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It’s truly tough for people with poor credit scores to take out a short-term loan. But you can now find online lenders that offer payday loans with soft or no credit checks. Although it’s advised to avoid taking loans carelessly, there are times when you badly need some cash to cover your day-to-day expenses. In such a case, a no credit check payday loan might help. 

Yes, “no credit check,” but you have to understand that you still need to meet certain eligibility requirements for you to obtain a no credit check payday loan. Online lenders that offer this type of loan may not be strict on your credit score, but they will assess your capacity to repay the loan by evaluating your employment status, income, and bank statements. 

If your credit score is not that good and you want to apply for a short-term loan, here’s an article about online payday loans for bad credit

Eligibility Requirements for Online Payday Loans

We have already discussed in passing that most payday loans available online are not so stringent about the borrower’s credit score. But the borrower still has to submit certain requirements to qualify for the loan. Here are the standard requirements that a borrower should meet to get loan approval. 

  • The loan applicant should be of legal age (18 years old and above) to qualify for the loan. 
  • It’s a requirement to have a regular income, which means the borrower should submit a copy of his/her payslip, federal tax return, bank statements (personal or business), and employment certificate. 
  • If the borrower has any current debts, he/she must show proof of his/her financial liabilities to the lender. 

Don’t forget to submit the necessary documents mentioned above to expedite the application process and ensure that you obtain the loan with no hassle. After the lender has decided to approve your application, wait for the loan amount to be deposited in your account or sent through check. 

Credit Check vs. No Credit Check

Most folks who have just heard “no credit check” loans will surely feel a mixture of surprise, confusion, and curiosity. They will probably think that it’s too good to be true and that it’s only a form of marketing tactic and nothing more. 

That’s why it’s crucial to discuss the difference between regular payday loans and online payday loans with no credit checks. 

Lenders that offer regular loans conduct a thorough credit assessment on their borrowers. Most of the time, lenders will ask their loan applicants to submit a credit report from a major credit bureau or request the credit bureau for their credit profile directly. 

Such stringent credit checks are not present when you apply for a no credit check online payday loan. As mentioned earlier, lenders of no credit check payday loans will just evaluate your capacity to repay the loan by checking your employment status and income. 

However, some lenders of online payday loans will inform a credit bureau that you have applied for a loan from them. It’s to preempt borrowers from defaulting on the loan or making late payments. 

When you fail to repay what you owe, it will leave a negative mark on your credit profile, and this can further damage your already poor credit score. That’s why it’s a must to take your financial obligations seriously. 

Risks of Online Payday Loans for Bad Credit

People should not be blamed if they are wary of no credit check payday loan offers available online. It’s because there are some risks associated with such loans. You have to know about these risks before you decide to send your loan application. 

  • Higher fees. Yes, even though you can obtain the loan fast, online payday loans come with exorbitant fees. There are also extra charges if you fail to make a payment on a scheduled date. 
  • Shorter loan terms. Online payday loans have shorter terms than other types of loans. This short-term loan only has a lifespan of 2 months to 2 years. In such a case, the loan amount and interest are not well spread over this short period, which means that you have to pay a relatively bigger amount of money every repayment schedule. 
  • It may affect your credit profile negatively. Failing to pay what you owe on time can damage your credit score. This thing also applies to no credit check online payday loans. Also, having multiple payday loans at the same time can have a negative impact on your credit history. 
  • Dishonest and deceitful lenders. Scammers who victimize loan applicants are prevalent online. That’s why you should check if an online lender has a license and a reputable online presence. Make sure to read customer reviews before you apply for a loan. 


Do your research and understand the benefits and risks of no credit check payday loans before you apply. Such loans are good if you need short-term financing. Review this guide to learn more about online payday loans. 

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