Best Loans for Borrowers With Bad Credit and No Guarantor

Andrew Reyes
Eyeglasses and $100 bills sit on top of a personal loan contract.
Reading Time: 6 minutes

A guarantor, or cosigner, is someone with good credit who will pay the loan if the original borrower defaults. Loans with guarantees often have lower interest rates because they hold less risk, even though the original borrower often has a bad credit score.  

However, not everyone with bad credit has someone willing to vouch for them and sign the loan on their behalf. Without a guarantor, borrowers with bad credit are likely to be rejected from traditional bank loans. Luckily, there are plenty of resources for borrowers with poor credit to receive loans without a cosigner.

“No Guarantor Loans” for Bad Credit

Here are our top choices for lenders and lending sites that will give loans to individuals with poor credit without a guarantor.

CashUSA.com

CashUSA.com is a lending portal that has a vast range of lenders willing to work with individuals who have low credit scores. They offer secure, fast loans without the responsibility or stress of finding a guarantor who will vouch for the borrower.

CashUSA.com also has educational resources on the website to help teach borrowers with low credit scores how they can improve their credit scores and qualify for better loans in the future. Their low APRs and range of loan amounts make them a good option for borrowers with bad credit.

  • Loan amounts: $500 to $10,000;
  • Annual percentage rate (APR): 5.99% to 35.99%;
  • Loan terms: 90 days to 72 months.

Learn more about CashUSA today.

BadCreditLoans.com

On BadCreditLoans.com, borrowers with poor credit can take out a loan up to $10,000 without a cosigner. BadCreditLoans.com is a lending site where borrowers connect to lenders who are likely to accept their loan requests.  

BadCreditLoans.com’s APR range is between 5.99% and 35.99% and offers a maximum repayment term of six years. Their site boasts of a three-step online process that instantly connects borrowers with lenders.

  • Loan amounts: $500 to $10,000;
  • APR: 5.99% to 35.99%;
  • Loan terms: 90 days to 72 months.

Learn more about BadCreditLoans today.

Payoff

Payoff combines easy loan access with a simple mobile app, creating stress-free customer experiences. The business strives to help borrowers pay off loans and improve their credit.  

They offer loans ranging from $5,000 to $40,000 and don’t require the borrower to sign with a guarantor. Low credit scores are likely to affect the loan APR, but Payoff strives to keep APRs lower than their competition.

  • Loan amounts: $5,000 to $40,000;
  • APR: 5.99% to 24.99%;
  • Loan terms: Two to five years.

Learn more about Payoff today.

Prosper

Prosper offers low interest, flexible terms, and next-day funding to borrowers with low credit scores. Their loans have fixed APRs, meaning that borrowers never have to worry about their rates surging higher throughout the loan term.  

Prosper ensures borrowers can pay at their own pace and save money with no prepayment penalties or late fees. Their online form is fast, easy, and uncomplicated. Borrowers simply fill out a brief application and are instantly connected to a lender.

  • Loan amounts: $2,000 to $40,000;
  • APR: 7.95% to 35.99%;
  • Loan terms: Three to five years.

OppLoans

OppLoans offers various loans, including payday loans, to borrowers with low credit scores. Borrowers can receive their loan funds by the next business day.

OppLoans’ APR ranges are higher than the other platforms on this list, though lower than typical payday loans. A regular payday loan can have APRs up to and higher than 400%; OppLoans’ maximum APR is 160%.

  • Loan amounts: $500 to $4,000;
  • APR: 59% to 160%;
  • Loan terms: Up to two years.

Learn more about OppLoans today.

OneMain Financial

OneMain Financial has a fast application process and requires minimum information from their borrowers. Borrowers need to supply their name, address, Social Security number, and income to begin applying for loans through OneMain Financial.

They clearly explain how loans operate and how APR is paid over the term length. They offer four term lengths: 24, 36, 48, or 60 months with an APR range between 18% and 36%, depending on the term length.

  • Loan amounts: $1,500 to $20,000;
  • APR: 18% to 35.99%;
  • Loan terms: Two to five years.

Avant

Borrowers using Avant can apply for loans within minutes and receive their funds by the following day. They also offer an app that allows borrowers to keep better track of their loans.  

