A no-credit-check loan can seem like the only way to get cash fast if you have a low credit score or no #credit history. But some no-credit-check loans are risky, especially those with triple-digit interest rates and short repayment terms.

No-credit-check loans can have high rates and short repayment terms. Compare your options, including loan alternatives.

Emerging financing options like “buy now, pay later” and cash advance apps, which provide access to cash without a hard credit inquiry, are alternatives to no-credit loans.

Whatever type of no-credit-check financing you consider, research the lender and rates — and make a plan to repay the loan — before you borrow.

4 no-credit-check loan options

• Greenlightcash.com – Best Overall Personal Loan
• Lendyou.com – Best For Fast Funding & Below-Average Credit
• Fundsjoy.com – Best For Comparing Multiple Offers
• Yourpayday.com – Best For Quick Approvals

What to know about no-credit-check loans

Here are a few things to know before applying for a no-credit-check loan.

Other qualification criteria: No-credit-check lenders may not have credit score requirements, but some have requirements around income and U.S. citizenship or residency. Those that do a soft credit check may require that you have some credit history.

What is a no-credit-check loan?

A no-credit-check lender doesn’t review your credit history or credit score when deciding whether to give you a loan. Omitting credit checks is common with payday lenders and other companies that offer high-interest loans.

These loans are often a few thousand dollars or less and can be used to cover an emergency or bridge an income gap. They typically have short repayment terms of a few weeks or months.

Not knowing your credit history makes the loan risky for the lender, and many no-credit-check installment lenders balance that risk by charging sky-high annual percentage rates. The loans’ short terms can also make them difficult to repay on time and potentially trap borrowers in a cycle of debt.

Soft vs. hard credit inquiry

Even a no-credit-check lender may do a soft credit inquiry. This type of credit check can be done without your knowledge, but it doesn’t affect your credit score. Soft checks happen when you pre-qualify for a personal loan or receive a credit card offer in the mail.

A hard credit check requires your consent. It’s triggered when you submit a formal application for credit, like a mortgage or car loan, and it usually causes your credit score to dip by a few points. Hard credit inquiries typically affect your credit score for one year but stay on your report for about two years.

#NoCreditCheck #loans

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