True or False: Do Financial Websites Offer No Credit Check Loans?

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Loan Application Approved Showing Credit AgreementThe dreaded credit score has historically nixed millions of Americans’ hopes of snagging a quick personal loan to boost their finances, but it is true that there is a new breed of lender that will work with consumers regardless of what their credit score says. In fact, these lenders don’t even want to know your score.

A new brand of financial website is bringing no credit check loans to the masses, connecting consumers with lenders via a computer screen, an internet connection and a checking account.

Unique assessment criteria

Some emerging companies are eschewing traditional credit scoring in favor of an outsourced “background check” or in house “customer score” in order to decide whether or not to grant a loan to a consumer. What is crucially different about these processes is that they do not inquire into contents of consumers’ credit files, nor do they log inquiries and applications with the credit reporting agencies.

A World of Borrowing Possibilities

This means that consumers with bad credit, very poor credit or nascent credit histories can find suitable lenders online and make specialist applications directly to them for non-traditional credit check consideration for a personal loan.

Off the Book Lending Has Arrived

The new trend of confidential “off book” lending is being heralded as a turning point in consumer finance. One such site to offer an introduction platform containing lenders that do not use credit scores is This new lender introduction site has created a lender database filled with over 100 no credit check lenders that can consider granting loans to consumers with “challenging” monetary histories, all without the need for a credit check or leaving a paper trail with Experian, Equifax or TransUnion – the U.S.A’s “Big Three” credit reporting bureaus.

What do the lenders look at instead of credit scores?

Each applicant is judged solely on the basis of the information they divulge in the online application form, plus confirmation of these details with a discreet background check where appropriate. The entire process is possible due to these sites having thoroughly researched the North American loan market and hand selected lenders that use alternative assessment methodology to consider loan applications. Some non-credit check contingent aspects that the lenders found on sites such as this take into account include:

  • Employment status
  • Monthly wage after tax
  • Home owner or renter?

Shorter and sweeter

Those that are familiar with the lending criteria and application procedures of banks will be all too aware of the time-consuming red-tape involved – endless paper forms to be completed in triplicate, comprehensive background checks including references from employers and long waiting times, to name but a few. Services such as the one offered by uses one online application form that takes mere minutes to complete as the basis of multiple applications that the service submits on the applicant’s behalf.

Pre-Screened Vendors

There are clear benefits to using such a service when you want to by-pass the credit checking process. Sites that link consumers to pre-screened vendors will only ever send loan applications to lenders that have firm no credit check policies in place. This maximizes an applicant’s chances of being successfully matched with a lender that can grant a loan, rather than wasting time shuffling paper from one lender to the next with totally unsuitable criteria for selecting borrowers.

The need for speed

No credit check loan applications also come with significant time benefits. As the entire process takes place online, this means that lending decisions can be displayed on screen within a matter of minutes. Loans can usually be paid out within one hour or less when approved and accepted.

Not just personal loans

The no credit check online loan market is expanding and there are also a number of sites that offer fast cash loans and debt consolidation loans via the same “off book” confidential lender introduction platform. This means that the days of consumers waiting days and weeks for credit checks to be completed may well be a thing of the past.

Have you used a no-credit check financial website before? Was your application successful? Did you find the process much faster than other avenues? Share your comments with us!


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