Avant has helped over one million people get loans since 2012 and is among the most trusted lending sites. Avant offers educational blogs and articles on their website that help borrowers learn to better control their credit and learn more about their finances.

  • Loan amounts: $2,000 to $35,000;
  • APR: 9.95% to 35.99%;
  • Loan terms: Two to five years.

Upstart

Upstart offers a wide range of loans, from $1,000 to $50,000, available within one business day. Their APR range is average for the industry, ranging from 7.86% to 35.99%, and requires no prepayment penalties.  

Borrowers can take out moving loans, wedding loans, medical loans, and personal loans through Upstart with a fixed interest rate. Upstart connects borrowers with willing lenders within seconds of completing an application.

  • Loan amounts: $1,000 to $50,000;
  • APR: 7.86% to 35.99%;
  • Loan terms:Three to five years.

PersonalLoans.com

PersonalLoans.com is a free site with no hidden fees. Their process is simple and starts by asking the borrower how much they need to borrow. Borrowers will then fill out a short application and connect to a list of lenders.  

They have competitive rates that help individuals with low credit scores get the best rates on the market. PersonalLoans.com also offers fast funding available within the next business day.

  • Loan amounts: $500 to $35,000;
  • APR: 5.99% to 35.99%;
  • Loan terms:Three to 72 months.

Learn more about PersonalLoans today.

What Are Loans for Bad Credit With No Guarantor?

Bad credit loans for borrowers who don’t have a guarantor are loans that don’t require the borrower to find a cosigner — someone who will pay off the loan if the debtor defaults on it.

When a lender loans money, they risk that the borrower may default on the payment and refuse to pay back the money in the loan. Borrowers who struggle to pay back loans have low credit scores due to poor credit practices (such as paying late or having high utilization).

Because individuals with low credit scores represent more risk, few lenders will loan to them. Individuals with low credit scores can make up for this by signing with a guarantor — someone with a high credit score who will pay off the debt if the borrower defaults.  

Guarantors represent certainty for the lender, which allows the lender to lower their rates and offer better deals to the borrowers. However, not every person with bad credit has a guarantor available.

Loans that don’t need guarantors often have higher rates, but they’re not impossible to find. In the list above, there are several options of lenders willing to work with individuals who have low credit scores and no guarantors, while still offering low rates.

How Do I Get Loans for Bad Credit With No Guarantor?

Here are five steps you can take today to get a loan without a guarantor, even if you have bad credit.

  1. Find a lending service that offers benefits you value.
  2. Fill out an online application with your basic information.
  3. Connect with a lender.
  4. Read the fine print to double-check you’re getting the best rates.
  5. Accept the loan and wait for your deposit.

Many loan services offer credit-boosting services, such as secured loans, that help borrowers build new credit. If your credit is bad, you should consider taking out a secured loan or credit-building credit card to increase your credit.

With a better credit score, borrowers will qualify for loans with better rates and flexible terms. High credit scores tell lenders you’re trustworthy without having to sign with a guarantor.

How to Find the Best Provider of Loans for Bad Credit With No Guarantor

When looking for the best providers for a no-guarantor loan, never accept the first offer you see. There are several things lenders need to make a loan worth the borrower’s risk. Here’s what you need to watch for.

Low APR Range

When you take out a $15,000 loan with a 10.45% APR over four years, you’re not finished paying the loan if you pay off $15,000 — the APR factors into the loan, and you will owe $18,417.05 on your $15,000 loan. The lower your APR, the better your loan, and the less you’ll have to pay.

Fixed Rates

A loan with a fixed rate means that the APR stays consistent. If your sign for an APR of 10.45%, the APR stays the same every year. However, a variable APR will change depending on fluctuating indexes or the borrower’s habits.

If a borrower signs a loan that has an APR range up to 35.99%, they could end up paying 35.99% at any time. A 35.99% APR on a $15,000 loan over three years costs nearly $25,000.  

Flexible Payment Plan

Borrowers without guarantors need to have flexible payments. If you have a low credit score, it could indicate that you struggle to pay on time, and missing a payment on your loan could decrease your credit score even more.

Look for loans that offer flexible payment schedules and allow you to modify the loan’s due dates when you need to.


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