A good credit score is key to many financial tools. If you don't have enough credit history to generate a score, though, it can be hard to get approved for a personal loan.
Fortunately, there are still lenders who will work with you.
CNBC Select has picked the best lenders who approve applicants without a sufficient credit history, focusing on factors like interest rates, eligibility requirements, fees, loan limits and term lengths. (For more on how we made our picks, read our methodology.)
Personal loans for no credit history
Best overall: SoFi
Who's this for? While SoFi generally only accepts applicants with good or excellent credit, you can apply with a co-applicant with better credit and stable income and get approved for loans of up to $100,000.
Standout benefits: Get your loan funded the same day or next business day. Plus, a SoFi personal loan comes with membership perks like career counseling and financial advising.
Fees: There are no origination fees, early payoff penalty or late fees.
No origination fees required, no early payoff fees, no late fees
- No origination fees required, no early payoff fees, no late fees
- Unemployment protection if you lose your job
- DACA recipients can apply with a creditworthy co-borrower who is a U.S. citizen/permanent resident by calling 877-936-2269
- Can have more than one SoFi loan at a time (state-permitting)
- May accept offer of employment (to start within the next 90 days) as proof of income
- Co-applicants may apply
- Applicants who are U.S. visa holders must have more than two years remaining on visa to be eligible
- No co-signers allowed (co-applicants only)
Fixed rates from 8.74% APR to 35.49% APR. APR reflect the 0.25% autopay interest rate discount and a 0.25% SoFi Plus interest rate discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or, Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Delaware branch, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 02/23/26 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.
Best for small loans: Upstart
Who's this for? Upstart funds applicants with no credit history for loans as small as $1,000 (or up to $50,000).
Standout benefits: Loan terms range from 36 to 60 months, which is broader than many competitors.
Fees: Upstart charges an origination fee of up to 12% and late fees of $15 or 5% of the past due balance (whichever is greater). There is no prepayment penalty.
Upstart offers accessible personal loans for people with fair or average credit.
- Accept applicants with low or no credit
- No early payoff fees
- Most loans funded the next business day
- High late fees
- Origination fee of 0% to 10% of the target amount
- $10 fee for paper copies of loan agreement
Best for flexible terms: OneMain Financial
Who's this for? OneMain Financial offers repayment terms of 24 to 60 months and generally approves applicants with at least a poor or fair credit. A co-applicant may improve your chances of approval.
Standout benefit: Applicants can improve their odds of approval by securing the loan with collateral and potentially receive a lower interest rate.
Fees: The origination fee is either a fixed fee of $25 to $500, or up to 10% of the loan amount, depending on the state. The late fee is $30 or up to 15%. There is no prepayment penalty.
Approves applicants with bad or fair credit and offers secured loans.
- Approves applicants with bad or fair credit
- Relatively low $1,500 loan minimum
- Same-day funding available
- Option to apply with collateral for a lower rate
- Co-applicants allowed
- High origination fee
- High interest rates
- No autopay discount
- No co-signers
*You must complete a loan application and continue to meet any criteria used to select you for a loan offer. Not all applicants are approved. Loan approval and actual loan terms depend on applicant's state of residence and ability to meet OneMain Financial credit standards such as a responsible credit history, sufficient income after monthly expenses, and if applicable, availability of eligible collateral.
Not all approved applicants qualify for larger loan amounts, lower APRs, or the most favorable loan terms. For example, larger loan amounts typically require a first lien on a motor vehicle that is no more than ten years old, meets our value requirements, and is titled in applicant's name with valid insurance. APRs are generally higher on loans not secured by a vehicle.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
OneMain charges origination fees allowed by law. Depending on the state where the loan is opened, the origination fee may be either a flat amount or a percentage of the loan amount. Flat fees vary by state, ranging from $25 to $500. Percentage-based fees vary by state, ranging from 1% to 10% of the loan amount subject to certain state limits on the fee amount.
For information about these fees and minimum and maximum loan sizes available in certain states, visit omf.com/loanfees.
Current OneMain Customers: Loan offers presented to a consumer assume the individual has no active loan with OneMain or one of its affiliates. If a customer applies for a new loan offer, a OneMain representative will discuss available options.
Active-duty military, their spouse or dependents covered by the Military Lending Act (MLA) may not pledge any vehicle as collateral. If you are covered by the MLA, you are not eligible for secured loans.Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB's Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Time to Fund Loans: Funding within one hour after loan closing through SpeedFunds® must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after closing.
There are a number of reasons you may not have a credit score, most commonly because there isn't enough information in your credit history. Your three-digit credit score is generated using information sent by lenders to credit bureaus, chiefly Experian, TransUnion and Equifax.
For most consumers, a checking account or credit card is the first step in building a credit history. If you are a student or recent graduate, a new immigrant or non-resident, or simply rely on cash for your transactions, you may not have anything in your credit history for FICO or VantageScore to use for their algorithms.
It's also important to keep at least some of your credit accounts active: Payment history accounts for 35% of your credit score, so if you have credit cards but haven't used them in more than 24 months, there may not be enough information to generate a score.
Other ways to get a loan with no credit
You can get approved for a personal loan with no credit score or credit history, but you may need to:
Considering alternative lenders: Big brick-and-mortar banks are often the go-to for lines of credit, but fintechs, credit unions and peer-to-peer platforms like LendingClub and Prosper are often more willing to work with a borrower with insufficient credit.
