Who will give me a loan when no one else will (2024)

If you have a poor credit score, you may have found it challenging to get approved for loans. When looking for a direct lender, finding a company that can offer you a reasonable monthly payment and manageable interest rate is essential. Repayment terms that fit your goals should also be a priority. If you’ve been wondering “who will give me a loan when no one else will?” then you’ve come to the right place!

It’s important to keep in mind that having a low credit score, may lead to limited options for trustworthy lenders. But don’t fret, there are safe options out there.

Credit check loans based on financial history can make it highly stressful for people with poor credit scores to find money. People with bad credit scores may find that certain lenders won’t approve them. A traditional bank or credit union may be unwilling to grant emergency loans to people with a bad credit score since these kinds of applicants are considered high risk. But, know that if you have a poor credit score, there are still small loan options available.

While it can be easier to get a loan when you have a higher credit score or steady income, there are still plenty of ways to get the cash you need for those times when there’s just not enough in your savings account.

What Are My Options for Bad Credit Loans?

Suppose you’re dealing with a series of unexpected expenses. Or maybe you lost your job and can’t pay bills. In that case, you’re probably looking for a quick short-term loan to put some extra cash in your bank account. Thankfully, those with bad credit scores have a few different loan options:

Online Personal Installment Loans

Short-term personal loans could be a great option for getting a loan without a good credit score. Personal loans can come with convenient monthly payments and personalized loan terms. This convenience can make personal installment loans a great funding solution for people looking to consolidate credit card debt and work with reliable lenders.

Personal loans can also come with fixed interest rates. This means you don’t have to worry about your emergency loan monthly payments changing on you every month.

Peer-to-Peer Lending

Instead of offering emergency loans directly, there are loan companies that simply connect borrowers to online lenders who can offer loan terms and interest rates that fit their unique financial situation.

However, these places usually require a credit report, so you may not be paired with your preferred lender unless you have good credit.

Car Title Loans

Some bad-credit borrowers turn to title loans. How much money you could get with this type of bad credit loan depends on the equity in your vehicle and your source of steady income. However, before you sign your contract, take a good look at your title loan agreement. If you fail to make payments on your title loan, your lender could not only charge you extra loan fees but they can also repossess your vehicle.

The risk of losing your only mode of transportation makes these secured loans a very risky option.

Borrow Money From a Friend or Family Member

Suppose you don’t want to deal with financial institutions at all. In that case, you could consider asking a trusted friend or close family member for a short line of credit. Be careful when choosing this option instead of going with an actual lender, however.

While a friend may not charge you origination fees or require a high credit score, mixing finances into a personal relationship is a serious decision. You may want to consider a no-credit-check loan option. Another alternative would be to ask your employer for a paycheck advance.

Alternatives to Credit Check Online Loans

If you have bad credit, you may be looking for a way to get emergency loans without having to go through a credit check. No-credit-check loan options like pawning something or getting a cash advance don’t require a credit score at all. Also, they can be a way to get the cash you need if you’re having trouble finding loan approval.

Pawnshop Loans

If you’re looking to get a short term loan without a savings account or having to give anybody your bank account information, you might be considering a pawn loan. An alternative to a credit line and online lenders, pawn loans are a way to get money in exchange for a valuable piece of property.

Depending on the value of the item you intend on offering to the pawnshop, a pawn loan pretty much comes with guaranteed approval. But, be willing to part with whatever you offer for your pawn loan because if you don’t repay the loan, they can sell your item.

Payday Loans

Another type of emergency loan that almost always comes with guaranteed approval is a payday loan. However, before you choose a risky loan like this, make sure you have enough money to pay back your emergency loan within a week or so. Otherwise, you could be stuck with astronomical interest rates that make staying out of debt extremely difficult.

Credit Card Cash Advance

If you have a credit card, you may want to consider using it for your financial needs instead of looking into different lenders for a loan. Instead of going with a bank or credit union, your credit card could allow you to get the cash advance loans you need without having to go through credit checks. Be careful with the interest rates on a credit card, though; they can easily cause your balance to get out of control, making you fall deeper into debt.

Payday Loans vs. A Personal Loan: What’s Better for Bad Credit Scores?

Two of the most popular ways for people to get emergency loans with bad credit are a payday loan or a personal loan. While these kinds of loans don’t require a great credit history to get guaranteed approval, there are some significant differences you should be aware of.

Looking at the loan terms, you could get a much better deal if you went with a personal loan. Payday loans usually require the borrower to pay back their loan in full at the time of their next paycheck. Suppose you don’t pay back your payday loan in full within a relatively short period of time. In that case, extremely high-interest rates could kick in and make your payments even harder to keep up with. When you’re already in the middle of a financial crisis trying to get a loan, the last thing you want to deal with is a loan that makes your life more difficult.

Personal loans, on the other hand, can come with much more reasonable terms and rates. Even with a less-than-perfect credit score, you can still get a great deal on a personal loan when you work with the right lender. Such lenders will look at your personal financial situation and give you terms and rates on your bad credit loan that work for your budget.

Because of the competitive rates and manageable terms they can offer, people looking for emergency loans with bad credit often turn to private personal lenders.

How Will Personal Loans Affect My Credit Score?

Essentially, taking out any sort of loan has the ability to affect your credit score, including funding from private personal lenders. In general, the major credit bureaus use five different factors to determine a person’s credit score. These are credit history, amounts owed, length of credit, kinds of credit, and newly acquired credit.

When you get a personal loan, online lenders will do what is called a hard credit check. A hard credit check has the potential to affect the newly acquired credit category that contributes to your credit score. Apply for too many loans without receiving approval and the hard credit checks can start to have a negative effect on your credit history. That’s why you want to make sure you go with a personal lender who understands the financial situation that you’re in.

