What Are No-Credit-Check Installment Loans?

Desmond Rhodes
A smiling couple sitting to meet with a loan officer.

FICO categorizes any credit score below 580 as poor. Those with bad or no credit will tell you that getting a loan can be difficult. Often, the interest rate on these loans is high, and that’s even if you are eligible to get a loan with bad or no credit.

One option for getting a loan without a credit check is to apply for a no-credit-check installment loan. While the APR on these loans tends to be high, there is no credit check involved. Know how these loans work and what you should look out for to avoid predatory loans.

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Three Installment Loans for Bad Credit

Loans are limited for those who don’t want their credit checked, but not impossible to get. When shopping for a no-credit-check installment loan, you’ll want to look at the loan amount, interest rate, and loan term. Here are several lenders to consider.

  • Loan amount: $500 to $10,000;
  • Interest rate: 5.99% to 35.99%;
  • Loan term: three to 72 months.

This lending network will show your application to several lenders who accept all credit types. You’ll need to meet their requirements — a minimum income amount, a checking account, be at least 18 years old, and a valid phone number and email address.


  • Loan amount: $500 to $5,000;
  • Interest rate: 5.99% to 35.99%;
  • Loan term: three to 60 months.

For those with bad credit, consider this online network of lenders to be approved for a loan without a credit check. You will still have to meet the requirements of the lender, however, they provide sensible interest rates on loans for those who would otherwise have this rate increased because of their credit situation.

  • Loan amount: $500 to $35,000;
  • Interest rate: 5.99% to 35.99%;
  • Loan term: three to 72 months.

This lender will loan you up to $35,000 for anything from emergency expenses, home improvement projects, debt consolidation, and even to pay for a family vacation. A credit check will be conducted through this lender, and it will ultimately impact how much they will lend you as well as the APR. However, their interest rates are still reasonable, and better than many other lenders.

Depending on your financial situation, you will choose one loan over another. For instance, a loan with a longer term means your monthly payments will be less (depending on your loan amount), but you will be paying it off over a longer period.

Additionally, you’ll want to pay attention to the interest rate on these loans. If your loan has a higher interest rate attached to it over the long term, you’ll end up paying a significant amount of interest. Some no-credit-check loans are known to have up to 400% interest. One of the lenders above would be much better, as the highest interest they charge is 35.99%.

How Do No-Credit-Check Installment Loans Work?

An installment loan differs from a payday loan or a same-day loan. With an installment loan, you’ll agree with a lender on a loan amount, and it is to be repaid (with interest) over a fixed term.

Regular payments could continue for months or even years. A no-credit-check installment loan means that they won’t pull your credit when you apply or that your credit may be pulled, but won’t be a deciding factor in being approved. If your credit is pulled, it will be a soft inquiry. This inquiry won’t impact your credit score, but if you don’t repay your loan the lender will report it to a credit agency.

Benefits of No-Credit-Check Loans

The benefits of an installment loan are similar to that of a personal loan — you can cover medical emergencies, bills, help consolidate your debt, and take care of a variety of other expenses.

However, for those with less-than-perfect credit, the major advantage of no-credit-check installment loans is just that — a credit check is not required, or at least not a factor in approval. Additionally, you can improve your credit score if you make your payments on time for the duration of your loan.

How to Get a Loan With No Credit Check

Finding a loan with no credit check can be tricky. Finding a loan with no credit check and a reasonable APR will be even more difficult. Thankfully, online lenders make it easy and a point of emphasis to let a borrower know if they will conduct a credit check, or if they will even factor credit into your loan at all.

For agencies that might conduct a credit check, you may sway them if you come prepared. Documents to bring to a bank or credit union to have a better chance of getting a loan with no credit check should include:

  • Educational records;
  • Employment history;
  • Pay stubs;
  • Bank statements and credit card debt records;
  • Rental history;
  • Borrowing history.

Many times, these documents can give better insight into how financially responsible you are and that your bad credit won’t impact your being able to pay a loan off. Additionally, a person with less-than-perfect credit should always strive to improve their credit score to secure their financial future and be able to get more loans in the future.

Problems to Watch Out For

Predatory lenders have given no-credit-check installment loans a bad name. These lenders will hike up the APR, sometimes up to 400%, because they know that people with bad or no credit don’t have many options when it comes to loans.

This can lead to you paying much more on your loan. For instance, a 400% APR on a $1,000, two-year loan would make your monthly payment $333.67. The same loan with a 35% APR would only be $58.83 per month. You’ll end up paying $7,008.04 in interest for the 400% APR loan and only $404.45 in interest for the non-predatory loan. An interest rate as high as 400% is predatory, as a loan with this interest rate seems to be your only option with poor credit, and will trap you further in debt.

Are No-Credit-Check Installment Loans Safe?

From a legitimate lender, no-credit-check installment loans are safe. As with any loan, you will want to ensure that you make your monthly payments on time. Understand the interest that will be attached to your loan, and don’t settle for a high-interest loan. It will also be a good idea to pay attention to your loan term to see how long you will be paying bills and properly budget for the monthly expense.

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