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Do I need a credit score to get a payday loan?

Find out what it takes to get a short term loan.

Editor's choice: OppLoans Installment Loans

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  • Long repayment terms
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It’s tough to get a loan when you’re just starting to build your credit history. The system of having to have credit to get credit — unless you take out something like a secured credit card or have a cosigner — can seem impossible.

But now you’re stuck in a spot where you need to borrow cash — and fast. Personal loans generally require good to excellent credit, and maybe you don’t want to open yourself up to the temptation of a credit card. If you’re considering a payday loan, here’s what you need to know about qualifying and credit scores.

Do I need a credit score to get a payday loan?

The short answer is no, you don’t need a credit score. Payday lenders often do not check your traditional credit score. If you’ve stumbled along the way financially or you haven’t yet built a credit history, you could still qualify for a payday loan.

Just because a lender doesn’t check your credit score, it doesn’t mean you’re guaranteed a loan. You still have to meet the other eligibility requirements. If you come across a provider promising guaranteed approval, be wary — a legitimate lender will not make promises it may not be able to keep.

Even if you don’t know your credit score, you probably have one.

If you’ve had bills in your name, you could have established credit history and a score that you don’t even know about. Learn how to check your credit score.

What qualifications do I need to get a payday loan?

You’ll generally see different qualifications based on the lender you’re considering. But there are a few universal standards that you can expect. In general, you must:

  • Be at least 18 years old (or the age of majority in your state).
  • Be an American citizen or a permanent resident of the US.
  • Be able to provide proof of regular income.
  • Have a checking account.
  • Have a valid phone number and email address.
  • Be a resident of a state where payday loans are legal.

Compare online short term loans

Name Product Filter Values Loan amount Turnaround time Requirements
OppLoans Installment Loans
$500 to $5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
Stilt
$1,000 to $25,000
2 to 3 business days
Be employed, have a US bank account, live in a state where Stilt operates, hold one of the following visas: F-1 and OPT, H-1B, H4, O-1, L-1, TN, J-1, DACA or be a US citizen.
No green card? You could still qualify for a personal loan.
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
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Compare up to 4 providers

Do payday lenders perform credit checks?

Many payday loan providers don’t require a hard credit pull on your credit report. What that means for you is that there’s likely not going to be any information requested from the three main credit bureaus: Equifax, Experian and TransUnion.

Though those three credit bureaus are likely to go unchecked, some lenders will pull from an alternative source — Teletrack.

What is Teletrack?

Teletrack is a consumer reporting agency that keeps track of defaults and missed payments on short term loans. Teletrack also verifies Social Security numbers and shows previous inquiries.

Some lenders will advertise “No Teletrack,” meaning they won’t even check that report. If you’re looking for one that doesn’t check with Teletrack, you may want to ask yourself why they’d be willing to overlook getting this information — and evaluate whether a payday loan is right for you.

What else should I consider before applying for a no credit check payday loan?

To make sure you’re applying with a legit lender, check that the lender has some sort of criteria for you to meet. If a lender advertises “guaranteed” loans, it’s likely a scam. You’ll still need to meet other requirements, such as minimum age and state of residency, to get any loan even if the lender doesn’t check your credit. You can read our article on no credit check payday loans to learn more about the potential dangers.

If you have bad credit because of missed payment or defaulting on previous loans, you may want to reconsider taking out another loan. Some payday loan alternatives include making extra cash through side gigs and getting help from social services.

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4 Responses

    Default Gravatar
    TrishaNovember 5, 2017

    I own the car. My daughter gave it to me but for insurance purposes we left the title in her name. I want to apply for a title loan in my name. Can she authorize the loan on the title?

      Avatarfinder Customer Care
      HaroldNovember 5, 2017Staff

      Hi Trisha,

      Thank you for your inquiry.

      Generally, you won’t be able to get a loan on a shared car if your name is not on the title even if you’re the main driver. Instead, you can change the name on the title if your daughter is willing to transfer the vehicle into your name for the purposes of the loan.

      Before applying, please ensure that you meet all the eligibility criteria and read through the terms and conditions to see whether it is right for you.

      I hope this information has helped.

      Cheers,
      Harold

    Default Gravatar
    LeslieOctober 9, 2017

    My credit is fair due to divorce and being scammed, do I still have a chance to receive a loan with no checking account? My ex-husband used my name and social security number for his own gain . Can you please help me? Thank you

      Default Gravatar
      DanielleOctober 9, 2017

      Hi Leslie,

      Thank you for contacting Finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      Yes- you may still be approved for a no bank account personal loan as long as you meet the lender’s eligibility requirements.

      Please note that these loans will most likely cost you more than the average personal loans so make sure that you read through the Terms and Conditions before applying and making a decision on whether it is right for you.

      I hope this helps.

      Cheers,
      Danielle

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