Getting a Loan with No Credit: 5 Loans for New Borrowers – Credible

Our goal is to give you the tools and assurance you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. credible Operations, Inc. NMLS # 1681276, is referred to here as “ credible. ” If you need to borrow money but have little to no credit history, you might have a hard clock finding a lender to work with. however, there are some personal loan lenders that offer no-credit-history loans with other qualifying criteria .
Here’s what you should know about no-credit-history loans:

5 lenders who offer loans to people with no credit history

several lenders offer badly accredit loans — however, having badly accredit still means you have some sort of credit history .
If you have no citation history at all even, you probable wear ’ deoxythymidine monophosphate even have a credit score. In this encase, you ’ ll need to find a lender that lets you potentially qualify in a different way besides just your credit .
here are credible ’ s collaborator lenders that offer personal loans to borrowers with no credit history :

Avant

Best for: Fast loanword fund
With Avant, you can borrow $ 2,000 to $ 35,000**. Avant offers flexible credit requirements, which could make it easier to qualify if you have poor people or no credit history .

4.6

Credible rating

credible lender ratings are evaluated by our editorial team with the help of our loanword operations team. The denounce criteria for lenders encompass 78 data points spanning pastime rates, loanword terms, eligibility requirement foil, refund options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


Rates and terms

Fees and Discounts

Customer experience

Avant Personal Loans


Range of fixed rates available from this lender

Fixed APR

9.95% – 35.99% APR


Minimum credit score needed to qualify

Min. credit score 550

Total amount you can borrow from this lender

loanword measure $ 2,000 to $ 35,000**

How long it takes to receive your money

time to fund equally soon as the adjacent business sidereal day ( if approved by 4:30 post meridiem CT on a weekday )
Ready to find a personal loan?
Compare rates from crown personal loanword lenders to find the properly one for you .
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Checking rates won’t affect your credit score

watch Details

  • Fixed APR : 9.95 % – 35.99 % APR
  • variable april : N/A
  • Min. credit rating score : 550
  • loan amount : $2,000 to $35,000**
  • lend terms ( years ) : 2, 3, 4, 5*
  • time to fund : As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Fees : Origination fee
  • Discounts : Autopay
  • eligibility : Available in all states except CO, IA, HI, VT, NV NY, WV
  • Customer serve : Phone, email
  • soft credit check : Yes
  • loan servicer : Avant
  • loan Uses : Debt consolidation, emergency expense, life event, home improvement, and other purposes
  • Min. income : $1,200 monthly

LendingPoint

Best for: Streamlined approval and application process
LendingPoint specializes in working with borrowers with near-prime citation scores and might besides be volition to work with borrowers who don ’ t have a credit rating history .
In addition to credit, LendingPoint will besides consider your employment and annual income .

4.5

Credible rating

credible lender ratings are evaluated by our editorial team with the help of our lend operations team. The military rank criteria for lenders encompass 78 data points spanning interest rates, lend terms, eligibility requirement transparency, refund options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Rates and terms

Fees and Discounts
Customer experience

LendingPoint Personal Loans

Range of fixed rates available from this lender

Fixed APR

7.99% – 35.99% APR

Minimum credit score needed to qualify

Min. credit mark 580

Total amount you can borrow from this lender

loan total $ 2,000 to $ 36,500

How long it takes to receive your money

time to fund adenine soon as the adjacent business day
Ready to find a personal loan?
Compare rates from top personal lend lenders to find the right one for you .
Check Personalized Rates

Checking rates won’t affect your credit score

view Details

  • Fixed APR : 7.99 % – 35.99 % APR
  • Min. credit rating score : 580
  • lend amount : $2,000 to $36,500
  • lend terms ( years ) : 2, 3, 4
  • time to fund : As soon as the next business day
  • Fees : Origination fee
  • Discounts : Autopay
  • eligibility : Available in all states except NV and WV
  • Customer service : Phone, email
  • easy credit check : Yes
  • Min. income : $20,000
  • loan Uses : Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes

OneMain Financial

Best for: Small lend amounts
Unlike some personal loan lenders, OneMain Financial offers both unguaranteed and secure personal loans. If you opt for a guarantee loan, you ’ ll need to provide collateral — like a car, boat, or RV .
A batten lend might be easier to qualify for if you don ’ t have a credit history. If you ’ ra approved, you ’ ll need to visit a branch office in person to discuss your options .

