With most personal loans, the lender you applied to is going to check your credit to see if you have a good history of paying off your loans and bills. If you have bad or no credit though, you may be wondering if you can get that personal loan with a no credit check. It is possible to get one, but there are some things you’ll need to know about the process before your apply.

It Will Probably Be Difficult

Getting a personal loan can be difficult for some, and getting one with a no credit check can be even harder. You’ll have to have strong alternative data and financial profile or the lender won’t even consider your application.

You will need certain documents in hand in order to prove you can pay the loan including your tax returns from the past few years, bank statements, credit card debt information, other debt details, education history, borrowing history, employment history, proof of employment, and more. These details should be able to prove that you are financially stable and capable of paying back the money they loan you.

The Loan Can Cost You a Lot

No credit check personal loans can come with a high cost when it comes to interest if you don’t do your research. If you choose the wrong loan, you could find yourself in debt for years to come or even in a cycle you can’t escape from. Some of these personal loans come with over 400% annual percentage rates which can severely hurt those who are looking for fast cash.

There are Options

Thankfully, there are options for no credit check personal loans that won’t land you in debt for decades. One place to look is a credit union. They tend to offer smaller loans with affordable payments and their interest rate is capped at 18% by the government. However, in most cases, you will have to be a member with the credit union in order to take out a loan with them. These institutions may have restrictions based on locale or job position.

Online lenders can also provide you with a no credit check personal loan. They can assist with fast loans, debt consolidation, and other monetary and debt needs. However, it’s essential to read the terms and agreement before signing – some of these online lenders can have extremely high fees that won’t make it worth your while to apply or take the money.

Can You Get a Personal Loan with No Credit Check?

Finding a personal loan that doesn’t require a credit check is difficult, but certainly not impossible. The tricky part is finding one that doesn’t cost you an arm and a leg in fees and interest rates for years to come. You’ll also want to be aware of the processes of any lenders you apply to. Some, even though they say you don’t need a credit score to apply, will still check your credit if you have it. Research should be an essential part of your application process.