Getting approved for a personal loan

By Matt Mayerle
Modified on June 7, 2023
getting approved for a personal loan

Depending on the type of loan you choose, and your credit score, getting approved for a personal loan may be a complicated process. There are so many different types of personal loans out there and they all carry different terms, conditions, and interest rates. But CreditNinja has you covered. 

Below is a guide to personal loans, and how to get one even if you have poor credit! 

What Is a Personal Loan?

A personal loan is any loan meant for personal expenses, rather than business or commercial expenses. They come in many different forms, each with its own specific purposes. Here are a few of the most common personal loans you may come across:

Personal Installment Loans

A personal installment loan is an unsecured loan (doesn’t require collateral) that many borrowers use to pay for unexpected expenses. They’re a good alternative to high-cost payday or title loans because you can typically borrow more money and pay it back over a longer amount of time. 

Auto Loans

An auto loan allows borrowers to purchase a vehicle even if they don’t have enough cash on hand. You can get an auto loan through the dealership, or through a bank or other financial institution. Borrowers typically pay them off over the course of about five years. 


A mortgage is a loan for buying a house. These are some of the largest personal loans available because houses are very expensive. They typically last 15 or 30 years, and the interest rates fluctuate based on the housing market. 

Student Loans

This is a loan for higher education like college or trade school. These loans tend to carry low interest rates. You can get student loans through the government, or from private lenders like banks or other financial institutions. 

How to Get Approved for a Personal Loan

Any personal loan will have a few things in common when it comes to the application process. First, you’ll find a loan and a lender that suits your needs. The next step is filling out an application. Some lenders now offer online applications, so you don’t need to go to a storefront location to apply. 

After applying, the lender will let you know whether or not you’re approved. Below are some common requirements for personal loans: 

  • You’ll need to meet the lender’s requirements for credit scores. Depending on the loan, you may need a decent-to-good credit score to be approved.
  • You’ll need to be of a certain age, depending on the laws where you live. 
  • You may need to meet certain income requirements. 
  • You may need to have direct deposit, in case that’s how they deposit your money. 

How to Get Approved for a Loan With No Credit

Unfortunately, there are many people that don’t have a credit score. Whatever the reason is that you don’t have one, rest assured that you can still get a personal loan. 

If you don’t have a credit score but still need money quickly, it’s going to take some extra research and hard work. You’ll need to find a lender that is still willing to work with you. Your best bet will be to find a lender that considers more than just your credit score, like your employment history and current income.

Even if you do find a lender and loan, you’ll likely face high interest rates and fees. Since the lender can’t confirm your creditworthiness through a credit check, they may decide to charge more for a loan.1 

Getting a Personal Loan With Bad Credit

Getting approved for a personal loan might be easier with poor credit, compared to no credit at all. But the same rule applies: you’ll likely face higher interest rates, and less favorable terms and conditions. 

If you’re in this situation, it will require a decent amount of research to find the right loan and a trustworthy lender. There are a lot of predatory lenders out there that rely on charging borrowers with poor credit scores extremely high interest rates and fees. 

Luckily, CreditNinja is here to help. Our personal installment loans help borrowers with less-than-perfect credit get the cash they need in emergency situations. So you won’t need a stellar credit history to be approved for a CreditNinja loan. 

Apply online today for personal installment loans, and get the cash you need to get your life back on track!



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