No Credit Check Loans - Online Approval

SlickCashLoan's no credit check loans allow you to borrow between $100 and $2,000 with no hard inquiry on your credit report. The online application takes only minutes to complete, and once submitted, you will receive a list of available loan options in minutes. This is an easy option for those who have limited or no credit history.

What Are No Credit Check Loans?

A no credit check loan is a type of unsecured personal loan that does not require a credit check to determine if you will qualify for the loan. Most banks and other financial institutions that offer consumer loans use a hard credit check to evaluate your credit history prior to making an approval decision.

A hard credit check will review aspects of your history, including previous loans, missed loan payments, and accounts sent into collection. A lower FICO Score or a history of missed payments can make obtaining some types of bank loans more difficult.

With a no-credit-check loan, a lender may use alternative information to determine whether to lend money to you. Examples include your employment status, income, repayment history on your accounts, or other forms of information. This type of review is generally referred to as a soft credit inquiry, which typically does not affect your overall credit score.

The lenders in our network may not need your FICO score or a full credit report to review your request. Funding time varies by lender and bank, and some lenders may send funds the same day.

Types of No Credit Check Loans

No credit check loans fall into a few categories with varying costs, risks, and repayment terms. Understanding these categories will help you to determine the most cost effective option for your financial needs or understand when it may be in your best interest to avoid borrowing this type of loan.

At SlickCashLoan, we help facilitate loan requests on behalf of our users with a network of independent lenders. Additionally, we provide information in plain language to help our users compare offers before accepting any loan.

Payday Loans

One of the most common options that may bypass a FICO-based hard inquiry is a payday loan. The loan amounts are usually in the $100 to $1,000 range. The payback period for many payday loans is by the next payday, usually 14 days later.

The fees seem low at first, such as $15 to $20 for every $100 borrowed. However, when calculated as an annual percentage rate (APR), the $15 fee for every $100 for a 14-day period would be approximately 391%. The rules regarding payday lending vary by state and many states have banned or limited payday lending.

Title Loans

Title loans use an automobile as collateral and create a lien on the vehicle. If payments are not made, the car can be repossessed. The loan amounts range from about $500 to $5,000 based on the vehicle's value (usually 25-50% of wholesale). Title loans may carry high interest rates - sometimes in the triple digits.

Installment Loans

Installment loans are an in-between option. Instead of a single lump-sum payment, you pay back in installments over several months. Some loan providers will also use a soft credit check or review your banking history as part of their evaluation process.

The terms may vary anywhere from several months to a full year. While the interest rates (APRs) of small dollar installment loans may be higher than those of a bank issued personal loan, the cost of borrowing is generally less expensive than most payday type loan options.

Pawn Loans

Pawn loans are secured by a valuable item (jewelry, tools), and the pawn shop will provide a loan based on the item's resale value. The pawn shop can keep and sell the item if the borrower doesn't repay the loan by the agreed upon date. Since the item provides collateral for the loan, credit history typically isn't required as part of the approval process.

How Do No Credit Check Loans Work?

No credit check loans tend to be more concerned with an applicant's income and banking activities rather than their credit reporting history. The Lender is looking for a steady flow of income and also a checking account that has regular deposits and withdrawals.

We at SlickCashLoan do not make credit decisions. The lender will review your application for approval and then decide what terms they can provide.

Here are common eligibility items (exact rules vary by lender and state):

Compared to a traditional bank loan, it is faster to complete the loan process. You will complete a simple online application providing some basic contact and employment details, verify your income using pay stubs or by giving your lender read-only access to your bank account, and you'll get an automated decision (usually in under five minutes).

Once you've electronically signed the contract, the loan proceeds are usually deposited into your bank account on the same day or the following business day via direct deposit.

Many lenders will charge you a fee, such as an origination/processing fee. The fees can be taken from the loan amount when it is funded. Be sure to read all of the fee and APR information before you accept your loan.

The loan amounts are usually between $100 and $2,000, with loan terms ranging from 14 days (payday loans) to up to 12 months (some installment loans).

Example: If you take a $1,000 loan at 100% APR for 12 months, you'll make a monthly payment of approximately $135. You will have paid back roughly $1620, which includes approximately $620 in Interest. Your numbers will vary based on APR, fees, and term.

Pros and Cons of No Credit Check Loans

Speed is valuable in an emergency. The drawback of speed is typically higher costs.

Pros: The lending process is fast. Usually it takes as little as minutes to make a loan decision. Most online lending options are soft inquiries and do not affect your credit score. Online applications can be submitted from the convenience of your own home. Funding can also occur quickly, depending on the lender and the banking institution's processing time.

Cons: The APR is typically higher than that charged by banks. Borrowers may experience cash flow problems in attempting to meet the short repayment period. Payday lending can create a cycle of repeated borrowing, and fees associated with late payments, rollovers, or add-ons can increase the total cost of the loan.

Another consideration is that some lenders report your payments to the credit reporting agencies; however, most of the payday and title lenders will only report after you have defaulted.

How to Qualify for a No Credit Check Loan

When you submit an application through SlickCashLoan, we will search our vast network of independent lenders who may be willing to lend you money based on your application. Each lender has their own criteria; however, most lenders will look at your bank account activity as well as your income when making a lending decision.

It is helpful to have your documentation readily available before applying so the lender can verify your information quickly. Most lenders will require a government-issued ID, recent pay slips (or another form of proof of income), recent bank statements, and proof of address, such as a billing statement or lease.

