Can I get a payday loan without a credit check?

Quick Answer Yes, you can get a payday loan without a credit check. Payday lenders typically don't perform extensive credit checks. Instead, they focus on your income and ability to repay the loan by your next payday. However, you should be cautious as payday loans often have high interest and fees.

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Tobi Opeyemi Amure Answer updated on Aug 9, 2023

Fact checked by Doreen Dumesle

Yes, you can get a payday loan without an extensive credit check as most payday loan lenders don't require a credit check. For those that do, it isn't a "hard" check and your credit score is not an eligibility factor.

Because payday loans often don't require credit checks, they have become an attractive option for borrowers with bad credit.

Learn: Where can I get a payday loan?

Traditional lenders like banks and credit unions usually perform credit checks to see if you've been naughty or nice with your finances. But, payday loan lenders usually dance to a different beat.

Majority of payday loan lenders are more interested in your ability to repay the loan — not your credit history, with their prime focus being your income and whether it's enough to pay back the loan by your next payday.

Here's how it typically works:

  1. You apply for a payday loan, usually available for up to $2,000 or less.
  2. You provide proof of income and your banking details.
  3. The lender assesses this info to decide if you can repay the loan.
  4. If you're approved, you get the cash quickly—often the same day.
  5. You repay the loan with your next paycheck.

Learn: Can I get a payday loan online?

For payday loan lenders who do perform a credit check, they run what's called a 'soft' check which doesn't impact your credit score. This is done to ensure that:

  • You haven't defaulted on a payday loan in the past.
  • You don't have outstanding loans that could hamper your ability to repay.
  • You're not in an active bankruptcy.

But, a low credit score is not an issue.

It's also worth noting that while payday loans may not affect your credit score upfront, they have a high rate of default because of their high APR. So, if you fail to repay and your debt is sold to a collection agency, that can show up on your credit report and damage your score.

Getting a payday loan without a credit check is possible, but it comes with risk. Before jumping in, make sure to consider all your options. Is there a family member who can lend you some cash? Can you sell some unwanted items? Are there other types of loans with lower interest rates you can qualify for? Think hard before going down the payday loan route. 🤔💭

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