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The concepts of credit history, credit score, and credit checking were initially introduced to protect lenders from losing money due to bad payers. However efficient these financial solutions were in the beginning, they became more and more redundant as markets moved forward. The main reasons proved to be the following:

As a result, financial companies and institutions have developed three major types of no credit loans, when they don’t usually check your credit score upon application submission:

  1. Small personal loans – the sum doesn’t justify any credit history check;

  2. Payday loans – the duration and the sum borrowed aren’t good reason for a credit check;

  3. Online peer-to-peer loans – in this case the competition in this sector led to dropping credit checking during application analysis.

Types of consumers interested in no credit loans

Such loans come with convenient terms and conditions, along with special attractive offers often selected by consumers who are not specifically interested in not having their credit history checked. However, most clients who opt for these offers are either people with bad credit history or people who have had an unpleasant financial situation in the past that they want to keep to themselves. Customers who have previously filed for bankruptcy pay special attention to no credit loans, as they have the opportunity to both get back on track and raise their credit score in the long run. Finally, prospective clients with no credit history trying to build a good credit score right from the beginning also check these offers.

Additional aspects of personal loans involving no credit check

Although some of the elements mentioned below apply solely to certain states, financial companies or banks, they are a good reference for a broad definition of the term:

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