If your bills are looming and your paycheck won’t make it into your bank account in time, then you might have heard that a payday loan can help tide you over this rough patch.
However, for those of us with bad credit scores, the chances of getting approved by a payday lender is often very slim.
The good news is that there are online payday loan companies that will lend to you even if you have bad/no credit. This means that even if you have a bad credit score or no credit history, you can still qualify as long as you can show that you actually have the means to pay back the loan.
Read on to find a list of online payday loans with no credit checks available for people with bad credit scores!
Fast Online Payday Loans With No Credit Check
The companies we’re sharing here offer loans with “no credit check”. This is a blessing for people with less than stellar credit, for two reasons:
- You’re not going to be rejected for a loan just because you have a bad credit score. However, you must be able to show that you have the means to pay the loan back. You might have to show that you have a source of income, for example.
- No hard pulls on your credit report. Because these lenders are not doing hard pulls on your credit, you don’t have to worry about your credit score getting dinged by another 5 – 8 points (we all know how much that hurts, especially if you don’t end up getting the loan approved).
LendUp
LendUp positions itself as a digital alternative to a payday loan but overall, the concept is the same. With LendUp, you’re still basically getting a payday loan with no credit check and you have to pay the money back in full within 30 days.
- You can borrow $100 up to $250-$300 depending on your state of residence.
- Repeat borrowers with a good repayment history can go up the LendUp Ladder which allows them to borrow higher amounts at lower interest rates.
- LendUp is only available in 7 states
- Having a good credit is not a requirement for a LendUp loan
- Loan application will not affect your FICO credit score because LendUp only performs a soft credit check.
- Quick online application and instant decisions. Because there is no paperwork required, you can apply in as little as five minutes.
- Available 24/7 so great for last-minute needs
- If you get approved, you can receive the money in your account as soon as the next business day.
- You can use the LendUp calculator to input your loan amount and your preferred payment date. This will show you how much is your finance charge.
- 4.8 Trustpilot rating
CashatPayday
CashatPayday is a direct payday lender so there is no third-party meaning they can approve your cash loan online if you qualify.
- You can borrow up to $1,000 depending on your repayment ability and your state of residence.
- You can apply online on their secure website. Application can take as little as 3 minutes so you don’t need to fax anything or to line up. You don’t have to go through a strict verification process.
- They offer payday loans on the same day of application so it is possible to get the money directly in your account in 1 business day.
- Applying does not affect your FICO score as there is no credit check required.
FaaastCash
FaaastCash is not a lender but it connects you to a large network of lenders who will be able to fund your loan.
- You can borrow up to $1,000 depending on your state of residence
- Fast payday loan process with applications and approvals online
- No credit checks to apply for an online payday loan
- Application does not affect your FICO credit score
- Uses a secure request for with 128-bit encryption to keep your information secure
- Available in 8 states
PaydayMe.com
PaydayMe is an online service that connects you to direct lenders. According to their site, this is safer because your information will only be given to the direct lender, and not third-parties which can protect you from fraud.
- You can borrow from $100 up to $1,000 depending on your state of residence
- You do not need to be employed to get a payday loan
- Applying does not affect your credit score
- If you file the request in the morning, it is possible to get your money in the late afternoon
- You can apply online on their secure website. No need to go out or line up.
Cash In A Snap
Cash In A Snap is an online service that connects borrowers to legitimate and licensed lenders. These lenders are said to abide by the rules and regulations of respective states.
- You can borrow $50 to $1,000 depending on your state of residence
- Available in 10 states
- You can apply online 24/7 and you can get instant approval online.
- Borrowers without no credit history are welcome to apply
- With Cash In A Snap, you have to provide proof of employment
How to get approved for a no credit check payday loan?
The requirements for getting approved a payday loan may vary depending on the lender but the requirements that are common to majority of payday loan companies with no credit checks are the following:
- Must be a citizen of the United States
- Must be at least 18 years old
- Must have an active checking account
- Must have a valid I.D.
- Must have a working phone number
- Can show proof of income (if unemployed, other sources are accepted)
Even if you are unemployed, you can usually apply for a no credit check payday loan as long as you can prove that you have the ability to repay the money you owe.This is the reason why payday loans become an option to get emergency loans for unemployed people.
Some examples of these proof of income can include the following:
- Social Security benefits
- Unemployment benefits
- Regular proceeds from a trust
- Disability benefits
- Rental payments
- Dividend payments from investments
- Veterans benefits
- Retirement benefits / Pension
- Government annuity payments
- Proof of income from gig jobs or freelance work
Pros And Cons Of A No Credit Check Payday Loan Online
A payday loan is a short-term loan of around $500 to $1,000 that you can typically get as quickly as the next business day. With most payday loan lenders, they will require you to pay the entire amount on your next payday or within 14 to 30 days. In the United States, 12 million Americans depend on payday loans.
