Lenders that offer personal loans with no credit checks:

While this loan type is uncommon, they often take on different forms depending on the lender. Usually, personal loans with no credit check are also presented in the form of:
Payday Loans - The most common type of no credit check loan available. These are often high-interest loans that typically last until your next paycheck.

Auto Title Lenders - You can try getting a big loan in exchange for your car’s title. These are often called Auto Title Lenders. You can try looking for these types of loans online or in local storefronts near you.
Online Lenders - You can also try looking for personal loan lenders online. They may not necessarily offer it as a payday loan or auto title loan, but the products they have often work similarly.
Pawn Shops - Lastly, you can always try pawn shops. Similar to a secured loan, you can pawn off some of your valuables for cash and pay to get it back over time.

What’s the catch?

While convenient, these loans do have their potential drawbacks especially for people who are still building up a credit score. It’s important not to rely so much on these loans. Their drawbacks include:

Cost - No credit check loans are quite expensive when it comes to their repayments, which can be difficult if you’re already having difficulties building your credit score in the first place. For instance, payday loans generally have shorter terms, making their interest rates higher.
Debt - There’s a risk of getting deeper into debt when you use no credit check loans. Given how high some of their interest rates can be and how difficult some repayments can be, you can easily find your loans snowballing into an even bigger task.
Non-credit Building - Unfortunately, no credit check loans in NZ don’t build up credit. This is really unfortunate as having a good score could open up more possibilities for you. This could lead you into relying more and more into this type of loan which doesn’t help much in the long run.
Scams - Given their online nature, there’s a high likelihood of running into a scam provider. To be clear, this doesn’t mean that all no credit check loans are scams. There are several reputable providers out there so make sure you’re sticking with them. Be mindful and vigilant when browsing online offers at all times.

No Credit Check Personal Loan Alternatives:

Not everyone is comfortable with a no credit check loan, however. If you’re one of them, you’d be glad to know that there are alternatives that you can try in case you need the additional finance.

Secured Personal Loans - Similar to an auto title loan, you can use your car or any valuables as a security guarantee in order to get a loan from a reputable provider.
Credit Counselor - You can ask help from a credit counselor in order to boost up your credit score and increase your chances of approval. Of course, this works hand-in-hand with the other tip.
Improving your Credit Score - Improving your credit score will open up more financial opportunities for you, making it less reliant on no credit check loans in the long run. Of course, this is a difficult process and one that doesn’t really happen overnight, but pursuing this can leave you with more money in the bank while still pursuing your goals!
Apply with a co-signer - You can also apply with a co-signer with a better credit rating, allowing them to take on some of the responsibilities needed for a loan. This can significantly improve your chances for approval.