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.
Best for fast online funding
Possible Finance Mobile Installment Loans
Possible Finance is an app that can get you small installment loans up to $500 without running any credit check at all. If you have a Visa debit card, you can get the money as soon as the day you're approved. And unlike many installment lenders, it reports on-time payments to credit bureaus to boost your score. But it's only available in seven states and the maximum loan term is two months.
- Available in: Alabama, California, Delaware, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Washington
Best for quality customer service
OppLoans Installment Loans
OppLoans is a customer favorite when it comes to installment loans. It doesn't run a hard credit check when you apply and reports your on-time repayments when you apply for a loan. It also offers lower rates than many installment loan providers at 160% APR — though it's still much higher than a personal loan. And its monthly income requirements can be high compared to other installment loans providers, depending on where you live.
- Not available in: Colorado, Connecticut, Georgia, Illinois, Iowa, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New Jersey, New Mexico, New York, Pennsylvania, South Dakota, Vermont, West Virginia
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|Loan amount||$500 - $4,000|
|Turnaround time||As soon as the same business day.|
Best for repeat customers
LendUp doesn't run a hard credit check when you apply for a loan. While it specializes in payday loans, it also offers installment loans in some states — with loan amounts, rates and terms that vary depending on that state's laws. It also reports on-time payments to credit bureaus to improve your credit score. But since larger loan amounts are usually reserved for repeat borrowers in good standing, you might not qualify for an installment loan the first time around.
- Only available in: California, Louisiana, Mississippi, Missouri, Tennessee, Texas, Wisconsin
|Loan amount||$100 - $5,000|
|Turnaround time||As soon as the next business day|
Best for same-day funding
CashNetUSA is a more traditional payday lender that doesn't require a traditional credit check when you apply. It can get you money the same day you apply if you visit a location. But installment loans aren't available in every state — and can come with rates close to 580% APR in some cases.
- Available in: Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Kansas, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Washington, Wisconsin, Wyoming
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|Loan amount||$100 - $3,000|
|Turnaround time||As fast as same business day|
Best for loans as low as $100
King of Kash Signature Loan
King of Kash is one of the few online lenders that doesn't run a credit check at all when you apply. But that's the main benefit of getting a loan from this lender. It only offers loans up to $800 for first-time borrowers and isn't transparent about rates. It's also not open on Sundays.
- Only available in: Alabama, Delaware, Kansas, Mississippi, Missouri, New Mexico, Tennessee, Texas, Utah, Wisconsin
|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.
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-issued 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.
Pros and cons of no credit check installment loans
These are the main benefits and drawbacks of getting a no credit check installment loan from a payday lender.
- Lender might not see judgments or current bankruptcies
- Bad or no credit accepted
- Turnaround as fast as the day you apply
- APRs over 1,000% in some cases
- More expensive than lender that checks your credit
- Long loan terms that can be difficult to sustain
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.
- Personal loans from providers like Stilt also offer loans to recent immigrants with no credit but otherwise healthy financials, which you repay with installments.
- Secured personal loans from lenders like OneMain Financial can help lower your rate by backing your loan with collateral.
- CDFIs and credit unions sometimes offer low-cost alternatives to payday loans without a hard credit check.
- Pay advance apps offer an advance on wages you’ve already earned at an hourly job, often for an optional tip.
- Title loans are a bad credit loan that uses your car as collateral to offer a slightly lower-cost loan — but these still have APRs over 100% and you risk losing your main form of transportation.
Compare our top personal loans for bad credit or no credit.