A lender could still deny you based on red flags in your financial history. These could include a bankruptcy, a history of overdrafts, an unstable income stream, or evidence of too much debt from other high cost lenders. Self-employment or gig workers may require documentation of consistent, long-term income deposits rather than just a few large, irregular deposits.

If you're comfortable allowing us to run a credit review and you'd like a lending option that will report on-time payments, our borrowing options for individuals with poor credit might be a better fit.

Alternatives to No Credit Check Loans

Since cost is a major concern, it's a good idea to look at low risk loan options before considering higher cost loan options.

Small dollar credit union loans are an excellent choice for members who have poor credit history. Many credit unions provide emergency loans with low interest rates, capped at 18% to 36%, as well as loan amounts of up to $2,000 to $3,000. These types of loans will use soft checks or alternative underwriting methods that don't negatively affect your credit score. Membership requirements are much less stringent than they used to be. You may be able to join a credit union simply because of where you live or work.

Adding a co signer to a conventional personal loan may result in a significantly lower interest rate. If you have a family member or trusted friend with a high credit score and is willing to sign as a co-signer, you may be able to get an interest rate between 10% and 20%, rather than 100%+. Since the co signer will also be liable should you default on the loan, it is critical to maintain trust from both parties. Similarly, providing collateral, such as a savings account or a vehicle, to a lender may lead to more favorable terms.

Negotiating a payment plan directly with a utility, landlord, or medical provider usually costs nothing. It is more likely for many businesses to accept a partial payment or delayed payment rather than refer your account to collections. Make the call before you're in a financial crisis and ask about:

• Due date extensions
• Multiple month payment arrangement
• Hardship programs that can help reduce the total balance of what you owe

Responsible Borrowing: When Does a No Credit Check Loan Make Sense?

You should use these loans only when you have a short-term emergency like a one-time, unanticipated expense, and you know how you are going to pay back the loan using money coming in soon.

Reasonable examples of how these types of loans may be justified include:

• Paying rent/mortgage to avoid foreclosure/eviction;
• Repairing a vehicle so that you can continue working;
• Paying for emergency medical services or treatments;

Create automatic payments or calendar notifications for each of your due dates so that you do not miss a payment. Each rollover or renewal will add on fees, which can compound quickly. The original $300 loan could turn into over $600 in total repayment with several renewals.

Determine whether you have enough money in your budget for the next 1 to 3 months to repay the amount required to meet the loan terms without sacrificing other essential expenses, such as housing (rent), food, or utilities. If making a loan repayment would force you to decide whether to pay the lender or buy groceries, you are creating a debt cycle.

Get Your Loan Without a Credit Check from SlickCashLoan

No credit check loans from SlickCashLoan can provide you with a source of cash when your other loan options have dried up. The process involved is quick and doesn't require a credit check, but rates could be higher, and terms of repayment may be stricter.

Take the time to evaluate all costs, all fees, and your full repayment plan before borrowing money. If you are borrowing each month, then it is time to be concerned. The most effective use of a short-term loan is for an emergency or temporary financing need and should not be used repeatedly as a solution.

Frequently Asked Questions

Can I get a personal loan with no credit check?

Yes, many of the lenders that are part of our network do offer no-credit-check personal loans. Instead of depending solely on your credit history, they will consider your income, employment history, and bank account activity as well.

Do no credit check loans come with guaranteed approval?

No, there is no such thing as guaranteed approval on a no-credit-check loan. Although all lenders will review the information that you provide to them prior to making a lending decision, some of the lenders that we work with at SlickCashLoan do have very high approval rates and may be able to fund quickly if you are approved.

Do these loans affect my credit?

You may see no change in your credit standing because some lenders will not report the loan or payments to a major credit bureau. However, if the lender does report to a credit bureau, on-time payments will be positive for your credit score, while missed payments can negatively affect it.

What if I don't get approved?

If you are denied approval from one lender, you will likely be presented with additional potential choices based on the information that you provided. It is not always true that being denied approval by one lender means you cannot obtain approval through another lender, as lending requirements vary between lenders.

Are there any early repayment penalties?

Many lenders allow you to make an early repayment of a loan without additional charges; however, the terms of the loan will dictate this, and you should always review your loan contract prior to accepting the offer.

What size loan can I request without a credit check?

Loans can vary from lender to lender, but generally range from a $100 minimum to a $2,000 maximum. Lenders will also consider your income, as well as a few other simple requirements, when determining the loan amount.

Do I need to provide any collateral?

You will not be required to pledge your property in order to obtain a loan. Most lenders who provide this type of loan do not require collateral, which means the loan is typically based on your income and account history rather than your property.

Will lenders contact my employer?

In some cases, lenders will confirm that you are employed, but they usually will not provide information on the terms of your loan to your employer. Lenders use alternative methods such as wage deposits to a bank account via direct deposit, employment verification via email, or wage documentation (pay stub) instead of contacting an employer directly.

What happens if I can't repay on time?

You may have to pay penalties for late payments, and the account may be turned over to a collection agency. Some lenders may provide an option of extending your due date, but this will depend on the lender and the laws of your state. Your best course of action is to contact your lender immediately when you know you may miss a payment.

Can I get more than one loan?

It depends on the lender's policy, state laws and your ability to pay back. Some lenders may limit how many open loans you are able to take at one time, or they may implement a wait time before you can borrow again. Taking multiple loans at once could increase the likelihood that you will miss a payment. It is always a good idea to consider your financial situation before borrowing.

Is applying safe and secure?

Yes. We use encryption to help secure the information you provide, and we strive to work with lenders who have good privacy and security standards.