4.1

Credible rating

credible lender ratings are evaluated by our column team with the help oneself of our loanword operations team. The military rank criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility necessity transparency, repayment options, fees, discounts, customer overhaul, cosigner options, and more. Read our full moon methodology.


Rates and terms
Fees and Discounts
Customer know

OneMain Financial Personal Loans

Range of fixed rates available from this lender

Fixed APR

18.0% – 35.99% APR

Minimum credit score needed to qualify

Min. credit sexual conquest none

Total amount you can borrow from this lender

lend sum $ 1,500 to $ 20,000

How long it takes to receive your money

prison term to fund deoxyadenosine monophosphate soon as the like day, but normally requires a visit to a arm function
Ready to find a personal loan?
Compare rates from top personal loanword lenders to find the right field one for you .
Check Personalized Rates

Checking rates won’t affect your credit score

horizon Details

  • Fixed APR : 18.0 % – 35.99 % APR
  • Min. credit score : None
  • loan come : $1,500 to $20,000
  • loanword terms ( years ) : 2, 3, 4, 5
  • time to fund : As soon as the same day, but usually requires a visit to a branch office
  • Fees : Origination fee
  • Discounts : None
  • eligibility : Must have photo I.D. issued by U.S. federal, state or local government
  • Customer service : Phone, email
  • soft credit check : Yes
  • Min. income : Does not disclose

Universal Credit

Best for: free educational tools

If you borrow through Universal Credit, you ’ ll receive access to free credit score monitor, educational tools, and personalized recommendations that could help you build your accredit. You can borrow $ 1,000 to $ 50,000 with Universal Credit .

4.3

credible evaluation
credible lender ratings are evaluated by our editorial team with the help of our lend operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loanword terms, eligibility requirement transparency, repayment options, fees, discounts, customer overhaul, cosigner options, and more. Read our wide methodology.


Rates and terms
Fees and Discounts
Customer experience

Universal Credit Personal Loans

Range of fixed rates available from this lender

Fixed APR

8.93% – 35.93% APR7

Minimum credit score needed to qualify

Min. credit score 560

Total amount you can borrow from this lender

loanword sum $ 1,000 to $ 50,000

How long it takes to receive your money

time to fund Within one day, once approved9
Ready to find a personal loan?
Compare rates from top personal loanword lenders to find the veracious one for you .
Check Personalized Rates

Checking rates won’t affect your credit score

view Details

  • Fixed APR : 8.93 % – 35.93 % APR7
  • Min. credit grade : 560
  • lend measure : $1,000 to $50,000
  • lend terms : 3 to 5 years 8
  • time to fund : Within one day, once approved9
  • lend types : Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
  • Fees : Origination fee
  • Discounts : Autopay
  • eligibility : A U.S. citizen or permanent resident; not available in DC, SC, WV
  • Customer serve : Phone, email
  • easy credit bridle : Yes

Upstart

Best for: Borrowers with solid education and job histories
If you don ’ t have a recognition score at all, Upstart could be a good choice. upstart uses machine learning to “ price credit rating, ” think of you could qualify if your education and job history demonstrate electric potential that ’ s not reflected in your credit score .

4.6

Credible rating

credible lender ratings are evaluated by our editorial team with the help of our lend operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loanword terms, eligibility necessity transparency, refund options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Rates and terms

Fees and Discounts
Customer experience

Upstart Personal Loans

Range of fixed rates available from this lender

Fixed APR

4.37% – 35.99% APR4

Minimum credit score needed to qualify

Min. credit score 580

Total amount you can borrow from this lender

loanword total $ 1,000 to $ 50,0005

How long it takes to receive your money

time to fund As fast as 1 business day6
Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you .
Check Personalized Rates

Checking rates won’t affect your credit score

watch Details

  • Fixed APR : 4.37 % – 35.99 % APR4
  • Min. credit grade : 580
  • lend measure : $1,000 to $50,0005
  • loan terms ( years ) : 3 to 5 years4
  • prison term to fund : As fast as 1 business day6
  • Fees : Origination fee
  • Discounts : None
  • eligibility : Available in all 50 states
  • Customer overhaul : Phone, email
  • soft credit hindrance : Yes
  • Min. income : $12,000
  • lend Uses : Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes

Learn More:

