How to Get a Personal Loan Without a Credit Check

Personal Loan Without a Credit Check
Photo by Daniel Thomas from Unsplash

Whether it is for home improvement, debt consolidation, large purchases, or medical expenses, a personal loan can be your savior. It provides immediate cash assistance with fixed monthly payments over a certain period.

Applying for a personal loan, however, can be intimidating, especially if you have not done it before. The requirements can vary per lender, which can include a credit check.

Nonetheless, even if you have poor credit, you can qualify for a personal loan. The key here is to find a lender that does not perform a credit check when processing loan applications. Read on and learn how to do it in this post.

Tips For Getting a Personal Loan Without a Credit Check

From having a credit reference to providing collateral, different lenders have varying requirements when assessing personal loan qualifications. If your main concern is a credit check, no need to worry. Here are some of the things that can improve your chances of approval.

1. Find the Right Lender

On top of the list is choosing the right lender. Do not waste your time going after companies known for traditionally basing their approval on credit ratings. Instead, focus on those that work even with people who have poor credit scores or no credit rating.

CreditNinja is a direct lender you can check out. It provides no credit check loans. This way, your credit history is not a deciding factor. The application is online and you can even get your money on the same day.

2. Get a Co-signer

According to the Consumer Financial Protection Bureau, a co-signer is someone who “takes full responsibility for paying back a loan, along with the primary borrower”. In most cases, it is a family member. If you fail to settle your financial obligations to the lender, they will be running after the co-signer.

By having a co-signer when you apply for a personal loan, the lender assumes the minimal risk. It assures the lender that someone is available to repay the loan in case you are not able to do so.

3. Provide a Collateral

To increase the likelihood of getting approved for speedy loans, another thing you can do is to provide collateral. Like with having a co-signer, collateral secures the loan, minimizing the risk to the lender. When you default on the payments, you are giving the lender the right to claim ownership of whatever you have earlier presented as loan collateral.  

Many personal loans are unsecured. Nonetheless, some lenders will require a security guarantee to approve the loan without running a credit check. From your car to your home, you can present a variety of assets depending on the amount of the personal loan you are applying for.

4. Lower the Amount of Your Loan

If you have no or poor credit, then you should assume that many lenders will see you as a risk. You are even perceived riskier if you are loaning a large amount. Hence, a good solution is to reduce the amount that you are going to loan. It lowers the apprehensions that the lenders may have about your application.

5. Use Your Income

If you have a steady and good income, then you can also use it as leverage during your loan applications. Gather the necessary income documents and submit them as proof during your loan application. When the lender sees that you are financially stable, the perceived risk can be lower, even without a credit check.

6. Explore Other Alternatives

If you have tried the things mentioned above and your personal loan is still not approved, below are some of the alternatives to consider:

  • Apply for a paycheck advance. This will depend on your employer. Once approved, you can borrow against a portion of your salary even before it is payday. However, this is often good only for small expenses as the amount is typically minimal, depending on how much your salary is.
  • Ask family and friends. In times of need, go to the people you know you can count on. If you have a valid reason, then some of them might not hesitate to let you borrow money.
  • Borrow from your 401(k). This is especially a great option for emergency expenses and after exhausting all possible means. Nonetheless, since this is your retirement fund, it is best if you will not go this route unless it is extremely necessary.

Photo by Alexander Mils from Unsplash 


● How much can I apply for a personal loan?

The specific amount depends on various factors, such as your financial needs and how much the lender is willing to approve. In most cases, personal loans can be anywhere from $1,000 to $100,000.

● Can you get a personal loan without a job?

Yes, it is possible, although it can be more challenging, especially when there is no credit check. For the best chances of approval, we recommend having a cosigner or presenting collateral to minimize the perceived risk.

● How much is the interest for a personal loan?

The average interest rate for an unsecured personal loan ranges from 6% to 36%. You can bring it down by offering collateral or having a co-signer. The rate will differ from one lender to another, as well as on the duration of repayment. You can also shorten the duration of paying the loan to qualify for a lower interest rate.


Get approved for a personal loan even without going through a credit check! The most important is to pick the right lender, specifically one that provides personal loans to people with no or bad credit. Having a co-signer and providing collateral can also help. Another thing you can do is lower the amount of the loan and leverage your income. If all else fails, consider other alternatives, such as payday cash advance or borrowing against your 401(k).

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