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
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.
How to get a loan with bad credit and no cosigner? ›
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.
How to get a loan when no one will approve you? ›
If you need money fast, here are some alternatives to consider when you can't get a loan.
- Research peer-to-peer lending.
- Explore loans from friends and family.
- Look at pawnshop loan options.
- Compare credit card cash loans.
- Seek information about government assistance programs.
You can get a $500 loan via a personal loan, payday loan, payday alternative loan, cash advance app, or credit card cash advance. However, some options are better than others. Some small loans come with high costs that can cause financial hardship.
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 is the easiest loan to get approved for? ›
What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
What if I can't find a cosigner for a loan? ›
If you can't find a co-signer for a loan you may still have options that can help you achieve your goals. Whether they include borrowing from a friend or family member, or working to establish your credit history, working on your credit might eventually eliminate your need for a co-signer.
How to get a loan when everyone denies 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.
What is a hardship loan? ›
What Is A Hardship Loan? A hardship loan is a type of financing that helps people dealing with a financial crisis caused by an emergency expense or an income shortfall. You can use a hardship loan to cover everything from a surprise medical or car repair bill to necessities like food and rent.
How to get money when desperate? ›
Once those subside, you'll find there are ways to get your hands on quick cash, without falling prey to scams.
- Sell spare electronics. ...
- Sell your gift cards. ...
- Pawn something. ...
- Work today for fast cash today. ...
- Seek community loans and assistance. ...
- Ask for forbearance on bills. ...
- Request a payroll advance.
- Banks.
- Credit unions.
- Online lenders.
- Cash advance apps.
- Cash advance from a credit card.
- Buy-now, pay-later apps.
- 401(k) retirement account.
- Family and friends.
How to make $1,000 fast
- Sell stuff you already own.
- Deliver food.
- Pick up a part-time job.
- Rent out unused space.
- Start freelance writing.
- Try affiliate marketing.
- Drive for a ridesharing service.
- Find odd jobs.
Get instant personal loans upto ₹5 lakhs
- Enter a few details and check your eligibility.
- Finish your online application on the LazyPay app.
- Get XpressCash instantly in your bank account.
Best Bad Credit Loans Of June 2024
| Company | Forbes Advisor Rating | APR range |
|---|
| LendingPoint | 4.0 | 7.99% to 35.99% |
| Universal Credit | 3.5 | 11.69% to 35.99% |
| Upstart | 3.5 | 7.80% to 35.99% |
| Avant | 3.5 | 9.95% to 35.99% |
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You may be eligible to get a bad credit personal loan with a score below 580. Personal loan lenders specializing in bad credit loans may scrutinize your income and employment history more closely. Bad credit personal loans usually come with higher APRs and shorter terms, so you'll need to qualify for a higher payment.
What is the lowest credit score to borrow? ›
Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800.
What credit score is needed to not have a cosigner? ›
Short answer: You need a credit score above 670 (FICO®) to potentially qualify for a car loan without a cosigner. However, score requirements vary from dealer to dealer. Long answer: Cosigners are usually required if you have a bad credit score or short credit history.
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.
Is it easier to get a loan with bad credit or no credit? ›
In a nutshell, you're better off with no credit history at all than a bad credit history and score. That said, both situations have their own challenges that you should be mindful of when attempting to apply for credit.
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.
