Payday Loans No Credit Check: Where Can I Get One?
Payday loans are short-term unsecured cash loans that you can usually apply for online and get an instant credit decision. These loans are typically used to help you make it between paychecks or cover unexpected expenses like medical bills or car repairs.
Since these types of loans are unsecured, you do not have to give the lender any collateral or put anything up in return, like if you went to a pawn shop.
If you search for no credit check payday loans online, you will see that all lenders state that they provide loans with no credit check whatsoever. While in some cases this may be true and there are a few third-tier lenders that do not run any credit checks at all, more often than not there’s some sort of credit check still present.
What Does a No Credit Check Payday Loan Really Mean?
When you fill in the application form with a direct lender or a matching service, you will get a decision almost instantly and know whether you’re pre-approved right away. Almost always it means that the lender has run a so-called soft credit check on you.
What Is a Soft Credit Check?
A soft credit check, also sometimes referred to as a soft inquiry or a soft pull, is a basic credit check that may also include your credit score. It occurs when a company or person looks at your credit report for a reason other than underwriting a loan.
Even though the lender will get your credit rating, they rarely make credit decisions off of it. But it doesn’t mean that online payday loans with no credit check come with guaranteed approval either.
Here are a few reasons a soft credit pull might occur:
- The lender is trying to determine whether they should pre-approve your loan application. They may also need this to determine the baseline for the terms and conditions of your loan agreement, including the APR.
- Employment verifications and background checks
- Self credit score checks
Soft credit pulls do not hurt your credit score and are only visible to you on your credit report. If someone other than yourself looks at your credit report, they will only see the hard inquiries.
At PaydaySeek we work with 100+ direct lenders, some of them offer no credit check payday loans, but the majority will make a soft credit pull only. Remember, requesting a loan with PaydaySeek will never result in a hard credit inquiry and will not affect your FICO score.
What Is a Hard Credit Check With The Traditional Credit Bureaus?
Hard inquiries, also called hard credit pulls, may occur as part of the application process for a wide range of credit products. Here are some of them:
- Loan Applications (Mortgage, Auto, Student, Personal, etc.)
- Credit Card Applications
- Requests for Credit Limit Increases
- Applications for Lines of Credit
- New Utility Applications
- Apartment Rental Applications
- Collection Agency Skip Tracing
Unlike soft credit checks, hard credit checks will show up on a credit report with the traditional credit bureaus like TransUnion, Equifax, or Experian, which may then harm your credit score. FICO scores, for example, consider inquiries from the last 12 months when calculating your credit score. The credit pull itself remains in the report for 24 months.
Almost always, your explicit consent is required for someone to run a hard credit check on you.
Remember, no hard credit check is done when you apply for a payday loan online.
Should I Prefer No Hard Credit Check Payday Loans to Other Types of Loans?
There are a few reasons you might prefer no credit check payday loans over a traditional loan from a bank or a credit union:
- You have a bad credit history with the traditional credit bureaus like TransUnion, Equifax, or Experian. Since most credit institutions check your credit history with those bureaus, you would most likely be turned down. Payday lenders don’t check your credit with these credit bureaus and your bad credit history with them will have no impact on the credit decision.
- You don’t want a new loan to affect your current credit score and show up in your credit history. Most payday lenders do not consider traditional credit reports or credit scores when determining loan eligibility. They also do not generally report any information about payday loan borrowing history to the nationwide credit reporting companies.
Most lenders PaydaySeek works with don’t contract with third-party debt collectors and instead manage collections in-house. However, in the rare case that your lender decides to send your debt to a debt collector, it is possible the collector might report this debt to one of the major national credit agencies, which might hurt your credit score.
How Fast Are Cash Advance Loans With No Credit Check?
Since cash advance loans are designed to cover emergency expenses, people usually need the money fast. You can find a lot of lenders on the Internet who advertise “instant,” “1-hour,” “same-day,” or even “weekend” payday loans. While same-day payday loans are a real thing, the rest of the terms mean something different than what you would expect them to.
Instant Payday Loans
When you come across a lender advertising instant no credit check payday loans, it means that you can expect an instant decision on whether you’re eligible, which is exactly what you would get if you applied anywhere else. But instant decision never means instant deposit.
Depending on the time of the day and the day of the week you apply, you will get your money either the same day or the next business day.
1-hour Payday Loans
Just like with the instant loans, you can expect an instant decision, which means you will know whether you’re pre-approved for the loan amount you requested almost instantly. You may even be able to e-sign the loan agreement shortly after that. But just like with “Instant Loans,” a 1-hour payday loan usually means approval in under one hour, not funding.
In most cases, you will get your money in your bank account by the end of the day, or the next business day.
Same-Day Payday Loans
This is more realistic. At PaydaySeek we work with over a hundred direct lenders, many of whom offer online same day payday loans with no credit check. To be eligible for a same-day deposit, you should apply and be approved before the cut-off time. The cut-off time varies between lenders but is usually before 11 a.m.
