can be repaid over several years. A short-term loan, on the other hand, will generally be repaid in a year or less, depending on the lender and the loan at hand.

Short-term loans come in handy when a person or business needs a loan quickly, and they cannot get it from the bank. The bank may deny their initial loan for any number of reasons, the most common reason being lousy credit. These payday loans are generally easier to obtain approval for because there are less extensive credit checks performed. The problem for a lot of people with bad credit is that lenders will try to do a hard credit check to find out if they qualify. These in-depth checks can end up hurting the borrower’s credit score even further.

Best No Credit Check Short Term 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 ?
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 ?
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 ?
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 ?

Many short-term lenders use soft credit checks. In this way, they do not care as much if the borrower has poor credit in the past. They compensate for this practice by hiking up their interest rates. Whereas an interest rate for a personal loan may be around 10 percent, for example, a payday loan may be significantly higher. If you need the money bad enough, this increase in interest rate will be of little consequence, as payday loans can be a last resort for some people.

Do no-credit-check-short-term loans exist?

Unfortunately, there is no such thing as instant-approval loans. Industry standards require that lenders do at least some digging into the borrower’s past before they do the loan. Luckily, this background check is very minimal for short-term loans, typically only requiring that the user meet certain age and income requirements, among other things.

The requirements for a short-term loan may include:

  • You have to be at least 18 years old. For personal loans, they generally look for borrowers who are 21 years old
  • You must provide some form of identification to the lender, such as a driver’s license or passport. The type of ID required may vary depending on the lender
  • You must have an active bank account that has not been discontinued.
  • You will need to make at least $800 a month before taxes, which is less than the $2,000 that some lenders require for personal loans

Different kinds of credit checks

There are two credit checks in the world of loans: Soft credit checks and hard credit checks. A soft check is the one that most people with bad credit will seek out. With these types of checks, the creditor will get a summary of your credit report. They do this so they can send you pre-approval offers to entice you to take on debts with them, which is a common tactic among credit card companies.

A hard credit check will be a more in-depth look at your credit. If a lender wants to do a hard credit check, it can negatively affect your credit. The reason why lenders do this is so they can get a better understanding of what to offer you. Without it, they would have no frame of reference for your credit history.

A credit check can influence things like:

  • Your loan amount
  • The term of your loan
  • Your interest rate
  • And more

For payday loans, they may do neither of these credit checks. In these cases, lenders will only check to see if you have a source of income. If your income is above $800 a month before taxes, you should be able to obtain a loan with at least one lender.

Tips on how to improve your credit score

In order to improve your credit score, you need to be proactive. Simply making minimum payments on your balances will not increase your score in a timely manner when you quickly need a new line of credit. These methods to improve your credit score can include:

  • Opening new lines of credit (such as credit cards) and keeping the balances at zero. You can also take out credit cards or store credit cards for minimal amounts, pay them off, then leave them open. Keeping your balances very low will help creditors see that you are good for the money when it comes to future loans
  • You need to keep your balance below 30 percent of the total line of credit. For example, if you have $20,000 worth of credit, you will want to keep your balance below $6,000. This balance shows creditors that you are proactive with payments, and you can do the same down the line. If you’re regularly maxing out cards, creditors see this habit as a red flag
  • Consolidate your balances to one account instead of having multiple lines of credit open at once. One account will be easier to keep track of and easier to pay off in the long run. You will also only have one interest rate to manage
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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