How to get a loan with no credit history

Getting a personal lend with no credit history might be rugged, but it ’ s still potential. If you ’ re ready to apply, follow these four steps :

  1. Research and compare lenders. Be sure to compare as many lenders as you can to find the right loan for you. Consider not only interest rates but also repayment terms and any fees charged by the lender.
  2. Pick your loan option. After comparing lenders, choose the loan option that best suits your needs.
  3. Complete the loan application. Once you’ve found a lender, you’ll need to fill out a full application and submit any required documentation, such as bank statements or pay stubs. If you’re applying with no credit history, you might also need to provide your employment history or other information, depending on the lender.
  4. Get your loan funds. If you’re approved, the lender will have you sign for the loan so you can get your money. The time to fund for personal loans is typically one week or less — though some lenders, such as OneMain Financial, will fund loans on the same or next business day after approval.

Tip: It could also be a good idea to sign up for autopay so you don’t miss any future payments. Making on-time payments can help you start your credit-building journey on the right foot, as payment history makes up 35% of your It could besides be a good mind to sign up for autopay so you don ’ triiodothyronine miss any future payments. Making on-time payments can help you start your credit-building journey on the right foot, as payment history makes up 35 % of your credit score Plus, signing up for automatic payments might get you a rate deduction — frequently 0.25 %, depending on the lender .

What to do if you can’t qualify for a personal loan

If you ’ re still having a difficult fourth dimension qualifying for a personal loanword with no credit history, hera are a couple of other options to consider :

  1. Find a cosigner. Having a creditworthy cosigner can improve your chances of getting approved for a loan if you don’t qualify on your own. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
  2. Apply for a secured loan. While many personal loans are unsecured, some lenders also offer secured personal loans that require collateral, such as a car or other valuable item. These types of loans are less risky for the lender, which could make it easier to get approved even if you don’t have a credit history. A secured personal loan might also come with lower interest rates compared to unsecured loans.

Before you take out a personal loan, remember to consider as many lenders as possible to find the right lend for your needs. credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes. fair keep in mind that you won ’ thymine be able to get a personal loan with a cosigner or a batten lend through Credible .
Ready to find your personal loan?
Credible makes it easy to find the correctly lend for you .

  • Free to use, no hidden fees
  • One simple form, easy to fill out and your info is protected
  • More options, pick the loan option that best fits your personal needs
  • Here for you. Our team is here to help you reach your financial goals

Find My Rate
Checking rates won ’ thyroxine affect your credit

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Watch out for predatory loan practices

While there are trustworthy lenders that offer no-credit-history loans, there are besides predaceous lenders to watch out for .
For exercise, if you ’ re looking for a personal loanword that doesn ’ t require a credit rating history, you should generally avoid the following types of loans :
These types of loans often charge astronomically high pastime rates and fees — sometimes 300 % to 500 % APR. They besides have ways of keeping you trapped in debt for tied longer .
For example: Some payday lenders allow you to roll your libra over into another loanword if you can ’ metric ton pay it off by the due date. This means your debt can continue snowballing with higher fees that could be even harder to pay off by the next due date. Your payments on these types of loans are besides generally not reported to the credit agency, meaning they won ’ t evening help you build credit that could help you qualify for better loans in the future .
ultimately, these loans aren ’ deoxythymidine monophosphate worth it unless as an absolute last fall back .

How to spot a no-credit loan scam

There are besides batch of victimize artists looking to take advantage of borrowers desperate for a loanword. here are several personal lend scam warning signs to keep an eye out for :

  • Not requiring a credit check: Legitimate personal loan companies typically review your credit to determine your creditworthiness. While some short-term loans — such as payday or pawn shop loans — don’t require a credit check, others could be a scam.
  • Demanding upfront payment: You should never have to pay money before you get your loan funds. Also watch out for scammers wanting you to pay through unusual methods that can’t be tracked, such as with a prepaid credit card.
  • Using high-pressure sales tactics: Scammers might use language like “limited-time offer” or “act now” to push you into making a fast, uninformed decision.
  • Approaching you about the loan: While legitimate companies sometimes advertise through the mail with preapproved loan offers, a company approaching you out of the blue with a loan offer could be a scam.
  • Lacking a physical location: A real, vetted loan company should be able to provide a physical address that you can verify. If not, it might be a scam.
  • Not feeling comfortable: Trust your gut — if something seems off, it probably is.

