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unsecured bad credit installment loans

Can I Get a Short-Term Emergency Loan Without a Credit Check?

Can I Get a Short-Term Emergency Loan Without a Credit Check?

All seven lenders reviewed here share a commitment to work with consumers of all stripes, including those with bad or thin credit, and those who don’t own a credit card or have never applied for a credit card.

Yes, if the loan is a payday loan. The reason that payday loans are so expensive is that the lenders assume you have bad credit or no credit at all. You are, by definition, a risky borrower.

However, by pledging payment from your next paycheck, payday lenders are willing to overlook your credit and forego a hard check.

As already mentioned, the reviewed lending services do not perform hard credit checks, although they may perform soft pulls. A soft credit check will not harm your credit score, but a hard check can reduce your score by five to 10 points for up to a year.

How Will a Loan Affect My Credit History?

A payday loan will not show up on your credit history because your credit is not a factor in receiving the loan. That is, a payday lender will not ask any of the major credit bureaus for a hard pull of your credit history.

While this makes payday loans easier for bad-credit borrowers to get, it also means that your loan repayment activity will not show up on your credit report unless you default or go into collection.