Furthermore, when you are approved for your personal loan and make payments on it, you’ll begin to establish a payment history. If you stay on top of paying back your loan and don’t miss any payments, your payment history could start to affect your credit score positively! Also, since lenders charge late fees when you repeatedly miss payments, you’ll be keeping more money in your bank account when you make all your loan payments on time.

If you can build your credit score over time, learn how to stop overspending, and manage your finances wisely, you’ll end up with more options for loans in the future.

When it feels like no one will give you a loan, rest assured that there are financial options available.And if you’re in a real financial bind, consider some of these emergency hardship financial aid options!

Who will give me a loan when no one else will (2024)


What to do if no one will lend you money? ›

If you need the money now, there might be other ways to borrow, such as credit unions, employer salary advance schemes or Community Development Finance Institutions. But it's important to avoid being tempted to take out high-cost credit that you might be able to get but would struggle to afford, such as payday loans.

How can I get a loan if no one will approve me? ›

Ask Someone To Co-Sign

Getting a personal loan with a co-signer that has a strong credit score and a solid income can boost your application. Your co-signer – ideally, a family member or close friend – will apply alongside you, and you'll both be responsible for repayment of the loan.

What should I do if no one will give me a loan? ›

  • Check your credit score. If you are rejected when you apply for a personal loan, you can ask the lender for the name of the credit reference agency it used. ...
  • Improve your credit score. ...
  • Don't apply for another loan straight away. ...
  • Pay off any other debts. ...
  • Family or friends. ...
  • Credit union. ...
  • Guarantor loan. ...
  • Secured loan.
Aug 22, 2023

Who will lend me when no one else will? ›

Fair Finance is a direct lender. This means there is no middle man involved, such as a credit broker, agent or financial advisor. If you want to take out a personal loan with us, you apply to us directly. We then make the lending decision without needing to involve anyone else.

What is a hardship loan? ›

What Is A Hardship Loan? A hardship loan is a type of financing that helps people dealing with a financial crisis caused by an emergency expense or an income shortfall. You can use a hardship loan to cover everything from a surprise medical or car repair bill to necessities like food and rent.

What is the easiest loan to get immediately? ›

Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.

Which loan company is easiest to get? ›

Easiest-to-get personal loans compared 2024
TitleAPRMin. credit score
Avant9.95% to 35.99%580
LendingClub9.57% to 35.99%600
OneMain18% to 35.99%Undisclosed
LendingPoint7.99% to 35.99%600
6 more rows
Mar 28, 2024

How to borrow $500 quickly? ›

You can get a $500 loan via a personal loan, payday loan, payday alternative loan, cash advance app, or credit card cash advance. However, some options are better than others. Some small loans come with high costs that can cause financial hardship.

What is the easiest loan to get online? ›

The easiest online loans to get with bad credit are typically payday loans, installment loans, or loans from lenders that specialize in subprime borrowers. These loans often require no credit check or have lower requirements, but they come with high interest rates and fees.

Can you borrow money without a loan? ›

Credit cards.

Since a credit card offers a revolving line of credit, you can borrow as you need the money without having to reapply. However, if you carry a balance from month to month on your credit card, you may face hefty fees since many cards come with interest rates of over 20%.

How much of a loan can someone with no credit get? ›

Just keep in mind that if you are approved for the loan with a lower (or no) credit score, you may be subject to a higher interest rate. You can apply for loan amounts as low as $1,000 and as much as $50,000.

What loan can I get with 500 credit? ›

What Does a 500 Credit Score Get You?
Type of CreditDo You Qualify?
Secured Credit CardYES
Home LoanYES (FHA Loan)
Unsecured Credit CardMAYBE
Auto LoanNO
1 more row

What loan can I get with 500 credit score? ›

You can potentially get a personal loan with a 500 credit score if you have a steady source of income! Quality lenders like CreditNinja may extend a loan offer for 500 credit score loans if you can provide proof of your ability to make monthly payments on time.

Is Scotcash a payday loan? ›

Scotcash is not a payday lender, and with their range of available products, they are more than just another loans company.

How do I get money urgently? ›

Borrow from your friends/relatives

Borrowing from friends or relatives in an emergency is an easy and quick way to get money quickly. The advantage here is that there is no interest to pay and you can work out a very practical repayment schedule that works for both sides.

How can I borrow money and get it instantly? ›

Fastest ways to borrow money
  1. Personal loan from an online lender. Compared to traditional lenders like banks or credit unions, online lenders boast convenience and speed given their fully online application and funding process. ...
  2. Loan apps. ...
  3. Cash advance from a credit card. ...
  4. Loan from family or friends. ...
  5. Pawnshop loan.
Apr 12, 2024

How do you get someone to lend you money? ›

Be Honest And Open. It is crucial you're being honest about why you need the money. After all, asking someone to lend you money assumes a certain level of trust between you. By not being truthful about your reasons, you're breaking their trust.


Top Articles
Latest Posts
Article information

Author: Twana Towne Ret

Last Updated:

Views: 5513

Rating: 4.3 / 5 (64 voted)

Reviews: 95% of readers found this page helpful

Author information

Name: Twana Towne Ret

Birthday: 1994-03-19

Address: Apt. 990 97439 Corwin Motorway, Port Eliseoburgh, NM 99144-2618

Phone: +5958753152963

Job: National Specialist

Hobby: Kayaking, Photography, Skydiving, Embroidery, Leather crafting, Orienteering, Cooking

Introduction: My name is Twana Towne Ret, I am a famous, talented, joyous, perfect, powerful, inquisitive, lovely person who loves writing and wants to share my knowledge and understanding with you.