A no credit check loan is a small consumer loan where the lender does not pull a hard inquiry from Equifax, Experian or TransUnion to decide your application. Most lenders in this space, Loan Ridge included, still check something. We use a soft inquiry and look at income and banking history instead of a FICO score. A soft inquiry does not show on your report as a hard pull and does not cost you points. But it’s not free money, guaranteed money, or a loan with no cost. You still sign a written
credit agreement with a set repayment schedule.
How the process works, in three steps
- Apply online. The form takes a few minutes. You give your identity, income and bank
details.
- Get a decision. We review it against our underwriting criteria. Approval is not
guaranteed, and a decision is not an offer until you have the written disclosure in front of you.
- Sign and get funded. If you accept, you sign electronically and the money is
deposited to your bank account. Timing depends on your own bank’s processing.
Who qualifies, and what you need to hand over
You need to be at least 18, live in Texas, Missouri or Utah, have a regular income you can evidence, and have an active checking account in your own name. Have ready: government photo ID, proof of income such as recent pay stubs or benefit statements, your bank account and routing details, and a working phone number and email. Self-employed and gig income counts, but you will usually be asked for more history.
What it costs, and how to read the number
Loan Ridge lends up to $2,000. There is no single APR for this kind of credit, because the cost depends on the amount, the term and the state. Federal law (the Truth in Lending Act) requires you to be given four figures in writing before you sign, and those four are the only ones worth comparing:
- Amount financed – what actually reaches you.
- Finance charge – the total dollar cost of the credit.
- Total of payments – amount financed plus finance charge.
- APR – that cost expressed as a yearly rate, so you can compare two offers.
Small short-term credit carries a high APR relative to a bank loan, and you should treat that as the headline fact rather than the monthly payment. The Consumer
Financial Protection Bureau has a plain-English explainer on comparing short-term credit costs. Ask for your written disclosure before you commit, and if a figure on it does not match what you were told, walk away.
The rules where you live
- Texas – the Office of Consumer Credit Commissioner licenses consumer lenders under Chapter 342 of the Texas Finance Code and credit access businesses under Chapter 393. Phone (512) 936-7600.
- Missouri – the Division of Finance licenses small loan companies under RSMo 367.100 to 367.215 and consumer installment lenders under 408.510. Phone (573) 751-3242.
- Utah – the Department of Financial Institutions administers Title 70C, the Utah Consumer Credit Code, and lenders file a Consumer Credit Notification through NMLS. Phone (801) 538-8830.
You can look any lender up, including us, at NMLS Consumer Access.
