If you need money quickly to cover expenses, an online loan can be a fast and convenient option. Many online lenders let you apply for loans and receive funds from the comfort of your home. But if you don’t have a good credit score, you may be wondering if you can get an online loan without a credit check. Read on to find out how online loans work and types of loans you can get approved for without needing good credit.
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How Do Online Loans Work?
Online loans are loans offered by lenders that operate online in addition to or instead of at store locations. Instead of having to visit the lender in person to apply, you can fill out an application, get approved, and receive your funds online.
Many online lenders offer a quick and easy application process that you can complete in just a few minutes. If approved for an online loan, you may be able to receive the funds in your bank account the same day you apply or within 24 hours, depending on the lender.
Can You Get Approved for an Online Loan without a Credit Check?
Although it may be hard to find online lenders that offer loans with no credit check, not to worry. There are many lenders that offer lenient requirements and may consider other factors in addition to your credit score, like your employment history and current debts, when deciding whether to approve you. This means that you may still get approved for an online loan if you have poor or fair credit.
Online Loans that Don’t Come with Strict Credit Checks
Here are some online loans you can get approved for without needing a good credit score:
Cash advances are short-term, small dollar loans that can help you cover expenses before your next payday. You’ll typically pay back these loans in two to four weeks, depending on when you get your next paycheck.
With installment loans, you can receive a lump sum of money that you’ll pay back in fixed monthly payments, or installments, over a set period of time. The repayment period for installment loans can range from a few months to a few years, depending on the lender.
Title loans are short-term secured loans that let you use your car as collateral. If you own your car, you can exchange your car title for a lump sum of cash. You can keep driving your car as you pay off the loan, and the lender will hold onto your car title until you repay it in full.
The Bottom Line
Even if you have poor credit, you can still get approved for an online loan. From cash advances to title loans, there are many loan options out there that can get you fast funds. Just make sure to do your research on online lenders and understand the loan terms before applying so that you can find the right loan for your financial needs.