Having trouble getting a loan? That might be because your credit score is low. Most lenders use credit scores as a way to judge a borrower’s ability — or inability — to handle debt and repayment.
You might have better luck with a platform that connects you to subprime payday loan lenders. These lenders aren’t so concerned about bad credit scores. They write loans based on how much a borrower earns and can therefore afford to borrow, rather than on how the borrower handled debt in the past.
It’s not always easy to find these lenders, especially those offering loans at decent interest rates. Here’s a list of the 10 best payday loan sources that don't run credit checks.
- iPaydayLoans - Best Overall
- WeLoans - Best for High Approval Rates
- CocoLoan - Best for Favorable Loan Terms
- Fast Title Loans - Best for Large Loan Amounts
iPaydayLoans
Access iPaydayLoans through a three-minute online application. You’ll be connected with multiple loan offers, each offering a competitive interest rate. Lenders run no credit checks and process funding quickly, typically within 24 to 48 hours. Some even lend to applicants who are out of work but get a consistent income from government unemployment benefits, alimony, or a pension.
Pros
- A rich, wide network of licensed, reliable lenders
- Approval rates, up to 97%
- Competitively low interest rates
- Quick fund transfers
- Various loan types
- No hard credit inquiries
Cons
- No mobile application
Complete iPaydayLoans' Request Form Now And Access Some of the Best Loan Offers >>
WeLoans
WeLoans is another major player in the world of subprime lending. It’s known for connecting loan applicants with lenders that boast high loan approval rates and consider loan affordability, not credit score, as the primary metric for accepting or rejecting a potential borrower.
Partner lenders comply with Consumer Financial Protection Bureau rules and offer borrowers a buffet of loan options, from car title loans to short-term or installment loans. Applicants can request up to $5,000, though how much they ultimately get depends on a lender’s assessment of what they can afford, as well as state lending laws.
Pros
- Loan amounts up to $35,000
- No prepayment fees
- Lending decisions made in five minutes or less
- Simple application process
- Co-signing is an option
Cons
- Not an option for people who don’t receive automatic paycheck deposits in their checking accounts
Your Chances of Getting An Offer Are Doubled When You Apply For a Loan on WeLoans >>
CocoLoan
CocoLoan can help you find a variety of nearby lenders, apply for a payday loan, hear a “yes” or “no” within five minutes, and get funded within a day or two. Partner lenders provide personal loans, same-day loans, quick loans, installment loans, payday loans, title loans, and subprime loans. A representative interest rate (APR) is 49.7% and loan terms can be as long as 48 months.
Pros
- Many short- and long-term loan options
- Zero origination fees
- Easily navigable website
Cons
- Interest rates are a little higher than from some other lenders on this list
Locate a Nearby Payday Lender with Ease on CocoLoan >>
Fast Title Loans
Fast Title Loans offers a clean, easy-to-use interface on both mobile and desktop devices, making this resource an easy one for even beginners to navigate. It promises bank-level security and confidentiality around personal details, which it uses solely to make lending decisions. Fast Title Loans also encourages borrowers to talk with their lenders if they foresee missing a payment because the lenders are open to renegotiating payment deadlines.
Pros
- Lenders run no credit checks
- Partner lenders are open to adjusting payment due dates
- Offers both unsecured and secured loans
- Funding usually within 24 hours
Cons
- Some features aren't open to first-time applicants
Tired of Hard Credit Inquiries? Apply for a Bad Credit Loan on Fast Title Loans Now >>
CashAdvance
CashAdvance is a broker that connects customers with subprime lenders. The platform has no minimum credit score requirements, so most clients qualify for loans through this provider, as long as they meet its other eligibility requirements.
Applicants to CashAdvance can request amounts between $100 and $10,000, so it’s a great choice for small and medium-sized loans.
Pros
- The CashAdvance program boasts industry-leading safety and encryption protocols
- No subscription fees
- No minimum credit score required
Cons
- CashAdvance doesn’t do business in every state
Enjoy Borrower-Friendly Bad Credit Loan Deals on CashAdvance >>
BadCreditLoans
As its name suggests, BadCreditLoans and its lender network offer high approval rates for applicants with bad credit, a term that usually refers to a credit score between 500 and 600 (out of a possible 850). Loans of up to $10,000 are possible. The company encourages co-signers, which can get you a better interest rate, and reports monthly payments to the credit bureaus, which can help your credit score improve over time.
Pros
- Users get offers for other credit-related products, such as banking, credit monitoring, credit repair, and debt relief
- Lenders report payments to major credit bureaus, which can help improve your credit score
- Extensive lender network includes state and tribal lenders
Cons
- Maximum loan amount is lower than for some other lenders
Get Up to $10000 Personal Loans for Bad Credit on BadCreditLoans >>
Upgrade
Only a few services, including Upgrade offers loans for as much as $50,000. Because it doesn’t require regular paycheck deposits, Upgrade is a good choice for freelancers and independent contractors. The company has a 4.7 (out of a possible 5) rating on Trustpilot.
