Loans for Bad Credit No Credit Check

Getting a loan may be difficult when you have a poor credit score. Imagine being in an emergency and knowing that your chances of landing a loan are less than half!

In desperation to land a loan, it is easy to fall prey to fraudulent bad-credit lenders, and develop tolerance for horrendous customer services and ridiculously high-interest rates. Do not succumb to these menaces just because you have bad credit. Apply with a loan broker service like iPaydayLoans to get these problems out of the way.

iPaydayLoans helps you access loans for bad credit with no credit check. By “no credit check”, we mean “soft credit check”, which also won't leave any trace on your credit report.

We will connect you to reliable and accredited direct lenders who are approachable and charge only competitive interest rates.

What Is a No Credit Check Loan for Bad Credit?

No credit check loans, many times, aren’t processed exactly as you might have thought them to be processed. Not in every sense; just the no credit check part. According to US regulatory agencies like the CFPB, credit checks are non-negotiable and must be run on every borrower.

There are two types of credit checks - hard and soft credit checks. Hard credit checks, the one you badly fear, are reported to the major credit bureaus and so affect the borrower’s credit score. In contrast, soft credit checks aren’t reported to the major credit bureaus, and so do not affect the borrower’s credit score.

Soft credit checks are advertised as no credit checks because they do not affect the borrower’s credit ratings.

A loan disbursed to an applicant after running a soft credit check on them is what’s known as a no credit check loan.

A borrower’s credit history gives the lender a general idea of how the borrower has managed debt in the past. A lender runs a big risk when they offer a loan without looking at the borrower’s debt-management history. To offset the risk they are taking, they may charge higher interest rates expressed as Annual Percentage Rate (APR) on these loans.

Why Is a Credit Check Required?

Credit checks are done mostly to determine the borrower’s creditworthiness and ability to take on more debt and payback within the loan term. Most lenders and lending institutions have their own peculiar process of going through a borrower’s credit history.

While banks and traditional lending institutions typically run hard credit checks on borrowers.

Hard credit checks are inquiries from the major credit bureaus (TransUnion, Experian, and Equifax) into a borrower’s history of debts and how they’ve settled them. Usually, one inquiry is seen by other potential lenders and can make a borrower’s credit ratings drop by a few points, especially when the loan request gets denied.

On the other hand, soft credit checks are not reported to these credit bureaus. Since they are not reported, they have no effect on the borrower’s credit score.

Pros and Cons of No Hard Credit Check Bad Credit Loans

A handful of people understand how much impact multiple hard credit checks can have on their profile, so seek to circumvent it. No hard credit check loans are a great alternative if you’re looking for a loan option where soft credit checks are only required.

Here are some of the pros and cons of no hard credit check loans.

Pros

• Their application processes are pretty easy and straightforward. All you need to do is fill out a form and leave the rest to us.
• They are typically approved very quickly. Some direct lenders even make funding decisions in less than ten minutes.
• There are usually no prepayment penalties. That is, unlike it is with some loans, borrowers are usually not slammed with fees for paying early.
• Payments made on time are reported to the major credit bureaus. What this means to borrowers is that paying on time can help build their credit score. This makes it a good option for borrowers with bad credit to improve their credit ratings.

Cons

• The major disadvantage to taking out a no hard credit check loan is the high-interest rates they come with. However, this differs from lender to lender. The onus, therefore, rests on the borrower to request no-obligation quotes from the lender to see their interest rates.
• The credit limit depends on the borrower’s state of residence and the lender’s specific credit cap.

Where Can I Apply for Loans for Bad Credit No Credit Check?

You can apply for loans at a bank, credit union, and pawnshop. But if you are particular about getting a no hard credit check loan for bad credit borrowers, then you should be thinking only of online loans. But you must be sure the direct lender you are approaching doesn’t run these checks. Locating these lenders though, can be a little tricky. For this reason, most people prefer using loan broker services.

A loan broker service like iPaydayLoans connects you with lenders within its network of lenders who run only soft credit checks on their customers. With iPaydayLoans, you get access to:

• Lenders who process funding as quickly as within the same day, or at most the following business day.
• Soft credit check loans.
• Easy application process.
• High approval or acceptance rate loans.

		Why Us
How much can I borrow?	$50-$35,000	No hidden fees or charges
I have bad credit. Can I apply?	Yes	Bad credit is considered
Over how long can I spread the repayments?	1-36 months	Fast decisions
Are credit checks involved?	Yes	Soft credit checks only
Chances of getting approvals	Good	256-bit encryption protocol
How to apply?	Apply online	Easy application

Get Started

How To Apply For These Loans Through iPaydayLoans?

Visit the iPaydayLoans loan application page and fill out the form there. You will be required to answer questions related to your full legal name, address, contact information, the purpose of the loan, credit score, etc. 

Submit the answers, and we will send your loan request to all lenders in our network. Each lender reviews your submission, runs soft credit and affordability checks on your profile, then approves you for a loan if you satisfactorily ace these tests.

You should then be sent a no-obligation quote. You are not obligated to sign any quote. Go through the offers and only sign which suits your preferences best. You can sign this offer electronically to seal the deal. Then, wait for the funds to be deposited into your account as quickly as the same day of applying.

What Will Your Lenders Consider When Deciding Whether to Approve My Loans?

You can increase your chances of landing a loan by making sure some of the following are on point. These factors are considered when assessing your ability to take on more debt and pay back on time. They are:

• Financial history
• Employment status
• Debt-to-income ratio
• Income details

Alternatives to Loans With Bad Credit No Credit Check Loans

Cash Advance Apps

Cash advance apps like Dave are designed to give you cover till your next paycheck comes in. They provide users with paycheck advances. If you’ve got a predictable income and can do with some cash before your next payday, you should consider using cash advance apps. Some of the most reliable ones are Dave, MoneyLion, IngoMoney, and Chime.

Local Nonprofits and Charities

Non-profit and charitable organizations are drawn to charity causes and helping people in general. They can provide you with small loans if you can prove to them how urgent your needs are and how far-reaching cash has been. Recent pay stubs can be used as proof. Give them a call to find out how interested or otherwise they are in helping you with some funding.

Bad Credit Loans

Quite simply put, bad credit loans are loans given out to people with bad credit. Characteristically, the interest rates on these loans are a little higher than average. But the main advantage is that your credit score matters little. Are you struggling to get credit because of a bad credit score? Approach a bad credit lender for urgent funding.