Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Sep 12, 2011

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As with most types of loans, payday loans sometimes rely on a borrower’s credit score to determine if he or she is likely to meet the repayment terms. Increasingly, however, payday advance providers are extending short term loans without a credit check, and may also offer loans to borrowers with poor credit or no credit.

In exchange for the convenience of being able to secure a loan without a credit check, however, borrowers are likely to face higher interest rates or fees, similar to the penalties for those with bad credit.

Some payday loan originators decide to lend to borrowers based on proof of employment or bank statements, which may demonstrate the borrower’s ability to pay off the loan regardless of their credit circumstances. With such lenders, borrowers can typically anticipate a quick loan application and approval process, though interest rates may be substantial with APR rates, reaching as high as several hundred percent.

When a credit check is involved, some borrowers – even those with less than average credit scores – may be able to secure more agreeable interest rates, or more attractive repayment terms.

Although sourcing and completing a payday loan without the involvement of a credit check is a growing possibility for the majority of borrowers, a credit check-free application and approval process is not without its disadvantages. However, for borrowers with unattractive credit or for those who do not wish to have their scores reviewed, options for securing quick funds before payday are available.