How to Get a Loan Without a Credit Check

7 ways to get a loan without a credit check.

By - Jan 13th, 2021 02:22 pm

Loans have been a safety net for most people who are dealing with unexpected expenses. But although they are now accessible more than ever, others may still find it hard to get financing because of their credit history. One reason is that lenders and creditors typically do a credit check before you can borrow money.

Your credit score plays a significant role in the approval, terms, and rates of your loan, and a credit check would not be a problem if you have stellar credit. The higher your score is, the more likely lenders will approve you with better terms. But when you’re just starting to build your credit or have a poor one, your loan application might be rejected.

Fortunately, there are several ways to get a loan that don’t require a credit check, and we’re highlighting a few of them below.

Provide Bank Statements

Your creditworthiness is essential when you’re applying for a loan. Lenders want to ensure that you’re capable of paying back the loan. Thus, you must prove to them that you are suitable to receive credit. One way to do it without having lenders check your credit score is by providing them with bank statements.

In this way, they would be able to know how much money is coming and going from your account regularly. Bank statements can show how responsible you are in managing your finances. And the more deposits you have, the more confident the lenders will be in lending you the money.

Show Proof of Income

Another way to demonstrate your creditworthiness to a lender that does not consider a credit check is to show proof of income. Other than ensuring that you can pay them back regularly and on time, it’s essential for most lenders that the loan won’t cause additional stress on your finances.

As much as possible, they would prefer to approve those who are making enough money and can comfortably afford to repay their loans. If you want to get your hopes up, make sure that you have adequate income to cover your loan repayment.

Pledge Collateral

Lenders are less likely to do a credit check if you opt for a secured loan because you would need to put up collateral for your loan and your credit history would have little bearing on the lender’s decision-making. They take less risk when you pledge something of value since they can repossess your asset in the event of default.

Moreover, collateral doesn’t only boost your chances of getting approved. It can also allow you to get a larger loan amount and better rates, even without a credit check. If you handle the secured loan responsibly, you will likely improve your credit score, which is good for future financial opportunities.

Get a Co-Signer

If you don’t have enough income or money in your bank account, getting a co-signer is another excellent option. Lenders won’t usually require a credit check when someone with healthy credit and better wages co-signed your loan.

But although a co-signer will take the same legal responsibility as you, it doesn’t mean you won’t be accountable. Note that a co-signer would usually be someone close to you. Defaulting on your loan can ruin your relationship with your co-signer, and you would not want that to happen.

Approach the Right Lender

The most critical step in getting a loan without a credit check is to approach the right lender. All of the things mentioned above are alternative factors that lenders may look at if they don’t do a credit check. But it would still depend on the lender’s discretion whether or not they will check your credit report.

Thus, it is crucial to work with a lender that accepts other means to assess your creditworthiness. Below are the lenders that might be worth considering.

Online Lenders

Many online lenders offer different types of loans without a credit check. You have better chances of approval, even if you have a low credit score. Because for them, you are more than your credit score. If they see on your overall financial profile that you’re creditworthy by providing them with alternative data, a credit check won’t matter anymore.

Credit Unions

Credit unions are another source to get a loan without having your credit checked. But that is if you are a member of the union. Many of them offer a no credit check loan program to their members. Because they are community-based, they can also offer better terms even if you have bad credit. If you’re not yet a member, you may want to try reaching out to your local credit union and see if you’re eligible for membership.


Although no credit check loans are available at your disposal, it wouldn’t hurt to take care of your credit. Bear in mind that your credit status is essential not only to take out a loan but also for your overall financial well-being. Therefore, it would be best to start building up or improving your credit, whether you’re planning to get financing or not.

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