Same Day 800 Dollar Personal Loans With No Hard Credit Check

Securing an 800 dollar loan is generally much easier than qualifying for a larger financial product like a mortgage or an auto loan. Because the loan amount is relatively small, the lender is taking on far less financial risk. If you are a United States citizen or permanent resident, at least 18 years old, and possess an active bank account, you already meet the baseline criteria for most online platforms. The final deciding factor usually comes down to your debt to income ratio. If your pay stubs or bank statements show that you have enough monthly cash flow to easily cover the new loan payment, most lenders will view your application favorably.

There is no universal minimum credit score required to borrow 800 dollars. Every lender uses their own unique underwriting formula. Traditional banks often prefer borrowers with a FICO score of 660 or higher. However, the online lending market features many companies that specifically cater to subprime borrowers. It is very common to find lenders willing to work with scores in the 500s or low 600s. Just keep in mind that the lower your credit score is, the higher your interest rate will be.

Yes, finding an $800 loan the same day is possible if you work with the right online lender and time your application perfectly. To secure same day funding, you usually need to submit your final signed agreement and all supporting documents before the lender's afternoon cutoff time. This gives their accounting department enough time to initiate an ACH transfer to your bank account before the close of business. If you apply late in the evening or on a weekend, your funds will typically arrive on the very next business day.

Yes, taking out an $800 installment loan will impact your credit score in two different ways. First, when you officially accept the loan offer, the lender will perform a hard credit inquiry. This hard pull will usually cause your score to drop by a few points temporarily. However, the long term effect is often highly positive. If the lender reports to the major credit bureaus, every on time monthly payment you make builds a positive payment history. Over time, successfully paying off your loan can actually boost your credit score and make you a more attractive candidate for future financing.

Borrowers with poor credit often turn to auto title loans when they need cash fast. Title loans require you to hand over the title to your vehicle as collateral. If you run into unexpected trouble and miss your payment, the lender has the legal right to repossess your car. Losing your vehicle could easily prevent you from getting to work, turning a small financial problem into a complete disaster. An $800 installment loan bad credit option is unsecured. This means your personal property is never put at risk. You simply agree to pay back the funds over a set schedule based entirely on your signature and your promise to repay.

While there are options for smaller loans with no hard credit check, when you start to approach loan amounts of $800 or more, a credit check is often required. Here are some options that may be available with no hard credit check. Most lenders on the Acorn Finance platform may conduct a hard credit check when going through the final step of the process, while others may not. Please review each lender’s terms and conditions carefully when selecting a loan.

• Pawn shop loan: If you have an asset, you can visit a local pawn shop to see what they will pay you for it. However, if you don’t return in time to repay the loan, the pawn shop can seize the collateral. Before making a deal with a pawn shop, review their specific agreement as they can vary. 
• Car title loan: If you own your car outright and have a title in hand, you can use it as collateral to borrow money. Again though, if you fail to repay the loan or fall behind, the lender could size the vehicle. 

Some $800 loans can be approved and funded the same day. If you need the money the same day, you’ll need to take this into consideration when weighing your options. Some of the fastest options may be a credit card or car title loan. While personal loans can be approved and funded quickly, not all lenders can complete the entire process in one 1 business day. 

If a loan requires a credit check, the lender may have a credit score requirement. Credit score requirements for a $800 loan can vary depending on the type of loan and lender. The basic rule of thumb is that offers are more likely to be returned to borrowers with fair, good, or excellent credit. According to the FICO® score scale the fair range falls between 580-660. While some lenders may have minimum credit score requirements lower and higher than this, this might help you determine your chances. It’s worth mentioning as well that some lenders may not have a minimum credit score requirement at all. 

The benefits of a $800 loan can vary depending on your situation. Before taking out a smaller loan, such as $800, you may want to consider the option of saving the cash instead. Borrowing money comes along with costs associated, so it may not always be worth it. Again, it all depends on your situation.  In most cases, the following benefits apply.

• Unsecured loans do not require collateral
• Access to funds quickly
• Fixed repayment options available 
• Opportunity to boost credit score 

Chances are your credit score will experience some impact from an $800 loan. The exception would be if you use a loan that does not require a credit check and or is not reported to credit bureaus. If the loan is reported to credit bureaus, you may notice a dip in your credit score when you first obtain the loan. This can be the result of a credit pull and or taking on debt. As you repay the loan on time you can see your credit score improve, and potentially go higher than what it was before you got the loan. Monitoring your credit score on a regular basis can help you understand what impacts it. It can also help you identify past due accounts and fraud sooner potentially.

Obtaining a smaller loan, such as $800, may be more attainable with bad credit compared to a larger loan. However, offers are more likely to be returned for borrowers with fair, good, or excellent credit. To increase your chance of approval, boost your credit score or apply with a co-signer with good credit. If you’re struggling to qualify, you may also have the option available to pursue a no hard credit check loan such as a car title loan. 

At Acorn Finance, we partner with top national lenders to simplify the process of checking personal loan offers. Through our secure platform, consumers can submit some personal information to check personal loan rates in seconds with no credit score impact. While most of our lending partners have a minimum loan amount of $1,000 or more, you may be able to find a competitive offer for more than $800. Although you may borrow more than you need, a personal loan may be more cost effective. As always, it’s important to weigh your options. With competitive offers at your fingertips you can shop offers and find just the right one.