Monthly Installment Loans No Credit Check Direct Lenders

Have a poor credit rating? You might still be able to get a monthly installment loan without a credit check! Find out how.

Getting personal loans if you have a bad CREDIT SCORE can be super challenging. Still, obtaining a loan is important for so many people. Most people in the United States can’t afford various necessities like mortgages, education and even wedding expenses. 

Who’s going to give you a loan if you’re unable to prove your creditworthiness through the FICO score? Well, let’s get into details and see if there are any monthly installment loans through direct lenders that don’t check credit scores.

What is a Personal Loan?  

A personal loan is a short-term loan granted to people for emergencies as a means of fast cash. This may be borrowed from a bank, credit union or an online lender, and the money is then given to the borrower on an interest rate.

The loan is to be returned in a period that usually ranges from two to seven years, and an interest rate that adds on with the principal amount each month. Most personal loans are unSecured loans, which means they do not require any sort of collateral. And because of this the interest rates are relatively higher because there is a high chance of the borrower defaulting on the loan. 

A guaranteed loan is where a third party assumes the risk of the borrower defaulting on the loan. Guaranteed loans are generally payday loans; which are short-term loans handed out to people for their emergencies. These generally have a higher interest rate because of the risk of bad credit borrowers defaulting on the loan.

These are specifically reserved for poor credit borrowers who would be rejected a loan otherwise. To avoid that situation, a payday loan is granted on a high interest rate. This situation is a guaranteed loan approval no matter what. 

Bad Credit Personal Loans Guaranteed Approval Direct Lenders

Payday loans are also considered as bad credit loans because these are specifically for people with poor credit. Not only do they get immediate cash for their financial emergencies, but also gives high risk borrowers a chance to fix their credit score. If they pay back their loan promptly, they could actually improve their poor credit. 

Types of Bad Credit Loans

  • Secured and unsecured personal loans: a secured loan is where you need some sort of collateral to ‘secure’ the loan; this could be a house, car or any of your assets. An unsecured loan doesn’t require any collateral, so the interest rate charged is also very high. 
  • Payday loans: short-term loans given out as emergencies. The limit can be anywhere from $100 to $500. 
  • Subprime loans: usually associated with auto loans; if a person is rejected from banks or credit unions based on their poor credit, such people usually qualify for subprime loans.   
  • Cash advances: this is also a short term loan that is disbursed as cash and is borrowed against your credit card’s available loan.
  • Home equity loans for poor credit: these disburse a lump-sum money upfront and you have to pay in installments. However this type of loan uses your house as collateral, so if you fail to pay the loan, the lender is well within his rights to claim a portion of your house. 
  • HELOCs for poor credit: these loans work like a credit card, meaning you’re allowed to borrow as much as you like. 

Guaranteed Installment Loans for Bad Credit

  • Repaid over the course of months or years.
  • APR of 36% or below, ideally.
  • Usually paid back online, over the phone or by check.
  • Usually require a credit check to assess your ability to repay the loan.
  • Report on-time payments to credit bureaus to help build your credit.

Monthly Installment Loans No Credit Check Direct Lenders

These are two lenders that do not check credit scores and give out loans on a monthly installments:

  1. Oportun: Estimated APR is 19.90% – 35.99% and the loan amount is $300 – $10,000.
  2. OppLoans: Estimated APR is 59.00% – 99.00% and the loan amount is $500 – $4,000.

Bad Credit Loan Rates

Here are some of the rates for guaranteed loan approval no credit check direct lender.

Bad Credit Loans Poor credit scores Not specified 5.99%–35.99% Not specified $10,000
Upstart Limited credit history 600 8.69%–35.99% $1,000 $50,000
OneMain Financial Secured loans Not specified 18.00%–35.99% $1,500 $20,000
TD Bank Personal Secured Loan Credit building Not specified Starting at 5.67% $5,000 $50,000
Avant Unsecured loans 580* 9.95%–35.99% $2,000 $35,000
LendingPoint Flexible repayment options 585 9.99%–35.99% $2,000 $25,000
Upgrade Fast funding 620 7.99%–35.97% (with autopay) $1,000 $35,000
LendingClub Online experience 600 10.68%–35.89% $1,000 $40,000

Note: Sample rates have been extracted online, courtesy of BankRate.