As a rule of thumb, apply as early in the morning on a weekday as you can to get your money the same day.
If you apply after the cut-off time or on a weekend, you can expect to get your money in your bank account the next business day, unless it’s a holiday.
Where Do I Find The Best Payday Loans With No Credit Check?
If you’re looking for fast and easy payday loans with no credit check from the comfort of your computer or cell phone, most lenders you will find on the Internet are either direct lenders or matching services that provide access to a pull of selected direct lenders. Applying for a payday loan online with either of them carries its own pros and cons.
No Credit Check Payday Loans From Direct Lenders
When you apply for online payday loans with no credit check from direct lenders, it means that the company you apply with and the company that will service your loan are the same.
- You can find out everything about the loan company before you actually apply. You will know when you will get your money, their loan requirements, what their basic terms and conditions are (the exact terms, including the interest rate and any other fees, will become available to you only after you’ve filled in the application form on the website and have been pre-approved), etc. If you want to know more about the company, you can always find reviews on the Internet.
- If you decide to go with direct lenders only and the lender you’ve chosen rejects your application, you will have to find another lender, which means you will have to go through the entire process of due diligence once again, which may take a lot of time and effort. Depending on whether you have a good credit history with payday loans, it may take you up to 6-7 attempts filling in application forms on different websites before you’re actually approved. It’s also possible that you won’t be able to find a payday loan lender at all.
- When looking for payday loans online with no credit check, it’s not just direct lenders or matching services that you will find. There are other types of payday lending institutions like offshore and tribal lenders, who may offer more money and longer repayment terms, but they can come with higher fees and may not follow the regulations of the state you reside in.
A matching service is a company that has relations with dozens, sometimes hundreds, of direct lenders. When you apply with one, you get access to all the lenders they work with by filling in just one loan application.
At PaydaySeek, we work with a hundred+ legitimate direct lenders who follow responsible lending practices and operate within the full extent of the law.
- Since matching services work with multiple direct lenders, they have more chances of finding a payday loan lender willing to work with you. If you have a bad credit score, it may take you 6-7 tries before you can actually find a loan lender willing to work with you. The entire process could take hours just to fill in all the forms. With a matching service, you fill in the form just once and they will then send it to each payday loan lender they work with one by one until they manage to secure a pre-approval for you. This makes matching services a preferred option if you’re looking for payday loans for bad credit.
- Matching services usually go the extra mile to vet the loan lenders they work with and make sure all the lenders follow responsible lending practices and operate within the full extent of the law.
- You will know the company that will service your loan only after you’ve been pre-approved and redirected to the lender’s website. Only then will you know who your lender is and exactly what loan terms they offer. However, this should not be a problem as the loan agreement will take effect only after you sign it. If you think you can find better loan terms, feel free to close the lender’s website and seek funding elsewhere.
Please note that in either case, no matter whether you decide to go the direct lender route or with a matching service, your payday loan terms, including the APR, will become available to you only after you’ve been pre-approved.
At PaydaySeek we work with 100+ carefully vetted lenders that provide payday loans for people with bad credit and will never run a hard credit check on borrowers.
Why Should I Look For Payday Loans With No Credit Check Near Me?
You might be asking yourself “Why would I be looking for payday loans near me with no credit check when there are so many lenders available online?” The reason is, if you need money fast, like within the hour, you’re probably better off applying in person at the nearest payday loans shop. If approved, you will get the money instantly.
If this is your case, just type in the search bar something along the lines of “payday loans near me” and you will find a few options.
What Do I Need To Be Eligible For a No Credit Check Payday Loan?
The requirements are usually pretty standard:
- You should have a job or a regular source of income
- You should have an active checking account
- You should be at least 18 years of age and reside in a state where payday loans are legal
- You should have a valid email address and phone number
At PaydaySeek we work with lenders who provide online payday loans with no credit check and require little paperwork and no faxing. In a few rare situations though, you may be required to provide proof of income:
- If you receive alimony
- If you receive disability benefits
- If you receive social security benefits
- If you reside in IL or NV
Documents that may be requested include the following:
- Your most recent paycheck stub
- Your most recent bank statement
- Proof of your last loan clearing your account
But even then, the lender will usually require you to email those documents. No need to fax anything.
Get the Money You Need Safely
If you’re looking for payday loans online with same-day approval and no credit check, please give PaydaySeek a try. We work with more than a hundred legit payday loan lenders. Our loan request form is short and will take you only 4-5 minutes. Once you’ve filled it in, we will need just a few minutes to find you a lender.
If the lender provides same-day funding and manages to approve your loan application before the cut-off time, you will most likely see your money in your bank account by the end of the day. If not, the loan amount you requested will become available to you the next business day.
However, if it’s an emergency and you need money within the hour, try applying in person at the nearest payday loan storefront.