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.
