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Learn About No Credit Check Loans For People With Bad Credit!

Welcome to The Yukon Project. I’ve analyzed millions of credit reports, hundreds of thousands of people’s financial data, and designed programs to help people improve their financial lives. And today, I want to answer the question about how you can get a personal loan without a credit check. 

People with credit scores that are poor, damaged, or…non-existant, run into financial emergencies just like everyone else. When that happens, they might look for a personal loans that will not require a credit check. But what does it really mean to not require a credit check? Let’s walk you through the idea of “no credit check personal loans” and tell you where you can find them. 

When most people think of a “credit check” they think of the big three credit bureaus: Experian, TransUnion, and Equifax.

But, those aren’t the only credit bureaus out there. Most companies that lend money to people who have poor credit scores will actually check specialty credit reporting agencies. There are A LOT of them out there. Too many to name here, actually, but some of the more common ones for people looking for credit could include these: CoreLogic Teletrack, Factor Trust, MicroBilt, Clarity, and DataX. These credit bureaus focus on the subprime credit market. Many companies that say that they don’t check your credit, often mean that they don’t check your credit file with Experian, TransUnion, or Equifax. Many storefront and payday lenders might still see if you have information on one of these secondary bureaus. 

Another way to think of a “credit check” is as a hard credit pull.

This is where a lender formally reviews the contents of your file with one of the big three credit bureaus. This formal process leaves a mark on your credit file and can impact your credit score. For the past ten or fifteen years, fewer and fewer lenders use hard credit pulls to initially decide whether to lend you money. They will do a soft credit pull to see if you are eligible. If you decide to accept the loan, only then will they do a hard credit pull. If a lender reports to the credit bureaus, they must log a hard credit check when you accept the loan terms. 

So, just about every lender will approve you without doing a hard credit check, but if your real concern is that you don’t think you will be approved if they check your credit at all, your options are quite limited. The only lenders I know of that will not do a credit check at all are payday or title lenders. But, here’s the thing, those loans are very expensive and might not be worth the trouble. If you have poor or damaged credit, the most important thing you can do is shop around. Each lender will have different lending criteria. So, just because one lender denies you, it doesn’t mean all lenders will. At The Yukon Project, we’ve tried to make shopping around easy. If you go to our marketplace page, you can apply to any one of our featured lenders. Behind the scenes, we will check your rate with up to 40 other lenders. We will show you all of the lenders that approve you so you can pick the one that’s best for you. 

Stop paying the high interest rates from carrying a monthly balance on your credit card!

Soft Credit Pull, Up To 40 Lenders at Once, See what you’re approved for!

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Jonathan Walker