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.
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 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.
How to borrow $500 quickly? ›
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.
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.
Easiest personal loans to get
- Best for bad credit: Avant Personal Loans.
- Best for flexible terms: OneMain Financial Personal Loans.
- Best for no credit history: Upstart Personal Loans.
- Best for fast approval: LendingPoint Personal Loans.
- Best for small loan amounts: Oportun.
A 450 FICO® Score is significantly below the average credit score. Many lenders view consumers with scores in the Very Poor range as having unfavorable credit, and may reject their credit applications. Applicants with scores in this range may be required to pay extra fees or to put down deposits on credit cards.
How to get 2000 dollars fast with bad credit? ›
Borrowers who need the funds urgently and lack other options to borrow money.
- Payday-alternative loan. Offered by select federal credit unions, payday alternative loans offer amounts of up to $2,000. ...
- Credit card cash advance. ...
- Payday loan. ...
- Title loan.
I need money now. Where can I borrow from fast?
- Emergency credit. We do not recommend payday loans or other forms of high-cost credit. ...
- Credit unions. Credit unions are local, member-owned alternatives to banks. ...
- Grants. ...
- Trust funds. ...
- Help from your local council. ...
- Track down money you have missed out on.
401(k) Hardship Loan
You'll have to pay interest on the loan and must repay it within five years with payments at least quarterly.
- 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.
Download an instant loan app that offers a small cash loan facility. The application is simple, involving few easy steps with paperless documentation, zero collateral and minimal eligibility criteria. All these benefits speed up the process, enabling instant loan approval in 1 hour.
What app lends you money? ›
Our picks at a glance
| Lender | Rating | Loan amounts |
|---|
| Varo | 5 | $20 to $500 |
| Possible Finance | 4.6 | $50 to $1,000 |
| Chime | 3.9 | $20 and up* |
| Earnin | 3.7 | Up to $750 |
1 more row6 days ago
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? ›
How to improve your chances of getting approved for a loan
- Build your credit score first. ...
- Improve your DTI ahead of time. ...
- Choose a realistic loan amount. ...
- Find a cosigner. ...
- Secure your loan with collateral. ...
- Prequalify before applying.
Your Income May Not Be Sufficient Enough
One of the most important factors that lenders consider when deciding whether to approve someone for a loan is the person's ability to repay the loan they're seeking. Lenders will want to review your income to ensure you make enough money to afford the monthly payments.
What can a 500 credit score get you? ›
What Does a 500 Credit Score Get You?
| Type of Credit | Do You Qualify? |
|---|
| Secured Credit Card | YES |
| Home Loan | YES (FHA Loan) |
| Unsecured Credit Card | MAYBE |
| Auto Loan | NO |
1 more rowPayment 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 do you need to get a $30,000 loan? ›
Requirements to receive a personal loan
This allows them to look at your history from the past seven years and see whether you've typically made payments on time. For a $30,000 loan, you'll typically need a credit score above 600 just to qualify or above 700 to get a competitive rate.
What credit cards approve 500 scores? ›
Here's a Summary of the Best Credit Cards for 500 Credit Score
- Rates & Fees. ...
- U.S. Bank Altitude® Go Secured Visa® Card *
- U.S. Bank Cash+® Secured Visa® Card *
- Bank of America® Unlimited Cash Rewards Secured Credit Card *
- Bank of America® Customized Cash Rewards Secured Credit Card *
