Quick Small Loans With No Credit Check

Best Small Loans With No Credit Check

Lisa Phillips
December 2, 2024
Personal Loans

Quick Loan Solutions

Individuals with bad credit often face numerous challenges when applying for personal loans.

We found a company that uses alternative data like bank data and regular income deposits to decide who to loan money to and how much.

By using this approach, individuals who have no credit history, limited credit history or less than perfect credit may get approved without being forced to settle for less desirable loans for bad credit.

Best Small Loan No Credit Check

Possible Finance offers small loans with no credit check ranging from $50 to $500. You may be able to get the money you need, regardless of your credit immediately upon approval.

Possible Finance

Loan Amounts

$50-$500

Terms

0 to 8 weeks

Credit Needed

No credit check

APRs

54.51% to 240.52%

Qualifications

Must have a device that can install the Possible app.
Must have a valid driver’s license, ID or passport.
Must have a Social Security number.
Must have a checking account that is supported by Plaid.
At least three months of transaction history in your bank account, including recent deposits and a regularly positive balance required.

Pros

Immediate Funding.
May accept borrowers with low credit scores or thin credit histories.
Paying off the loan faster significantly reduces the total interest you’ll pay.

Cons

Short repayment terms.
High interest rates but lower than with payday lenders.

Does Possible Run Any Type of Credit Check?

Well, kind of. Possible Finance uses Clarity Services that produces the “Clear Early Risk Score.”

Clarity is considered a specialty consumer reporting agency that collects and provides information on credit transactions that aren’t included in traditional credit reports from the three major credit bureaus including:

Payday loans
Auto title loans
Rent-to-own businesses
Check cashing service

Clarity’s Clear Early Risk Score helps lenders evaluate non-prime consumers who are considering alternative financing.

How Possible Repayment Terms Work

Understand the repayment terms. Possible Finance loans are typically repaid over 8 weeks. This is done through four installments.

Here’s how it usually works:

The first payment won’t be sooner than 7 days after your loan is approved.
You’ll make 4 equal payments over those 8 weeks.
Possible Finance offers some flexibility if you need to adjust your payment date.
Possible does not charge late fees, which is a big plus!

Why Are Possible's Interest Rates High

Possible’s technology platform automates much of the loan application and approval process, reducing overhead costs and allowing them to offer loans more efficiently.

But there’s a drawback.

Since Possible takes on more risk by not relying on traditional credit scores, they typically charge higher interest rates than traditional lenders. This compensates for the increased risk of default.

Does Possible Report To Credit Bureaus

Yes. Possible reports loan payments to TransUnion and Experian, but not Equifax. On-time payments can help build credit your credit history.

Final Takeaway

While a Possible Finance loan is an expensive option, it can best your best option for a small loan with no credit check. Pay it off as quickly as possible and don’t let it be a long-term or repeat solution.

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