Get a co-signer: A co-signer with good credit can get you approved for a loan or help you earn a lower rate. But they're also on the hook financially if you default, so it may be difficult to find someone willing to take the risk.
Provide collateral: Securing a loan with collateral — a valuable asset like your house or car — makes it easier to get approved. If you default, however, you lose the asset.
How to establish credit
There are several ways to build a credit history
Apply for a secured credit card: Secured credit cards are easier to qualify for because you provide a security deposit that serves as collateral and typically doubles as your credit limit. If you have a $300 deposit, you have a $300 limit.
Become an authorized user: Getting added as an authorized user on someone else's credit card helps establish your credit history and can earn the primary cardholder additional rewards.If you fail to make payments, however, they're held liable. So make sure you both understand the responsibility and have a clear plan for paying for any purchases.
Get credit for paying bills on time: If you want to build credit without a credit card, you can get on-time payments to utilities, cell phone carriers, streaming service and other companies linked to your Experian credit report with *Experian Boost®. When you sign up for this free service, you'll also get an updated FICO® score and a copy of your Experian credit report.
Experian Boost®
Cost
Free
Average credit score increase
13 points, though results vary
Credit report affected
Experian®
Credit scoring model used
Results will vary. See website for details.
How to sign up for Experian Boost:
- Connect the bank account(s) you use to pay your bills
- Choose and verify the positive payment data you want added to your Experian credit file
- Receive an updated FICO® Score
Learn more about eligible payments and how Experian Boost works.
There are also paid plans from other companies that add more features. With Ecredable, you can add on-time rental payments and UltraFICO™ lets you add bank account information, which is helpful if you have a thin credit file but healthy savings.
Take out a credit builder loan: If you have thin (or no) credit history, a credit-builder loan can demonstrate that you can make consistent, on-time payments. Instead of the borrower receiving the money and then making regular payments, the lender deposits the loan into a savings account or CD. The borrower then makes regular payments (including interest), and the funds are released upon full repayment of the loan.
Self offers a variety of credit builder loans with monthly payments ranging from $25 to $150. Your payment history is reported to all three credit bureaus, helping to quickly establish your credit history.
Self Credit Builder Account
Annual Percentage Rate (APR)
15.51% to 15.92
Loan purpose
Building credit history
Loan amounts
Payment options ranging from 25$ to 150$ a month.
Terms
24 months
Credit needed
Poor or no credit
Origination fee
N/A
Early payoff penalty
Early withdrawal fee of less than $1, depending on the size of your Credit Builder Account, if your account closes early without being paid off in full
Late fee
Late fee of up to 5% of the monthly payment amount if you don't make the full monthly payment on your Credit Builder Account within 15 days of the payment due date
Terms apply.
Tips for reaching a good credit score
There are many variables once you've started building a credit history, but good tips include:
1. Pay bills on time and in full: Payment history accounts for 35% of your credit score, so paying on time and in full every time is the best and fastest way to earn stellar credit. That goes for everything from secured credit cards or credit builder loans to mortgage payments and car loans.
Remember, to establish a healthy credit history and a good credit score, you need to tap into at least some of the credit you have available. You don't need to rack up thousands in debt, however. Credit bureaus look favorably at on-time and early payments, even for relatively small amounts
2. Keep your credit utilization low: Your credit utilization ratio is the amount of credit you're using compared to your overall credit limit. For example, if the total available credit on all your credit cards is $5,000 and your card balances add up to $1,000, your ratio is 20%. To get approved for a standard personal loan or credit card, your credit utilization rate should be below 30%. If you want to lower your ratio, you can request a credit increase from your card issuer. Just remember to leave the additional limit untouched.
3. Don't apply for too many credit cards at once: The number of recently opened accounts and credit pulls represents 10% of your credit score. Too many applications in a short period can indicate a borrower is having financial difficulties.
See if credit repair is right for you
FAQs
How can you have no credit score?
You need a credit history to generate a credit score. Many students or recent graduates have no credit experience or have only been an authorized user on their parents' card. If you are a recent immigrant, your credit history is not likely to be transferable to the U.S.
Can you get a loan without a credit score?
You can get a loan without a credit score, though you may need a co-signer or present collateral. Some lenders will review non-credit information, including income history, employment and education. Payday loan lenders don't check credit scores, but their high rates and fees are considered predatory.
How can I get good credit?
Payment history is the largest factor in your credit score. Whether you apply for a loan with one of the lenders on this lsit, take out a credit builder loan or open a secure credit card, the best path to a good credit score is paying your bill in full and on time each month.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice to help them make informed financial decisions. Every personal loan list is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
CNBC Select analyzed more U.S. banks, credit unions and online lenders that lend to borrowers without credit scores.
To narrow our list, we focused on the following features:
- Loan amount/terms: Lenders on our list offer a variety of financing options that allow borrowers to customize based on their budget and timeline.
- Fees: Lenders were given more weight if they had low or no origination or late fees. None of the lenders on our list charges a prepayment penalty.
- Application process: We considered whether a lender had a simple online application process and offered same-day approval.
- Customer service: Lenders on our list provide robust customer service online and by phone. We considered whether assistance was available on nights and weekends. We also considered Better Business Bureau scores and reviews from third-party sites.
We also considered CNBC Select audience data, when available, including general demographics and engagement with our content and tools.
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