The most common question that I get on this website is how to get a loan with no credit check. Well, actually, that’s not true. The most common question is whether or not I will give them a loan with no credit check. While I would love to set up shop and lend money and collect the interest like banks and other financial institutions do, the fact is that I just give financial advice and for those of you wanting to know about a loan with no credit checks, there are a few options for you to consider. However, there can be trouble in these type of loans for the uninformed consumer and so we’ll go over exactly how these short term no credit check loans work.

The safest of all the financial products that give you a cash loan and are aimed at those who need a cash loan is the signature loan. However, the bank will check your credit before they give you a signature loan. These companies offer short terms loans in small amounts – think hundreds not thousands – and require that you make monthly payments for terms less than one year. The reason I like signature loan companies is that they usually report to your credit. Of course, this could be a negative as well, depending on whether or not you are going to make your payment, but if you do pay your loan off, it will appear as a satisfied debt with several payments on your credit report.

The only real way to get an unsecured loan with no credit check is by getting a payday loan. This is just like what it sounds – a loan that you pay back on your payday. Think of it like borrowing money from your Uncle Bob until payday, except that your Uncle Bob wants you to pay back almost double what you borrowed.   If you don’t Uncle Bob will go into your bank account and take it out. This is pretty much how the payday loans work. You pay high interest to borrow money until your next payday and you secure it with a check written out for the amount of the loan plus interest.

Another type of personal loan with no credit check is the title loan. This type of loan requires that you put up your free and clear car title as collateral and then you can take out a loan for slightly less than the Blue Book value on your car, and leave the title and an extra set of keys with the company. If you don’t pay the loan they find you and drive away your car in the night. If you do pay the loan then you get your title back. Like the payday loan companies however, they don’t report to your credit and they charge high interest rates.

It is virtually impossible to get a mortgage loan with no credit check unless you finance the home through the owner and he or she doesn’t feel like checking your credit. No credit check home loans from a bank simply don’t exist. However, even with bad credit there are some lenders that will work with people that have bad credit – they simply have to be able to see the risks they are actually taking. In fact, this is a large market nowadays and these bad credit mortgage lenders go by the moniker subprime lenders. They are called this because they offer mortgages to those with bad credit at higher interest rates than the prime rate that people with good credit are getting.