The short answer is…wait for it…wait for it…NO. To our knowledge, there are no lenders who actually lend money to borrowers without performing some kind of credit check. If a lender says they provide no credit check payday loans, be warned, they’re not telling the truth. That said, if you’re in need of emergency cash until payday, you can apply now and get an instant decision.
Now, it is possible they mean that they don’t perform a credit check with the three main credit bureaus: Experian, Equifax and TransUnion. Even if they don’t check your credit with the three main credit bureaus, they still perform some kind of “soft” credit check before they loan out any money. A “soft” credit check can mean many things, but probably includes at least three things:
- Verification of your identity/address
- Verify your income
- Verification of repayment history
They may also check with second tier credit verification services to see if you have a history of bounced checks or collections.
If it’s not true, why are there websites offering so-called no credit check payday loans?
There’s a reason other online lenders talk about and market their services as no credit check payday loans. People search for them. Even if they don’t actually offer true payday loans with no credit check, it is something a lot of people seem to want. Here at Personal Money Store we want people to make educated decisions based on the facts. Perhaps you arrived at this page searching and hoping for some kind of payday loan with no credit check. There’s nothing wrong with that. We just want you to know that no matter where you go, no matter what store or website you visit, there is going to be some kind of credit check.
That said, all hope is not lost. It is still possible to be approved for the payday loan funds you need, even if you have bad credit. We work with a network of lenders who have seen all types of credit situations and funded loans to cover all sorts of needs. Our network of lenders understand that people sometimes find themselves in urgent need due to unexpected financial circumstances. It happens a lot, more often than you think. That’s one of the reasons we keep our application form simple and work to give you an instant decision about your payday loan regardless of your credit history.
Still confused about ‘no credit check payday loans?’
We get it, the term can be a little confusing. Especially the way some lenders portray it online. Most payday loan lenders don’t do a ‘hard credit check’ to fund a loan. They don’t inquire with the big three credit bureaus: Equifax, Experian and TransUnion. Rather than do that, they will check other second tier consumer databases like: TeleTrack, CL Verify or DataX to double check your identity and repayment history. A soft credit check like this won’t affect your credit score with the big 3 bureaus, but it gives the lender enough information about you to help them assess the risk associated with loaning you money.
If you’re worried about a credit check, but are saying to yourself “I need emergency money now”, go ahead and apply today. You’ll get an instant decision and be able to put your mind at ease.