Pros
- Good for freelancers and contractors
- Borrowers don’t need regular, automatic paycheck deposits to a checking account
- Runs only soft credit checks on applicants
- No prepayment fees
Cons
- May charge origination fees up to 8%
Need High Loan Amounts? You Can Get Up to $50000 on Upgrade if You Apply Now >>
CashUSA
CashUSA connects borrowers with lenders who offer loans of between $100 and $10,000 at rates between 5.99% and 35.99%. It lets you look for lenders by zip code and provides other credit-related services, such as credit repair and debt relief.
Pros
- Provides other credit-related services
- Industry-average APR
- Lender searching can be narrowed down to nearby lenders
Cons
- Some lenders charge prepayment fees on debts paid before the payment deadline
Enjoy Low-Interest Rate Bad Credit Loans on CashUSA >>
Happy Money
Happy Money offers high loan amounts to borrowers with bad credit. Customers can borrow between $5,000 and $40,000 and receive it within 48 hours.
The company’s app lets you monitor payment deadlines and amounts, as well as loan balances. Setting up automatic payments may qualify borrowers for rate discounts of between 0.25% and 1%.
Pros
- Competitve interest rates
- Loan amounts up to $40000
- Mobile app
- Free financial management newsletters for borrowers
Cons
- May charge origination fees
Payoff Promises Up to $40000 and Rate Discounts; Apply Now To Get This Offer >>
Upstart
The Upstart underwriting model lets applicants qualify for loans based on non-traditional metrics: job history, residence, and college education, rather than the usual credit score, debt, income, and assets. This makes it easier for people with less established credit histories to qualify for a loan.
As with many other platforms on this list, Upstart runs only soft credit checks and processes funding quickly, typically by the next business day. Borrowers with bad credit can access as much as $50,000 — much more than with many other lenders.
Pros
- No prepayment penalties
- Borrowers can suspend monthly payments if they hit a financial rough patch
- Borrowers have multiple payment options: automatic payments or over the phone, online, or via a mailed check
- Fast funding
Cons
- Don't offer secured loans
Do You Have a Thin Credit History? Apply on Upstart Where Your Approval Chances are High >>
Points to Consider When Taking Out a Payday Loan
Make payments on time
Paying late won’t help you escape that vicious cycle of debt. Depending on your loan agreement, late payments can mean higher interest, late-payment fees, processing charges, and/or a lower credit score if the lender reports late payments to the major credit bureaus.
Read and understand the loan terms
Understand what you’re agreeing to. Pay special attention to interest rates, late-payment fees, origination fees, or any other fees. Look at the lender’s debt-collection policies.
Go with licensed lenders
Unlicensed lenders, also known as predatory lenders, aren’t bound by financial regulatory laws that protect borrowers, so they may take advantage of loan applicants. Licensed lenders will also protect your data, putting you at a lower risk of identity theft.
Payday Loans Alternatives
Bad Credit Loans
Bad credit loans, which are loans specifically set up for borrowers with credit scores below 550, are one option. These may be short or long term. Lenders that specialize in loans for borrowers with bad credit generally have high loan approval ratings.
Title Loans
Title loans can offer lower interest rates than payday loans. If you own a car outright, you can use that vehicle as loan collateral. The lender can’t repossess the car as long as you don’t default on your loan.
Installment Loans
Installment loans are taken out as a lump sum, then repaid in fixed, equal amounts each month over the life of the loan. These monthly payments, called installments, are equal the cost of the loan, divided by the number of months in the loan’s term.
Conclusion
Payday loans have characteristically high-interest rates and thus, should be taken out only to settle emergency expenses or bills. Their high-interest rates are no excuse for predatory lending though. You can still get good bargains online if you know where to look. Through services like iPaydayLoans you can connect with lenders with good payday loan offers for good and bad credit borrowers alike.
FAQs:
What conditions must be met to get a payday loan online?
The qualifications are basic. You must be at least 18 years old, have a monthly income of at least $800, live in the U.S., have a government-issued ID and a checking account, and provide a telephone number or email address where lenders can contact you.
Can I still get a payday loan with bad credit?
Yes, you can. Some payday lenders use other metrics, such as income, to approve or deny loan applications. People with bad credit can get both secured and unsecured loans. Use a broker such as iPaydayLoans to find the lenders that can help you.
Do no credit check payday loans exist?
Yes. You get a payday loan with no credit check at all. No credit check loan lenders only focus on your capacity to repeat the loans by evaluating your income and employment status.
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