700 loan

A lot of people use the money they have available in an emergency fund to deal with surprise expenses. Approximately 81.5% of Americans are able to avoid taking out loans due to a hefty savings account. But if your savings balance is not high, that means you have to resort to loans. 

If you’re dealing with a bad credit score, you may find it harder to find a participating lender willing to work with you. But did you know that there are no credit check loans available as a type of bad credit loans, and that they do not use credit scores to make qualifying decisions? Learn about different loan providers and see which particular 700 dollar loan will fit your individual financial needs best. 

What Are My Options When I Need a $700 Dollar Loan?

Whether you’re thinking about a direct lender or loan broker for your $700 loan, it is smart to do a bit of research first. Take a look at the different ways to borrow money when you need $700. 

  • Urgent bills
  • Long-term debt consolidation 
  • Medical expenses 
  • Travel costs 
  • Home repairs
  • Car repairs

Whether you’re thinking about a direct lender or loan broker for your $700 loan, it is smart to do a bit of research first. Take a look at the different lending platforms available when you need $700 instant funding. 

Personal Loans 

A personal loan is a convenient type of installment loan available to most people.  A Personal loan usually comes with flexible payback terms and reasonable rates, making them a go-to option for people looking for affordable funding. A personal loan can also provide other benefits like easy refinancing options, stress-free monthly payments, and more! 

Cash Advance Loans 

If you own a credit card, you can probably borrow money up to your credit capacity. Unlike funding from most direct lenders, interest on cash advances applies only to what the borrower takes out, not the total available amount. But keep in mind that cash advance rates are usually always higher than the standard credit card purchase rate. 

Payday Loans 

Payday loans are a one-payment option that provides fast funding at the expense of high-interest rates. Most payday loans have a two-week repayment length, which many borrowers struggle to meet. Sadly, these small-dollar loans can leave borrowers stuck in a cycle of debt that is difficult to escape. Approximately 87% of payday loan applicants already have existing loans when they apply for funding.2 If you’re thinking of applying for a loan with payday lenders, keep in mind that many payday loan borrowers end up taking out additional loans due to issues with the strict repayment terms.   

Loans From a Loan Broker 

A loan broker is a type of financial institution that connects borrowers to lenders. Brokers claim to be a convenient option for people who don’t want to research multiple lenders on their own. However, since brokers may get a commission from the lenders receiving their loan leads, they may not always have your individual best interest in mind. Be wary of brokers, and always make sure to get your own information about alternative providers you may be considering. 

Credit Union Loans 

Suppose you have a decent credit history and meet a specific set of requirements. In that case, you may consider a credit union loan. Unlike traditional banks, borrowers are the owners of credit unions. They, therefore, usually have special deals and benefits specifically designed for someone who is a debtor. If you have no credit, bad credit, or past bankruptcy, you may have trouble getting approved for a loan with a credit union. 

Title Loans

A title loan is a type of secured loan that uses a vehicle title as collateral. Some secured loans, like title loans, are geared toward people with less-than-perfect credit. Since people with poor credit already have a hard time finding loans, making them a target for hidden fees, unreasonable terms, and other inconveniences. Similar to a title pawn, title loans put the borrower at risk of losing their vehicle if they fail to pay back their loan on time. 

What Are the Pros and Cons of a Payday Loan vs. Personal Installment Loan?

Suppose you have had credit difficulties in the past. In that case, you may have come across payday loans and personal installment loan options in your research. While both forms of funding may offer quick cash to a wide variety of people, there are some key differences you should be aware of. 

The major pro of a payday and personal loan is the streamlined approval process. But, in most cases, the outstanding balance of a payday loan is due back in about two weeks. So, if you don’t have the money to cover your entire loan balance by your next paycheck, you may want to look into getting a personal loan over a payday loan. 

Personal installment loans can offer more convenient repayment terms that give borrowers as much time as they need to pay back their balance. Depending on the borrower’s needs, personal installment loans can be long-term or short-term loans. 

Interest rates are also an essential factor to consider when getting any kind of loan. The higher the interest on a loan, the more money the borrower will end up paying over time. Payday loans are known for having very high-interest rates. And if the borrower cannot repay the entire loan in about two weeks, the loan company may extend the repayment process and charge a costly rollover fee.  

On the other hand, personal installment loans can have varying rates depending on the borrower’s financial situation. Because of this, borrowers looking to avoid unreasonable interest rates typically turn to personal installment loans over a payday loan. 

The 5 Factors That Impact Your Credit Score

Factor Description Impact on Credit Score
Payment History This is the most important factor that affects credit scores. Your payment history is a record of your debt payments. While a long history of reliable payments can boost your score, late payments can have a negative effect.  35%
Amounts Owed  It’s important to avoid using a majority of the available credit you have. High credit utilization indicates to lenders that you’re over-reliant on loans and a high credit risk. 30%
Length of Credit History The age of your accounts impacts your credit. Generally, a longer credit history will increase your credit score, so it’s best to avoid closing any accounts.  15%
Credit Mix Having a mix of installment and revolving credit accounts may increase your credit rating. For example, having a personal loan and a credit card. However, opening new accounts to affect this financial factor is not recommended.   10%
New Credit Applying for too many loans within a short period can lower your credit score. Multiple credit checks can make you appear financially risky to loan companies, so it’s best to keep the number of loan applications you submit to a minimum.  10%
*Please note that these percentages are approximate and can vary slightly between different credit scoring models.

