Is it possible to get a loan with no credit?

When lenders approve borrowers for loans, they will usually take a look at the applicant’s credit score. Depending on that credit score, the lender will decide if the applicant is approved, as well as what kind of loan amounts, interest rates, and payback schedules they may be able to offer a borrower. While some lenders may immediately reject an application if they see the applicant has no credit or poor credit, there are other more accommodating lenders who are willing to accept borrowers with just about any credit score. 

Personal installment loans from a direct lender are one of the most accessible types of loans for people with good, bad, or even no credit. Furthermore, the approval and funding process for these types of loans is known for being extremely fast, meaning you could have the money you need in your bank account in just one business day or less! 

To apply for a personal loan, head over to the lender’s website and fill out a brief online inquiry. This inquiry form will ask some basic questions about your finances, as well as how much funding you are looking to get. After completing the initial inquiry, the lender will inform you of your approval status. 

If approved, the lender will request a few pieces of documentation from you. These documents are used to confirm the information given on your initial inquiry form. 

The documentation required for most personal loans are: 

  • Government-issued photo identification — Something like a driver’s license, passport, or state-issued ID. 
  • Bank account information — Such as your bank account number and your routing number. 
  • Proof of income — Such as a paystub, bank statement, tax return, etc.  
  • Proof of residency — You can use a lease, mortgage, or another piece of important mail with both your name and address on it. 

After your lender processes your documents, they will give you a loan contract to sign. This agreement will have all of your loan details, such as your funding amount, interest rates, and payback schedule. If you don’t have any questions, sign your contract so you can get your money!

Other Frequently Asked Questions