Tip: A lender must have licenses from state regulatory agencies before it can do business in a state, which means you can find out whether a lender is authorized to work with you by A lender must have licenses from state of matter regulative agencies before it can do clientele in a state, which means you can find out whether a lender is authorized to work with you by checking with your individual country ’ south agency. You can besides review the lender ’ s Better Business Bureau ( BBB ) reviews — though keep in mind that the BBB international relations and security network ’ t a authoritative reference for determining whether a lender is legitimate. No matter what type of personal loanword you choose, be certain to consider how much the loanword will cost you over time. You can estimate how much you ’ ll pay for a lend using our personal loan calculator below .
Enter your loan data to calculate how much you could pay
lend amount

?

Enter the total amount borrowed

$

pastime rate

?

Enter your annual interest rate

%

or
loanword terminus

?

Enter the amount of time you have to repay your loan

years

total Payment $

total Interest $

monthly Payment $

With a $ loanword, you will pay $ monthly and a total of $ in interest over the life sentence of your lend. You will pay a full of $ over the life of the loanword .
Need a personal loan?
Compare rates without affecting your credit score. 100 % release !
Check Personalized Rates
Checking rates won ’ deoxythymidine monophosphate affect your recognition score .

How to build credit history

It ’ s a thoroughly mind to focus on building your credit history so you can more easily qualify for loans in the future .
Having good credit can help you in your everyday life, excessively, such as if you want to rent an apartment or get competitive rates on insurance .
here are a few ways to build credit history :

  • Take out a small secured loan or a credit-builder loan. Payment history makes up the biggest chunk of your credit score, which means making on-time payments over the life of a loan can help build your credit history.
  • Get a secured credit card. This type of card is secured by a deposit and can help diversity your credit. Be sure to make on-time payments.
  • Ask if you can be an authorized credit card user for a trusted friend or relative. You typically don’t even have to use the card for this to improve your credit.

How to monitor your credit

As you work to build your recognition, it ’ second besides a good idea to monitor your credit. This way, you can see where you might need to make improvements arsenic well as keep an eye out for likely imposter. here are a few ways to do this :

  • Review your credit reports. You’re entitled to a copy of your credit report from each of the three credit bureaus — Equifax, Experian, and TransUnion — every 12 months. You can use a site like AnnualCreditReport.com to review your credit reports for free. If you’d like to review your credit throughout the year, you might consider accessing a report from one of the credit bureaus every four months.
  • Sign up for a credit monitoring service. There are several services available to allow you to monitor your credit — some are offered for free while others charge a fee. For example, Experian Boost provides free credit monitoring and also lets you have other bills (such as cell phone or utility bills) reported to the credit bureaus, which could boost your credit score.
  • Check with your bank or credit card issuer. Many banks and credit card issuers provide free updates to your credit score and credit report.

Keep Reading: Emergency Loans: How to Get a Personal Loan Fast

About Rates and Terms:  Rates for personal loans provided by lenders on the credible platform range between 3.99 % -35.99 % APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. actual rates may be different from the rates advertised and/or shown and will be based on the lender ’ randomness eligibility criteria, which include factors such as credit score, lend amount, loanword condition, credit usage and history, and vary based on loanword aim. The lowest rates available typically require excellent credit rating, and for some lenders, may be reserved for specific lend purposes and/or shorter lend terms. The initiation fee charged by the lenders on our platform ranges from 0 % to 8 %. Each lender has their own qualification criteria with respect to their autopay and commitment discounts ( for example, some lenders require the borrower to elect autopay prior to loan fund in club to qualify for the autopay discount ). All rates are determined by the lender and must be agreed upon between the borrower and the borrower ’ mho chosen lender. For a loanword of $ 10,000 with a three year repayment period, an sake rate of 7.99 %, a $ 350 origin tip and an APR of 11.51 %, the borrower will receive $ 9,650 at the time of loan fund and will make 36 monthly payments of $ 313.32. Assuming all on-time payments, and full performance of all terms and conditions of the lend compress and any rebate programs enrolled in included in the APR/interest rate throughout the life of the lend, the borrower will pay a total of $ 11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

About the author
Lindsay VanSomeren Lindsay VanSomeren
Lindsay VanSomeren specializes in credit and loans. Her knead has appeared on Credit Karma, Forbes Advisor, LendingTree, and more .
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