There are advantages and disadvantages to getting a payday loan online with no credit check. The main advantage of a payday loan is that it’s quick, easy, and convenient. You can get your money within one day – no questions asked and you don’t even need to sacrifice your credit score if you go for a no credit check payday loan. Online payday loans are also a speedy solution for people who need fast cash due to unforeseen expenses.
However, just because it looks easy and convenient does not mean that there’s no catch because you better believe – there is a big catch. The major downside of a payday loan is the extremely high Annual Percentage Interest Rate or APR which can typically range from 390% to an astronomical 2,000% with some lenders.
But even with these super high interest rates, many borrowers prefer payday loans because there’s no need to go borrow from friends or family and risk being turned down, especially if you only need a few hundred dollars.
Below is a summary of the pros and cons of a no credit check payday loan.
Pros
- Easy and convenient
- You can apply online, 24/7 using your phone or tablet
- You can receive the money within the next business day
- You don’t need to fax documents or go through a long verification process
- You can use the money for anything
- Unlike title loans, you don’t need to present any collateral so no risk of losing your property
- You can apply even with no credit or bad credit history
Cons
- Even the best online payday loans with no credit check still have very high interest rates. The average is 390% APR
- You have to pay the full amount within 2-4 weeks or when you get your next paycheck.
- The loan amounts are very limited. In some states, like California the maximum amount can only be up to $300.
Are there Alternatives to Online Payday Loans?
No credit check payday loans fall under the category of “Second Chance Loans”. As the term suggests, this type of loan gives people who were already denied a loan a second chance to get funds. This is for people with bad credit history or those who are already out of options. A second chance loan is a short-term relief that can get you through a difficult time or an emergency.
However, online payday loans are not your only option for a second chance loan. There are other alternatives that can also provide you some extra cash, without charging you sky-high interest charges and fees. Since most payday loans are just for a small amount of cash, below are some options that you can consider.
MoneyLion Instacash
MoneyLion Instacash is an app where you can get cash advance with zero interest. The concept is borrowing from yourself. You have to download the MoneyLion app, then connect your checking account. It does not need to be a MoneyLion account as long as the checking account is active, has a positive balance, has been open for at least two months, and has a history of depositing income.
- You can apply for instant cash advances up to $200 in $50 increments.
- It has 0% APR, no credit check, no monthly fee, no interest, and no hidden fees.
- Once you connect your checking account, the borrowed amount will automatically be deducted from your checking account on the payment date. There is also an option to manually repay the amount.
- The finance charges will depend on how long you need the cash delivered to your account. There are $0 finance charges if you wait 3-5 business days but if you want the cash instantly delivered to your external checking account or debit card, then the charge is $4.99. If you have a Money Lion Checking account, the charge is only $3.99 for instant delivery. You can leave “tips” which is optional.
Who Should Get a MoneyLion Instacash?
If you have a regular job and a steady stream of income but you have bad credit or no credit history. MoneyLion Instacash is a better option than a payday loan.
Dave
Dave is a financial app that provides budgeting tools and connects you with side hustle job opportunities. However, one major advantage of having this app is it lets you make cash advances at 0% interest.
- When you connect your bank account with Dave, you can advance $75 to $100 at ZERO interest.
- You have to pay a membership of $1 a month.
- When you get a cash advance, there are no credit checks so it does not affect your credit score
- The cash advance delivery fee is free if you wait up to 3 business days. You have to pay an unspecified “small” fee if you want to get the money on the same day.
- The cash advance will be automatically deducted from your connected bank account on the payment date. You don’t have to pay interest or any fees but you can leave a tip.
- To become eligible, you have to have a steady paycheck and must be able to show that there’s extra money left every month after paying your bills.
Who Should Get Dave Cash Advance?
If you need help budgeting your regular paycheck and you just need a little extra to pay for your bills.
OppLoans
OppLoans is an online lender which is a good option if you need a larger sum of money. This lender does not perform any credit checks as it evaluate the creditworthiness of the borrower by looking at the income details, employment status, bank account, and financial history
- You can borrow from $500 to $4,000
- The loan term can be up to 36 months with lower APR than a typical payday loan
- Offers no credit check online loans so it will not conduct a hard inquiry on your credit report
- Applying does not affect your FICO credit score
- You have the ability to build credit history without needing to provide a collateral
- Once approved, you can receive the money within the next business day
Who Should Get OppLoan?
If you need a larger sum of cash, it is better to get an installment loan with a lower APR because a longer payment plan is more feasible when it comes paying the money back.
Is An Online Payday Loan Good for Me?
If you have a regular job and a steady paycheck, yet you still find yourself short on cash before your next payday, a payday loan may be a convenient option for you. However, this should be your last resort and you should only consider getting a payday loan in case of emergency. It is much better to explore other alternatives to raise cash.
Aidan has been writing about personal finance for over 6 years. Prior to this, he worked as a Corporate Finance Analyst where he specialized in Due Diligence, Company Valuations and more. He is a CFA charterholder.
