Finding personal loans without an impressive credit history may seem impossible in today’s financial landscape, yet there are options specifically tailored to individuals without credit histories or less-than-ideal scores – often known as no credit check or “bad credit” personal loans – providing lifeline assistance without traditional scrutiny of one’s finances.
This guide explores some of the best personal loan options available to individuals with no credit, offering advice on what to look for when selecting, applying, and responsibly managing borrowed funds.
Whether unexpected expenses arise, debt consolidation becomes necessary, or personal goals need funding – understanding all available loan options will empower you to make informed financial decisions.
Best Personal Loans With No Credit Check
Upstart
| Platform | Minimum Credit Score | APR Range | Loan Amounts |
|---|---|---|---|
| Upstart | 300 | 7.80% to 35.99% | $1,000 to $50,000 |
Why We Picked It
Upstart stands out in the personal loan space thanks to its artificial intelligence- and machine learning-powered approach to borrower qualification. According to estimates by Upstart, their system has approved 27% more borrowers than possible under traditional lending models, boasting competitive APRs while offering accessible rates starting with a minimum of 300 credit scores – making Upstart an appealing choice for borrowers with fair credit ratings.
Upstart offers a competitive loan range with loan amounts between $1,000 and $50,000 so that borrowers don’t borrow (and pay interest on) more than they need. Although its loan cap may be lower than other lenders’-this should still provide enough credit.
Upstart offers three, five, and seven-year loan terms which may be more restrictive than others; however, they should still provide applicants who may not otherwise qualify with traditional lending environments with an alternative solution. Plus they’re available nationwide except in West Virginia and Iowa so it has equal availability as other top lenders.
Pros & Cons
| Pros | Cons |
|---|---|
| Accessible to borrowers with fair credit | Charges an origination fee up to 8% of the loan amount |
| Offers prequalification with a soft credit check | No secured or co-signer option |
| Ability to choose a custom payment date | Charges an origination fee of up to 8% of the loan amount |
Overview:
Upstart has made waves in the personal loan space with their innovative AI/ML approach to qualifying borrowers, which estimates have allowed Upstart to approve 27% more people than is possible under traditional lending models.
Although Upstart offers three, five, and seven-year loan terms which may be more restrictive than other lenders, they could provide an acceptable compromise for applicants who would not qualify in more conventional settings. Furthermore, their service is available across every state except West Virginia and Iowa – making Upstart one of the more widely accessible lenders out there.
Eligibility:
- Minimum credit score: 300
- Minimum income requirement: $12,000
- Doesn’t allow co-signers or co-borrowers
Loan uses:
- Debt consolidation
- Medical expenses
- Educational expenses
Possible Finance
Possible Finance is an online lender specializing in serving borrowers with poor or no credit. Their loans feature two-month repayment plans compared to payday lenders’ immediate demands that payments must be made before payday arrives. Though their annual percentage rates (APRs) may be higher than typical payday or title loan APRs, they still offer competitive interest rates for consumers who require loans quickly.
| Financial Service | Loan Amounts | APR Range | Minimum Credit Score |
|---|---|---|---|
| Possible Finance | Up to $500 | 150% to 200% | None |
Pros & Cons
| Pros | Cons |
|---|---|
| Available to borrowers with bad or no credit | High interest rates |
| Two-month loan term | Not available in all states |
| Payments reported to two of the three major credit bureaus | May charge an origination fee |
Details
Eligibility: Possible Finance provides loans in Alabama, California, Delaware, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan Mississippi Missouri Ohio Oklahoma Rhode Island South Carolina Tennessee Texas Utah, or Washington. There is no requirement regarding your past credit history to access its loans; lending options can be made available even to borrowers with poor or no history.
Loan Uses: Possible Finance does not disclose its loan usage restrictions, however, you can generally use personal loans for any legal personal expense that meets their criteria; some lenders do not permit funds for business use or secondary education purposes.
Turnaround Time: Funds may be disbursed within minutes depending on the lender.
OppLoans
OppLoans offers large loans of up to $4,000 to those with no or damaged credit. While their APRs may be higher than payday or title loans, OppLoans offers loan terms of up to one and a half years with no origination or late fees charged.
| Feature | Details |
|---|---|
| Loan amounts | $500 to $4,000 |
| APR range | 160% to 179% |
| Minimum Credit Score | None |
Pros & Cons
| Pros | Cons |
|---|---|
| No minimum credit score | High APRs |
| Large loan amounts for no-credit-check loans | Must be paid through direct deposit to qualify (unless you’re a resident of New Mexico) |
| Fast funding | Not available in every state |