The estimated APR according to FICO score range is as follows:

Excellent 800–850 21% 10.3%–12.5%
Very good 740–799 25% 10.3%–12.5%
Good 670–739 21% 13.5%–15.5%
Fair 580–669 17% 17.8%–19.9%
Very poor 300–579 16% 28.5%–32%

How to get a Personal Loan with no Credit?

Improve your credit rating

If it is not an emergency to get a personal loan, it is advised to improve your credit rating in the meantime. Your credit rating can be improved through prompt payments of your debts like your credit card. If possible, reduce the credit card limit and do NOT apply for a new one. Working on these areas and even putting in little effort can increase your credit rating within 3-6 months. 

Personal meeting/interview

If it is an emergency where you absolutely have to get a $2,500 installment loans for bad credit and no cosigner, you can have a meeting or an interview with the lender. The best you can do is explain your situation and prove to them that you’re not a bad risk after all. 

Online Lenders

Online lenders such as Prosper, Upstart and Lending Club, have options for people with a poor credit history. While you may still need at least one or two accounts in your credit report, these lenders look at features of your financial profile beyond just your credit reports and scores when considering you for a loan.

Credit Unions

Another option is going to credit unions that may be affiliated with your employer or your community. Such organizations look beyond the credit rating and are often more interested in your income or DTI. Or if it’s a small community bank, they might give you a loan based on your promising character!

Secured Loans

You might try your luck with secured loans, because often when people have bad credit or no cosigner, they get secured loans. You can offer something valuable of yours like a portion of your home or your car as collateral. This gives lenders a peace of mind that at least they wouldn’t be at a complete loss if the borrower defaults on the loan. 

Friends or Family

Asking from friends and family for a loan is an amazing option, getting a loan from your family will have you dodge hidden bank charges and lender fees. You can simply tie up with them the agreement and decide on an interest rate. If both parties agree, you can sign the contract with them and make sure you pay back their loan in due time. If not, it could really affect your image in front of them making it hard for you to ask for favours next time. 

Shop around

Often what happens is that one lender refuses to lend the loan, but there are other people who would give you a personal loan and that too on a competitive interest rate. Shop around for better rates with more lenders and see if you get a better deal. The best way to handle this situation subtly is by asking around your friends and family- see if they know someone who got a personal loan with no credit and no cosigner. That way you can get a lot of different options and ideas on how to go about your particular situation. 


No loan is absolutely guaranteed or available for ANY borrower. Even loans that guarantee loan approval no matter what, do have some sort of lending criteria, however, payday loans and other guaranteed loan types are specifically for people with bad credit.

Anyone can have a financial emergency, and with that it is important that they aren’t rejected due to poor credit. Banks and credit unions do, so such people have the facility to opt for payday loans and other types of guaranteed approval loans. The interest rate is higher because people with low credit are more likely to default on the loan than people with a high credit score. 

Shop around for the best loan option from the best lender who would not only accept your loan but will also give you a better rate for it.

Sandra Johnson

Sandra Johnson

Sandra Johnson was a few years out of school and took a job as a life insurance agent in California, selling coverage door-to-door for Prudential. The experience taught her about the technical components of insurance and its benefits for individuals and society, as well as the misunderstandings people often have about insurance. She has over ten years’ experience in the insurance industry, having worked as both a Broker and Underwriter, assisting clients across a broad range of industries. At Insurance Noon, Sarah diligently gathers all the required information and curates up pieces to provide meaningful insurance solutions. Her personal value proposition is to demonstrate a genuine interest in always adding value for clients.Her determined approach to guiding clients has turned her into a platinum adviser to multiple insurers.

Insurance Noon is the world's leading source of insurance related content on the web, focusing on industry news, buying guides, reviews, and much more.