Whenever you apply for a new credit card or a loan, your credit score is going to be the number one factor in determining whether you are creditworthy or not. However, this doesn’t always have to be the case. Especially if you don’t have a credit history or building a good credit score.
The number of lenders that don’t do any credit check background check is limited. But there is still going to be some that process your information other than a credit score to determine your eligibility. The first priority of the lender is going to be your employment status and income. If you have a stable income from your job, that’s positive which will increase the likelihood of approval.
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Also, even if the lenders do not check your credit score, they may want to know about your income to debt ratio. If you already have too much debt, you will be a risk for them, resulting in disapproval.
Another reason why many people are interested in no credit check personal loans is they do not affect your FICO credit score. Therefore, even if you get denied, there won’t be any downsides.
Best Personal Loan Lenders Without Credit Check
Before you apply for a personal loan without a credit check, know that the following is going to determine whether you’ll get the loan or not.
Your employment status, bank account, income details, and payment history.
As for finding the right lender, you’ll have to look outside the box. Banks like Chase always do a credit background check to see your creditworthiness. But there are still options, otherwise, there wouldn’t be a point in this article.
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Our recommendation for best personal loans without a credit check as of now is Lending Club. Not only you can borrow personal loans up to $40,000, but the interest is also fixed. So you will pay the same amount when paying it back. Simply head over to their website and enter your information to see if you’re going to qualify or not.
Currently, it has the largest number of customers when it comes to loans without credit checks with over 3 million. If you qualify, that’s great! If not, we recommend making payments your existing debts to reduce your income to debt ratio.