You can get a loan for bad credit with no cosigner by applying for a personal loan from a lender with a minimum credit score requirement below 640. Several lenders will loan money to borrowers with bad credit without the need for a cosigner, but interest rates tend to be higher than normal. Learn more about how you can get a loan with bad credit and no cosigner below.
- Get a personal loan for bad credit: Many lenders offer personal loans that cater to people with limited or bad credit, which means you can get approved on your own. You’ll likely qualify for a higher interest rate than average, though, since loaning money to someone with bad credit is more of a risk for the lender.
- Get a no credit check loan: No credit check loans are relatively easy to get with bad credit and no cosigner because the lenders don’t review applicants’ credit history. Given the increased risk for the lenders, your interest rate will likely be higher than normal.
- Get a paycheck advance from a loan app: Loan apps such as Earnin allow you to borrow a few hundred dollars without a credit check or cosigner. These loans usually need to be repaid by your next paycheck or within a couple of weeks.
- Get a secured personal loan: Secured personal loans require you to use something as collateral for the loan, such as a car, home or money in a savings account. If you can’t keep up with the loan payments, the lender can keep your asset to make up for the loss. However, securing the loan with collateral lowers the risk for the lender, so you may qualify for a lower interest rate.
You can also get a payday loan or pawnshop loan with bad credit and no cosigner, but these types of loans have high fees and short repayment terms. They should be avoided as a result.
For more information, check out WalletHub’s picks for the best personal loans for bad credit. When you’re ready, you can estimate your potential rates with multiple lenders using our free pre-qualification tool.
This answer was first published on 09/07/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
If you want to get a personal loan with no credit and no cosigner, your options are limited to credit-builder loans, secured personal loans, home equity loans and borrowing from alternative sources like friends and family.
How to get a loan with bad credit and no co-signer? ›
If you want to get a personal loan with no credit and no cosigner, your options are limited to credit-builder loans, secured personal loans, home equity loans and borrowing from alternative sources like friends and family.
How to get a loan when no one will approve you? ›
If you struggle to get approved for a personal loan or need a loan in a hurry, products like emergency loan and payday loans may be appealing. All may come with higher interest rates and shorter repayment timelines than a standard personal loan.
Can I borrow money with a 500 credit score? ›
You can borrow money with a 500 credit score, but don't expect great options. Bad credit personal loans will emphasize your income more than your credit score. Securing a loan with a 500 credit score may be challenging, but that doesn't mean every lending door is closed.
What credit score is needed to not have a cosigner? ›
Generally, a cosigner is only needed when your credit score or income may not be strong enough to meet a financial institution's underwriting guidelines. If you have a stronger credit score, typically 650 and above, along with sufficient income to cover the loan payment, it's likely you will not need a co-signer.
What is a hardship loan? ›
Hardship personal loans are a type of personal loan that is designed to help you overcome financial difficulties. This type of loan is generally offered by small banks and credit unions, and has lower interest rates, lower maximum loan amounts, and shorter repayment periods than standard personal loans.
Who will lend me money when no one else will? ›
Fair Finance is a direct lender. This means there is no middle man involved, such as a credit broker, agent or financial advisor. If you want to take out a personal loan with us, you apply to us directly. We then make the lending decision without needing to involve anyone else.
How to get a loan when everyone is denying you? ›
Paying down debts, increasing your income, applying with a co-signer or co-borrower and looking for lenders that specialize in loans within your credit band could increase your approval odds.
How to get a personal loan with bad credit and no cosigner? ›
Credit unions may also be able to provide personal loans if you have no co-signer or credit history. Some credit unions also offer payday alternative loans (PAL), which have flexible credit requirements. You can borrow up to $2,000 with repayment terms as long as one year, depending on the type of PAL.
Can I get a $5000 personal loan with bad credit? ›
Yes, it's possible to get a $5,000 loan with bad credit or no credit history. But getting a loan with no credit or bad credit won't be as easy as getting a loan with good credit. You'll have to seek out lenders who specifically work with borrowers who have bad or no credit.
Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.
Are there private loans that don't require a cosigner? ›
Fortunately, many private lenders offer loans to students with or without a cosigner. Earnest is one of those lenders. We let borrowers choose between fixed and variable rates, and we never charge origination fees or prepayment penalties.
How to get a loan with insufficient credit history? ›
To get a loan with no credit, look for lenders that accept non-traditional credit histories. Borrowers with limited credit histories may consider payday alternative loans and secured loans. To build credit from scratch, try applying for a secured credit card or credit-builder loan.
Will Sallie Mae approve me without a cosigner? ›
Sallie Mae does not require a cosigner if you meet certain criteria to qualify on your own: Student loan borrowers must be 18 years old at the time of application and a U.S. citizen or permanent resident of the country. Student loan borrowers must be enrolled at least part time in a college or university.
