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If you are one of the 26 million people who are “credit invisible”—meaning your credit history is so limited you don’t have a credit score—qualifying for a personal loan can be challenging. Most personal loan companies perform credit checks and have strict credit score requirements, making it difficult for those with poor credit or no credit history to get a loan.
Some lenders advertise personal loans for those with no credit history. Generally, they use alternative factors, such as your bank account statements or education, to determine your eligibility for a loan. Whether you need money to cover your bills until payday or want to consolidate high-interest credit card debt, the best personal loans with no credit check may help.
Best Personal Loans With No Credit Check of 2023
| Company | APR | Credit Score est. | Loan Amount | More Details | |
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Personal loans for no credit score are generally expensive forms of debt; taking out a loan through a lender specializing in personal loans for those with bad credit may be a better option.
Best Overall : Upstart
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- APR Range: 4.60% - 35.99%
- Loan Amount: $1,000 - $50,000
- Loan Terms: 36 months - 60 months
Disbursements as soon as the next business day
Higher approval rates than other lenders
Loans up to $50,000
Potentially high origination fee
Higher-than-average APR
Doesn’t allow co-signed or joint applications
Whether you have poor credit or no credit history, Upstart is our choice as the best lender without traditional credit checks. Upstart has a minimum credit score of just 300 (the lowest possible score), and it also accepts applicants with insufficient information to generate a credit score.
Upstart’s artificial intelligence (AI) marketplace uses non-conventional variables, including education and employment, to review loan applications. According to the company, about 75% of its loans are fully automated, and its model approves about 43% more borrowers than traditional credit score-based models.
Although you may be more likely to qualify for a loan through Upstart than with other lenders, you should be aware that it charges origination fees as high as 10%. And unlike lenders that cater to those with poor credit or no credit, Upstart doesn’t allow applicants to apply with a co-signer or joint applicant.
To qualify for a personal loan through Upstart, you must meet the following requirements:
- You must have a U.S. residential street address (military personnel on active duty are not required to have a U.S. residential street address).
- You must be at least 18 years old.
- You must have a valid email account.
- You must have a valid Social Security number.
- You must have a verifiable source of income, such as a full- or part-time job, a job offer with a start date within the next six months, or another source of income.
- You must have a U.S. bank account with a routing number.
- You must live in a state where Upstart is licensed to issue loans; residents of West Virginia or Iowa aren’t eligible.
You can use an Upstart loan for a wide range of purposes, including:
- Car repairs
- Debt consolidation
- Medical expenses
- Tuition at eligible coding bootcamps
- Weddings
Best for Bank Statement Verification : Fig Loans
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- APR Range: 35.99% - 211.00%
- Loan Amount: $50 - $500
- Loan Terms: 1 Month - 6 Months
Same-day loan disbursements
No hard credit inquiries
Loan decisions based on bank statements
No late fees
APRs in the triple digits
Only available in seven states
Short repayment terms
Fig Loans is an option for those without credit scores because it doesn’t perform hard credit inquiries. Instead, it uses your recent bank statements and banking activity to determine your eligibility for a loan. If you have no credit but are employed and have a positive bank balance, you may qualify for a loan from Fig Loans.
Although Fig Loans doesn’t check your credit reports with a hard inquiry, it does report payment activity to the major credit bureaus. As you make payments on your loan, your timely payments can help you establish your credit history.
Fig Loans has much higher annual percentage rates (APRs) than you’ll see from typical personal loans. In fact, its APRs can be well into the triple digits (take note that loan terms will vary depending on your state of residence). However, it can still be an alternative to payday loans, which tend to have shorter repayment terms and sky-high APRs.
Fig Loans requires the following from applicants:
- A valid Social Security number
- Three months of bank statements with evidence of direct deposits
- A positive bank balance
- A phone that can receive text messages
- Photo identification, such as a driver’s license
Fig Loans is only available in seven states: California, Florida, Illinois, Missouri, Ohio, Texas, and Utah.
Although personal loans with no credit checks can have high APRs, they can still be useful alternatives to payday loans. Payday loans usually have extremely short repayment terms—often just two weeks—and typically have fees that equate to an APR of nearly 400%.
Best for Alternative Credit Check : OppLoans
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- APR Range: 59.00% - 160.00%
- Loan Amount: $500 - $4,000
- Loan Terms: 9 months - 18 months
No hard credit inquiries
Same-day loan funding
Reports to the major credit bureaus
APRs in the triple digits
Short repayment terms
Only issues loans in four states
Although OppLoans does utilize credit checks, it doesn’t perform hard credit inquiries. Rather than traditional credit checks, which can damage your credit scores, OppLoans uses credit report information from Clarity Services and Experian. Its credit inquiries have no impact on your FICO and VantageScore credit scores, nor do they appear on your credit reports with the major credit bureaus.
OppLoans does report account information to the major credit bureaus, so making all of your payments on time will allow you to establish or improve your credit history. And OppLoans may disburse your loan funds as soon as the same day you apply.
