Grace Enfield, Content Writer
The best place to get a personal loan with no credit is Upstart because applicants have the potential to get a good loan amount and a decent APR despite having no credit history. Personal loans through Upstart have dollar amounts of $1,000 - $50,000 with a typical APR range of 5.35% - 35.99%.
Just because people with no credit history can get personal loans through Upstart doesn’t mean you’re guaranteed approval. You’ll still have to meet all the requirements to be considered. Upstart’s underwriting model will look at factors such as income and education, along with credit history, when considering applicants.
Best Places to Get a Personal Loan with No Credit
A good way to get an idea of what personal loans you can get with no credit is to use WalletHub’s free pre-qualification tool. This tool will tell you which companies may approve you and what rates may be available to you.
If you’re having a hard time getting approved for a personal loan, a credit-builder loan or a credit card for no credit may be a better option for you.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).
The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 24.83% and 60 monthly payments of $26.36 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,817 including a $594 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
Although educational information is collected as part of Upstart's rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.
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