A no-credit-check loan is a loan a lender reviews without pulling the applicant's traditional credit report. Approval rests on other factors, most commonly income and ability to repay.
A no-credit-check loan is underwritten without a standard credit report or score from the major credit bureaus. Instead, the lender may evaluate factors such as income, employment, banking activity, and demonstrated ability to repay. Because the review does not depend on a traditional credit file, this type of loan is sometimes used by applicants with limited credit history, a low score, or a past bankruptcy. No-credit-check loans take several forms, including installment loans, payday loans, and title loans, so the structure, term, and cost depend on the specific product and lender. As with any loan, the written terms, payment schedule, and any fees define what you repay.
