Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure
Installment loans are a type of bad credit loan that you pay over time, plus interest and fees. Most online installment loan providers don’t run a hard credit check, which shows up on your credit report. But only a few online lenders don’t run a credit check at all — and you might end up paying higher rates and fees for it.
These lenders don’t run a traditional, hard credit check that will show up on your report and lower your credit score. Some don’t run any credit check at all.
Finder rating 4.4 / 5 ★★★★★
|Loan amount||$100 - $250|
|Turnaround time||As soon as the next business day|
Finder rating 3.6 / 5 ★★★★★
Finder rating 3.8 / 5 ★★★★★
|Loan amount||$100 - $3,000|
|Turnaround time||As soon as same day|
A no credit check installment loan is a bad credit loan from a provider that doesn’t run a hard credit check with the three main credit bureaus. Some lenders might run a soft credit check, which allows them to look at your credit score and report without affecting your credit score.
Unlike a no credit check payday loan, you often have between two and 36 months to repay the loan. But interest rates and fees often top 100% APR and can be deceptively expensive if you take a long time to pay it back.
Here’s an example of how a long-term installment loan can make your loan more expensive — even compared to a loan with a higher interest rate.
|Loan amount||APR||Term||Monthly payment||Total interest|
As this example shows, even adding six months to your term can make a loan more expensive — even at a lower interest rate. You’ll also have to budget for hundreds of dollars in monthly payments for a longer period of time.
You can get an installment loan from a personal loan provider, community development financial institution (CDFI), credit union or payday lender when you have bad credit or no credit. Even if that provider runs a credit check — some no credit lenders rely on other factors like spending and savings habits.
Borrowing money without a credit check is a lot like applying for any other loan. You can often check your rate online or in person by filling out a quick prequalification form. If you qualify, review your rates and terms before submitting a copy of your state-issue ID, a recent pay stub or other proof of income.
You can often get a no credit check loan even if you reply on government benefits or a pension as income. But while it’s possible to get a no credit check loan without a bank account, it can be difficult to find a lender.
Look out for red flags like upfront fees and guaranteed approval — these can be signs of a scam. Also avoid lenders that aren’t transparent about the interest rate and fees because they aren’t legally required to. This makes it difficult to predict whether you can afford the monthly payment, which puts you at risk of defaulting.
These are the main benefits and drawbacks of getting a no credit check installment loan from a payday lender.
A no credit check loan isn’t your only option if you have bad credit or no credit. Consider these alternatives before you get an installment loan from a high-cost payday lender.
Compare our top personal and installment loans for bad credit or no credit.
Compare the 8 best cash advance apps for low fees, high limits and more.
If this app’s $50 limit is too low, alternatives like B9, Earnin and Branch may be a better fit.
Many pay advance apps don’t work with this online bank — but here are six that do.
Get at least $25 in as little as 20 minutes with these five apps for instant money.
A comprehensive list of cash advance apps that our experts have reviewed, including Brigit, Dave and Earnin.
Select Cash App users can get a short-term loan for up to $200.
Choose from 5 options to find the best pay advance solution. Top names like Dave and Brigit are joined by 3 other pay advance apps.
MoneyLion is a pay advance app stacked with features — and hefty fees to match. We’ve lined up 6 alternatives to help you go easy on your wallet.
If you’re considering using Lenme for a pay advance but its negative reviews are holding you back, we’ve lined up 7 alternatives that could offer more reliability and transparency.
Get access to the money you’ve already earned with one of these secure options.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.