How can I borrow $9,500 with no credit check?

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.... read full answer

Wells Fargo normally requires a credit score of 660 for their unsecured personal loans. However, they also offer secured personal loans that are available even with lower scores. Wells Fargo’s secured loans require collateral in the form of money in a Wells Fargo savings account or CD.

Most banks that offer personal loans require a credit score of at least 660. Some require even higher scores, like Citizens Bank (680) and Barclays (700).

Easiest Banks to Get a Personal Loan From

These credit score requirements are either official info from the lender or the consensus of third-party sources.

The average person’s credit score is over 660, which puts them in a decent position to qualify for a personal loan from most banks. But if your score is lower, you can apply with USAA or get a secured loan from Wells Fargo.

You might also want to look outside of banks. Some credit unions and online lenders offer better chances of being approved with bad credit. For example, Avant’s minimum score requirement is reportedly 600 and LendingPoint’s is 585.

There are many ways to get emergency money, including taking out a quick personal loan, borrowing from a friend, or getting an advance on your paycheck. Many people also keep a credit card account open just for emergencies. You could use a credit card to make a purchase directly or to get a cash advance.... read full answer

How to Get Emergency Money

Get a quick personal loan

The fastest you can get a personal loan is the same day you apply, with LightStream, though same-day funding is not guaranteed. You’ll also need a credit score of 660+ to qualify, reportedly. Other fast (but not same-day) personal loan options include Avant (600 credit score), LendingPoint (585) and Wells Fargo (660).

Borrow from friends/relatives

If you have a good enough relationship with someone, chances are they’ll try to help you out in an emergency. They might not even charge you much or any interest when you pay them back.

Get an advance on a paycheck

If you explain your emergency situation to your employer, they may be willing to give you money you’ve already earned before payday comes around. Depending on your employer, you might even be able get an advance on pay for hours you haven’t worked yet. You could also try to work extra hours to make additional money.

Charge the expense to your credit card

If the emergency expense is something you can charge to your credit card, that’s an easy way to temporarily take care of it, assuming it costs less than your credit limit. Keep in mind that you only pay interest on credit card purchases if you carry a balance from month to month.

Get a cash advance

If you’re not able to swipe your card to pay for what you need, you can use your credit card to withdraw money at an ATM. Cash advances come with high fees and interest that starts accruing immediately, so only use this as a last resort.

Take money out of a retirement account

If you have money saved for retirement, you can borrow from those savings in an emergency situation. However, you’ll need to replace the money within a few years or you’ll incur an early withdrawal penalty.

Sell items

Offloading items of value that you own but no longer want or need is an easy way to quickly get some extra cash. Plus, there are lots of apps and websites dedicated to helping people do just that.

Make medical donations

You may be able to get a few hundred dollars by donating blood or plasma, though you’ll need to undergo some tests and make appointments first. You’ll also need to confirm that it’s legal to be paid for donating bodily fluids in your state.

Final Thoughts

There are a few ways to go about getting emergency money that you should absolutely avoid. They include getting a loan from a payday lender or auto title lender. Such lenders simply cost too much and provide too little in return.

For the future, the best way to get emergency money is to build an emergency fund by putting some of your pay aside each month. That way, you won’t have to resort to borrowing (or won’t have to borrow as much) when an emergency situation arises. Until you have such a fund built up, try to minimize luxury expenses so you can maximize your savings. Various experts recommend saving from 3 to 12 months’ worth of expenses – the more the better.

The minimum credit score for personal loan approval is 580, depending on the lender. That means it is possible to get an unsecured personal loan with a bad credit score, though such a loan will likely have an origination fee.

For your reference, WalletHub researched some of the most popular lenders to find out more about their specific loan requirements.... read full answer

Credit Score for Personal Loan Approval by Lender

*According to multiple third-party sources.

Your credit score is a measure of how risky it is for lenders to let you borrow money. The higher your score is, the better your chances of approval are and the better terms you’re likely to receive. Your credit score comes from a combination of factors that include your payment history, credit utilization, length of credit history, recent inquiries, and diversity of accounts.

But your credit score is far from the only thing that matters when it comes to personal loan approval. Lenders consider many other factors, including your income, existing debts, monthly expenses and more.

The minimum credit score needed for a personal loan with no origination fee and no collateral requirement is 660, which is fair credit. And borrowers will need good credit or excellent credit – a credit score of 700 or higher – to get the best personal loan rates. Personal loans for credit scores under 700 tend to be for relatively low amounts and have high APRs.

If your credit score is below 585, lower in the bad credit range, you still have options. For example, you could opt for a secured loan, where you put up something valuable as collateral. If you fail to pay back the loan, the lender can take the collateral as compensation. Because this greatly reduces the risk for the lender, people with any credit score may be considered for secured loans.

You can check your credit score for free on WalletHub. You’ll also get personalized advice for how to improve your score. The best way to estimate your odds of approval for a personal loan is to check to see if you’re pre-qualified for any offers before submitting an official application.