cash advance is calculated against your income or credit limit. Depending on where you get a cash advance from, you may not require a credit check to qualify.
In fact, there are plenty of places you can get a cash advance with no credit check, such as cash advance apps. We cover a few options in this article.
When deciding your eligibility for a cash advance, cash advance apps will take into account factors such as your income and your employment status.
Car crying out for gas? With Cleo, you could get a spot of up to $250.* No credit checks. No interest. No stress.
It’s good to do some research (e.g. keep reading the article you’re on rn) and shop around because cash advances can vary in their interest rates and fees, and it’s best to find the one that’s right for you.
Why it’s hard to get money from some lenders with no credit check
As we said, there are plenty of places you can apply for a cash advance without requiring a credit check. Scroll down to find out how. In contrast, a payday loan can require a credit check. If you want to know more about the difference between a cash advance and a payday loan, we have a whole article on it.
And if you have been rejected from somewhere that does require a credit check in the past, and want to understand the reasons for this, here’s why.
- Risk Assessment
Many lenders are in the business of making money, and they need to be confident that they will be repaid on time. When someone has a poor credit score, it suggests that they may have a history of not paying their debts on time or not at all. This increases the risk for the lender, and they may be less willing to lend money to someone with a poor credit score.
- Higher Interest Rates
If a lender decides to approve someone with a poor credit score, they may charge a higher interest rate to compensate for the added risk. This means that the borrower will end up paying more in interest charges over the life of the loan.
- Limited Options
Banks and credit unions may have strict lending requirements that make it difficult for someone with a poor credit score to qualify. Additionally, many online may also have strict requirements or charge higher interest rates and fees, which can make it challenging to find a loan that fits the borrower's needs and budget.
- State Regulations
Some states have regulations in place that restrict or prohibit certain types of loans, such as payday loans, which are often sought after by those with poor credit scores. This can limit the options available to borrowers in those states, making it even harder to find a loan.
- Inadequate Collateral
If a borrower is applying for a secured loan, such as a car or home loan, they will need to have adequate collateral to secure the loan. However, if their credit score is poor, they may not have enough collateral to secure the loan, making it difficult to get approved.
The whole thing can operate as a vicious cycle, where people are struggling with money, so their credit score decreases. They then find it harder to qualify for quick spots in times of crisis, so end up taking debt from sketchy lenders that might charge massive amounts of interest.
If this is all sounding a bit too Black Mirror-y for you, don’t worry. There are options out there for getting a cash advance with no credit check and 0% interest.
How to get a cash advance with no credit check
Cash advances from money apps are usually designed to be convenient, with little or no paperwork required.
If you want to shop around, check out our article on the top cash advance apps in 2023.
Because we’re slightly biased, here’s how you get a cash advance with Cleo. There are no credit checks, and no employment verification required.
It’s as simple as this:
- Download the app for free
- Connect Cleo to your main bank account (just so we can calculate your eligibility)
- Find out if you’re eligible
- Decide if signing up for Cleo Plus is right for you**
- Confirm your details so we know you’re human
- Choose when you want the money
- Choose your repayment terms
That’s the summary. Here’s the detailed version.
Download the Cleo app from the app store for iOS/Android. Don’t worry, we’ve made sure that it’s super secure:
🔑We never store or access your banking login details
🔑We use world-class security practices
🔑We hold regular security audits and tests
🔑We use the same level of encryption as your bank
2. Connect Cleo to your main bank account
You won’t be charged here. We just use this information to access your transaction history, not move any funds. Why do we need this info? Firstly, it helps us determine if you’re eligible for a cash advance. Second off, your transaction history is what our AI analyzes to help you make better money decisions.
At this point you already have access to all of this for free:
💙 A personalized budget that automatically categorizes your spending
💙 Spending limits Cleo will call you out on
💙 Roast mode, for when you need to be told exactly how many Uber trips you bought last month
💙 Hype mode, where Cleo shows you all the great stuff you’re doing money-wise
3. Find out if you’re eligible
In the chat feature, type in “cover me.” Cleo will take you to the next step. Since you’ve already connected your bank account, we can use this information to check that you’re eligible for the cash advance. Unlike other apps, we’re freelancer friendly, so we don’t require any timesheets.
4. Decide if signing up for Cleo Plus is right for you**
Congrats. You’re eligible. Now is the time you might want to consider signing up for ✨Cleo plus✨
Once you've signed up for Cleo Plus, you can find out exactly how much you're eligible for. On top of the free features we mentioned, Cleo Plus gives you access to the cash advance, credit score coaching, and cashback from selected stores.
If you’re someone who overdrafts regularly, you might actually save money with a CleoPlus membership.
Here’s the math: statistically speaking, if you overdraft once in a month you’ll overdraft two more times. With overdraft fees of up to $35, this can add up to $100 dollars a month. That’s $1,200 in overdraft fees over a whole year. CleoPlus is $71.88 for a year. If the Cleo cash advance helps you avoid overdrafting even twice, you’ve already made your money back.
5. Confirm your details
You just need to confirm details such as your social security number, your phone number and your address, so that we know you’re a real human being and not a robot.
6. Choose when you want the money
Once we know you’re a real human, Cleo asks you the magic question: when do you want the money?
You can choose between:
💰 3-4 working days
💰 Want the cash advance now? Get it today, with an additional cost.
7. Choose your repayment terms
You choose your repayment terms. And again, there’s zero interest. So if you’re eligible for $70, it’s $70. That’s all.
On the date specified, we will automatically take payment for your advance.
And that’s all!
There’s just one thing left to do…
Enjoy this post? Give it a share or send it along to a friend. You never know, it could make a big difference. Big love. Cleo 💙
*Cleo Plus is our subscription service, which offers eligible users cashback on your money, information on your credit score, and access to cash advances (“Cash Advance”). Advance amounts will vary based on eligibility. If you don’t want to subscribe, you can also apply for cash advance by contacting our customer service at firstname.lastname@example.org. To learn more about eligibility, repayment, and overall terms, please visit: meetcleo.com/terms.