No Credit Check Loans
Searching for a loan without a credit check? Review the credit-check requirements before proceeding. Depending on the lender, a request may involve a soft inquiry, a hard inquiry or other financial checks.
What Does "No Credit Check" Mean?
A statement saying "no credit check" on a lending product does not mean a lender will not check your financial information. It may mean a lender will not obtain a traditional credit report for an initial review. A lender may look at your identity and your income, examine your bank account information, look at your obligations, review your ability to repay a loan, and/or check information from a specialty consumer reporting agency.
Before you apply, you should ask what reports will be reviewed, if the review will be a soft or hard inquiry, and when the inquiry will be made. Approval is never guaranteed.
No Traditional Inquiry vs. Soft Inquiry vs. Hard Inquiry
These terms describe different review approaches and should not be used interchangeably. The Consumer Financial Protection Bureau describes soft and hard inquiries as both requests to review information on your credit report.
| Review Method | What It Means | Possible Credit-Score Effect |
|---|---|---|
| No traditional credit inquiry | The lender says it does not obtain a traditional credit report, but may review income and banking activity and check identity, obligations, and specialty consumer information. | Depends on whether any other report or inquiry is used. |
| Soft inquiry | This involves reviewing details about you that are typically visible only to you on your credit report. | Does not affect credit scores. |
| Hard inquiry | This is a review of your credit report typically conducted when you apply for new credit, which is visible to third parties who see your credit report. | May affect credit scores. |
For a more detailed explanation, see our soft pull and hard pull guide.
How Lenders May Review Your Request
A lender decides which information it will use and whether or not it will give you an offer. Based on the lender, state, and requested product, the review may include income, regular deposits, bank account activity, employment information, current obligations, a traditional credit report, or another consumer report.
Review requirements vary by lender. Our guide on how lenders may evaluate your request explains the factors that may be considered.
| Review Item | What Lenders May Check |
|---|---|
| Income | Income amount, source, frequency or supporting documentation |
| Bank account | Account ownership, deposits, withdrawals or returned payments |
| Identity | Identity, age, address and state of residence |
| Credit or consumer reports | A traditional credit report, specialty consumer report or other permitted data source |
What Happens When You Submit Through SlickCashLoan?
When you submit a request through SlickCashLoan, your details may be shared with participating lenders or lender networks for review. Depending on the provider, that review may include verifying your information and obtaining credit or other consumer reports with any required authorization.
- We collect your contact information, identification, income, employment, and bank information.
- We will try to match your request with at least one service provider.
- Each service provider has their own criteria for deciding if they will extend a loan offer.
- If you are extended an offer, you should review the lender, method of the inquiry, APR, finance charge, amount financed, total of payments, due dates, and the terms of late payments.
Submitting your request does not guarantee that you will be matched, approved for a loan, receive a particular loan amount or interest rate, or be funded within a certain amount of time.
Compare APRs, Fees, and Repayment Terms First
"No credit check" should not be confused with a financing option that has no costs or a flexible repayment plan. You should compare written disclosures rather than relying on product labeling. Check the annual percentage rate (APR), finance charge, amount financed, payments, due dates, total of payments, late and prepayment terms, and renewal or rollover terms.
An example of a payday loan shows why the term is important. A $15 finance charge on a $100 loan for just 14 days is an APR of almost 400%. That example is not meant to characterize all loans where the borrower does not go through a credit check. The actual dollars and cents will depend on the lender, the terms of the loan, the individual borrower, the state, etc.
Pay careful attention when accepting the loan. If the lender charges any origination or other fees, then the actual cash provided to the borrower may be less than the principal stated in the loan agreement. Be sure to look at the cash you receive and the cash you need to repay.
There are additional protections for eligible active-duty service members and covered dependents that include a 36% Military Annual Percentage Rate cap on covered consumer credit and other military-related restrictions.
How These Loans May Relate to Your Credit
The effect on a borrower's credit depends on the inquiry method and any account or payment reporting. A soft inquiry does not affect credit scores, while a hard inquiry may. Reporting practices vary by lender, so ask if the account and payment will be reported to the credit bureaus.
A lender or collector may report late payments and collection activities, although the original review did not include a hard inquiry. Review the payment and the agreement. Our guide provides more information on the credit effects of these loans.
Affordability, Risks, and Lower-Cost Alternatives
Confirm whether every payment will fit after expenses associated with housing, food, utilities, and transportation. If you must obtain another loan, renew a loan, or miss an important payment to make the repayment, then the offer is not affordable.
If a loan is not your only option, see if a credit union is offering a lower-interest loan. Look for payment plan options at utility or medical providers. Check to see if your employer has a payroll advance option, and reach out for assistance in your community. Ask friends and family for help, or seek assistance from nonprofit agencies. Read our guide for more details about options that may avoid a traditional loan.
Be wary of offers that guarantee your application will be approved, urge you to decide quickly, ask you to pay for a promise of credit, or do not offer clear terms. Ensure a lender is licensed or registered as required in your state.
If You Decide to Submit a Loan Request
SlickCashLoan cannot determine in advance which lenders will respond or whether their review will involve a soft inquiry, hard inquiry or another method. Check the credit authorization before proceeding. Our Privacy Policy explains how information may be shared, and our Terms and Conditions describe the request process.
There is no guarantee you will be offered credit. Credit review methods vary by lender and may include a soft inquiry, hard inquiry, or other financial review methods. Read applicable disclosures.
Sources and Consumer Resources
Frequently Asked Questions
Can I get a loan without a traditional hard credit check?
In theory, it is possible, but no hard inquiry and no credit check are not the same thing. A lender may use many other factors, like a soft credit inquiry, a specialty consumer report, banking activity, or many other factors. You will need to find out what review methods a lender intends to use.
Can a lender still review my credit information?
It is possible. When legally permitted and appropriately authorized, a lender may obtain a traditional credit report with a soft or hard inquiry or use another consumer report. You will need to review the lender's authorization and disclosures to find out what options are available to them.
Are no credit check loans the same as payday loans?
No. A payday loan is a certain kind of loan that a lender issues, and a borrower will have to pay it back in a very short period of time, around the next paycheck. Not all no credit check loans are payday loans.
Are no credit check loans the same as bad credit loans?
No. A no-credit-check loan label concerns the lender's review method. Bad credit loans concern borrowers with poor credit history, and the lender may still examine a traditional credit report.
Do loans without a traditional credit inquiry come with guaranteed approval?
No. Even without a traditional credit inquiry, a lender may review your identity, income, existing obligations, bank-account activity, other consumer reports and ability to repay.
Can this type of loan affect my credit?
Yes. A hard inquiry may temporarily impact your credit. Also, with the opening of a loan, activity associated with the account or payment of the loan may also be reported. Reporting practices differ, so find out which, if any, information will be reported to which credit bureaus or consumer reporting companies.
How should I compare no-credit-check loan costs?
Compare the APR, finance charge, amount financed, payment amount, number and timing of payments, and total payment amount. Also determine if the payment fits your budget without requiring another loan or causing you to sacrifice necessary expenses.