OppLoans’ personal loans can have very high interest rates, with its APRs reaching into the triple digits. And its loans usually have repayment terms of 18 months or less, so make sure you can comfortably afford your monthly payments before taking out a loan.
OppLoans is only available to residents of the following states:
- Alabama
- Georgia
- Nevada
- Wisconsin
If you live in another state, you may be eligible for a loan from one of OppLoans’ lending partners; its partners issue loans in 30 states.
To qualify for an OppLoans personal loan, you must meet the following requirements:
- You must be at least 18.
- You must have a valid U.S. bank account.
- You must have a regular source of income.
- You must receive your income via direct deposit.
Compare the Best Personal Loans With No Credit Check of 2023
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Final Verdict
Whether you have poor credit or no credit history at all, personal loans with no credit history requirements can be appealing. Upstart is the best overall pick because of its wide range of loan amounts and longer repayment terms, and its AI-based platform has higher approval rates than traditional personal loan lenders.
For those who need smaller amounts of money right away, Fig Loans and OppLoans may be good choices. They have higher APRs, but some borrowers can get money as soon as the same day they apply—you’ll just have to live in one of the few eligible states.
Personal loans that don’t require credit checks can have much higher APRs than other loan options. If you cannot qualify for a traditional personal loan because of your credit, consider a co-signed personal loan; adding a co-signer will improve your chances of qualifying for a loan.
What to Know About Personal Loans With No Credit Check
If you don’t have a credit score and are considering a personal loan with no credit check, there are some downsides to consider:
- Higher APRs: Personal loans with no credit check tend to have much higher APRs than traditional personal loans. Their rates can be well into the triple digits, so you should only use them as a last resort after exhausting other options.
- Shorter repayment terms: Personal loans with credit checks can have repayment terms as long as seven years or more. By contrast, personal loans for individuals without credit histories have much shorter terms. Most of these loans must be repaid within a few weeks or months, so your payments will be much higher.
- Less availability: Personal loans without credit checks are less common than traditional personal loans, so finding a reputable lender within your state can be difficult.
How to Get a Personal Loan With No Credit Check
When you apply for a typical personal loan, you submit information about your income, employment and intended loan use. You must also consent to a hard credit check, which can affect your credit.
Personal loans with no credit checks work differently. Lenders that provide these loans use other variables, such as bank statements or education, to determine your eligibility for a loan.
You may have to provide more forms of documentation, such as bank statements or pay stubs, and you should be prepared for shorter loan terms and higher APRs.
Alternatives to No Credit Check Loans
Personal loans that don’t require credit checks are an expensive form of credit. Before utilizing them, consider these alternatives:
- Secured loans: Secured loans, such as those that use your car as collateral, are a useful choice if you have less-than-perfect credit. Because the loan is backed by collateral, you’re more likely to qualify for a loan and get a lower rate than with an unsecured loan.
- Bad credit loans: Bad credit loans are loans for people with credit in the poor to fair range, meaning a score between 300 and 669. They have higher-than-average APRs, but their rates will likely be lower than you’d get with no credit check loans or payday loans.
- Credit union loans: Some credit unions have personal loans specifically designed for people with poor credit or no credit facing emergency expenses. They usually have lower APRs than you’d find with other lenders and less stringent eligibility requirements. You can find a local credit union by using the National Credit Union Administration’s locator tool.
- Co-signed loans: Some lenders allow you to apply with a co-signer (someone with good credit and a source of income). Co-signed loans may improve your chances of qualifying for a traditional personal loan, or qualifying with better rates.
- Buy now, pay later (BNPL) apps: BNPL apps allow you to complete purchases right now and spread your payments over weeks or months. Depending on the app and the merchant you choose, the APRs and fees can be quite low.
- Cash advance apps: If you’re currently employed and need a relatively small amount of money to pay for an emergency expense, apps like Earnin or Dave allow you to get an advance of your next paycheck. You can get as much as $500 in most states with no credit checks or interest charges.
Frequently Asked Questions
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What's the Highest Loan You Can Get With No Credit Check?
Loans without credit checks tend to have low loan maximums; in general, lenders restrict you to $750 or less. However, lenders like Upstart, which use alternative approval models, may offer higher loan maximums. Upstart offers loan amounts as high as $50,000.
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How High Are Interest Rates for Loans With No Credit Checks?
The APRs for loans without credit checks tend to be significantly higher than traditional personal loans. Personal loans for those with no credit scores can have triple-digit interest rates.
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What Kind of Fees Do Loans With No Credit Checks Have?
Personal loans for individuals without credit histories often have origination fees, which lenders charge when they disburse the loans. The fee may be added to or subtracted from the loan balance, and it can be as high as 10% of the loan amount. They may also have late fees that are charged whenever you miss a payment due date.
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Do Personal Loans With No Credit Checks Have Guaranteed Approval?
No, personal loans without credit checks don't provide guaranteed approval. You can be denied because of insufficient income, lack of banking activity, unemployment, identify verification problems, and other reasons.
Methodology
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected hundreds of data points across more than 40 lenders, including interest rates, fees, loan amounts, and repayment terms, to ensure that our reviews help users make informed decisions for their borrowing needs.
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