How Can My Credit Score Affect What Kind of $700 Loan I Can Get?

Your credit score and credit history certainly play a role in the different types of loans you may find approval for. When it comes to your credit score, there are five significant categories credit reporting bureaus take into account. The way individuals handle their finances within these five categories is how bureaus obtain consumer reports and determine credit standing. 

The category with the most significant impact on your FICO score is going to be your payment history. Having late or skipped payments on file can result in poor credit history, making it difficult to receive approval for funding quickly. Late payment implications can stay on your credit report for up to seven years, so you want to stay on top of your monthly bills and due payments at all times. 

The first step to improve a bad credit score is to get a clear idea of your financial situation. You can do this by performing a soft credit check on your own. A soft credit check is an informal report on your credit that contains essentially the same personal details and financial information lenders will request in a hard credit check. Also known as a hard pull, a hard credit check is a formal report on an individual’s financial history. 

Individuals can do a soft credit check on their own, while lenders and financial institutions request hard credit checks before approving applicants for funding. Unlike a soft check, a hard credit check has the ability to affect your overall credit score. Too many hard credit checks within a short time can negatively impact credit. Because of this, it is a smart choice to only apply for funding when you are confident you will receive approval. 

What Should I Look For in My Loan Agreement?

After you have found the right lender, filled out a loan application, and are ready to receive your $700 loan, you will have to sign a loan agreement. Your contract will contain all of your loan details, such as a breakdown of your payback plan, annual percentage rate, origination fee, and any other fees associated with your funding. 

Your lender should discuss items like your interest rate, repayment terms, and additional fees with you beforehand. If anything looks different from what was previously discussed, be sure to bring that to your lender’s attention. Also, feel free to ask about anything else you want clarified, such as the lender’s renewal policy. After you feel confident about your loan agreement, sign your contract and get your $700 loan!

FAQs About Getting a 700 Dollar Loan With No Credit Check

What is a no credit check loan and how does it differ from a personal loan?

Lenders that offer no credit check loans generally do not perform a hard credit check on your credit history before granting loan approval. However, keep in mind that lenders that do not require hard credit checks typically offset the financial risk by charging high-interest rates and fees. 

Can I get a 700 dollar loan without a bank account?

Most loan companies require an active bank account because they send money through a direct deposit. However, some lenders may offer physical checks or prepaid debit cards for consumers without a bank account. But a lot of alternative funding methods typically cost money, and you may end up with a smaller loan amount.

How quickly can I get money with an installment loan?

The amount of time it takes to get loan approval and receive your money depends on the lender. Some loan companies can provide funding by the next business day, while others can take weeks. If you need money as soon as you can get it, consider applying with a personal lender. 

Can I use a no credit check loan to pay for medical bills?

Most lenders that offer no credit check loans allow customers to use their funds on almost any emergency expense, such as medical bills or auto repairs. However, it’s important to consider the high-interest rates and fees associated with these types of loans before applying. Accepting the first loan offer you get may leave you stuck with less than favorable terms. 

How do I find a reliable lender?

When looking for a reliable lender that provides no credit check loans, consider factors such as the lender’s reputation, interest rates, fees, and terms of the loan. Be wary of no credit check loan lenders that guarantee approval or charge upfront fees before granting a loan. A good way to verify a lender’s legitimacy is to read online reviews from past or current borrowers. 

What happens if I can’t repay my loan on time?

If you take out a loan and miss a payment or fail to repay by the agreed-upon due date, the lender will likely charge a late fee and/or extend the loan. Keep in mind that late or missing payments can negatively impact your credit score. It’s important to communicate with your lender if you think you might miss a monthly payment. Many loan companies are willing to work with borrowers that are upfront about unexpected financial issues. 

Can I get another loan if I already have one?

It’s possible for a borrower to have more than one loan, but qualifying for more money depends on the lender’s qualification requirements and your ability to pay. Some lenders may not approve you for a new loan if your credit utilization is high because they may worry about your ability to handle an additional monthly bill. However, having outstanding debt may not necessarily prevent you from getting another loan or credit card. But keep in mind that applying for too many loans within a short period can significantly decrease your credit score.   

A Word of Caution From CreditNinja

There are several 700 dollar loan options available when you need a short term loan online. However, the type of loan offers you can get depends on your monthly income and creditworthiness. If you have a low credit score, you may be searching for no credit check loans to avoid the strict eligibility criteria that most financial institutions have. But it’s critical to consider all of your loan options and make comparisons of loan offers. 

Although a no credit check loan may have an easier approval process, they typically have the highest interest rates. A high-interest rate can make the repayment process difficult and may cause further financial hardship. Keep in mind that it’s still possible for a consumer with bad credit to qualify for personal loans and other financial products. 


  1. 2021 FDIC National Survey of Unbanked and Underbanked Households│FDIC 
  2. Payday Loans and Consumer Financial Health│Federal Reserve
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