How to Get a Loan with No Credit
If you have no credit or a low credit score, it can seem even harder to find options for borrowing money. While every bank and lender have different requirements, it may be possible for you to get a loan without a credit check.
Whether you need access to quick cash because of a financial emergency, unexpected expenses, or other unforeseen circumstances, it can feel extra stressful if you don’t have established credit or your credit score is lower than you’d like it to be. While most banks and financial institutions require a credit check before you obtain a loan, there may be loans options for you to explore that typically do not include a credit check before approval. Huntington is here to help you navigate some of the loan options that might be available to you without a credit check. Keep in mind that every lender is different, so check with your bank for specific details, programs, and requirements.
Is it Possible to Get a Personal Loan with No Credit Check?
Most banks and financial institutions require a credit check before approval on a personal loan. A credit check typically includes your FICO® Score, payment history, current debt, income, and other factors depending on the lender. For more information on credit including scores, reports, and more, check out our credit education section for more details.
More conservative lenders will typically only want to offer loans to borrowers with higher credit scores and lower risk factors. A good credit score is usually between 670-739, while lenders consider a score from 740-799 to be very good. Lower risk factors include little to no debt, a history of on-time payments, a steady income, and more†. If your credit is lower than what lenders typically consider a good score, don’t panic. You still have options when it comes to getting a loan. There are plenty of lenders who are happy to work with borrowers who have less-than-ideal credit histories.
How to Get a Personal Loan with No Credit
Depending on your financial circumstances, you may be able to take out a small loan with no credit check. A few options that might be open to you are getting a loan with a co-signer, getting a secured credit card, or taking out a cash advance.
Loan with a Co-Signer
If you cannot qualify for a loan on your own because you have no credit history, a low credit score, or other risk factors, a loan with a co-signer might be an option for you. A co-signer on a loan allows you to use their good credit score and borrowing history as a guarantee that you will pay back the loan and any interest or fees. Typically, you are still solely responsible for making all payments accurately and punctually. However, both the borrower and the co-signer are usually responsible legally for any outstanding debt or defaults that might occur on the loan.
Taking out a loan with a trusted friend or family member as a co-signer might be an option for you. But you need to ensure that you will be able to make every payment, including interest, on time. Since your co-signer is also responsible for the loan, any mistakes or late payments on your loan could negatively impact both of your credit scores in the future.
Secured Credit Card
If you’re looking for a way to borrow a small amount of money without a credit check, a secured credit card could be a solution for you. Secured credit cards typically require a cash deposit that you pay upfront, which serves as your credit limit. If you make payments on time, you will usually get your deposit back in full and possibly help improve your credit score. However, your access to funds is typically limited by the deposit amount you’re able to pay. A secured credit card might only be an option if you require a small amount of credit available to you immediately, rather than a lump sum loan.
For quick access to a small amount of money, a cash advance might be right for you. Typically, a cash advance only requires a credit card and not a credit check to access funds. However, your access to funds might be limited because taking out an advance requires you to borrow against your card’s line of credit. If your credit score is low, a cash advance might not offer you access to as much money as a traditional loan. Additionally, cash advances usually incur high interest rates and fees that accumulate quickly.
If you're a Huntington customer and looking for another way to access funds without a credit check, Standby Cash℠ might be the solution for you.
Standby Cash℠ Need Extra Cash? We’re Here to Help!
Here’s a fact—sometimes money gets tight. Big expenses, small expenses, they can add up. That’s why Huntington invented Standby CashΩΩ. Huntington keeps extra cash on standby for our customers. You can qualify for Standby Cash based primarily on your checking and deposit history, not your credit score.
Standby Cash is a line of credit that could be available to you right now. Log into your Huntington account online or in the mobile app to see if you qualify. You could access between $100 and $1,000 in just a few clicks. And it’s free (meaning zero interest) when you set up automatic payments, otherwise a 1% monthly interest charge (12% APR) applies to your outstanding balance.
To qualify for Standby Cash, you need a personal checking account with consistent monthly deposits of $750 or more for three consecutive months. With Standby Cash, your credit score does not impact your access and once your approved within a few clicks online it is available for immediate use. Once you open Standby Cash, the account and your activity are reported to credit reporting agencies, so your use could positively or negatively affect your credit score.
While Standby Cash is not overdraft protection, Huntington customers can leverage it to help clear up an overdraft. If you hold an overdraft for more than 24 hours, you become ineligible for Standby Cash. So, make sure to keep an eye on your finances to possibly avoid an overdraft before it happens and so you can take advantage of every opportunity to quickly remedy an overdraft when it occurs§.
Accessing loans without a credit check can seem impossible, but you have options available to help secure funds and possibly improve your overall creditworthiness§. Every financial situation is unique, and every bank or lender has different requirements and standards for loans. To explore what your options might be with Huntington, connect with your local branch or become a Huntington customer today.
Standby Cash℠ is a service mark of Huntington Bancshares Incorporated. Standby Cash is patent pending.
† My FICO. 2021. https://www.myfico.com/credit-education/what-is-a-fico-score
ΩΩ Subject to terms and conditions and other account agreements. Available through online banking or the Huntington Mobile app to individuals with an active consumer checking account open at least three months with consistent monthly deposit activity of $750 or more. Other eligibility requirements apply. Amount available through Standby Cash is subject to change based on changes to customer eligibility, including checking and deposit activity, overdrafts, and daily balances. A 1% monthly interest charge (12% APR) will be added to outstanding balances if automatic payments are not scheduled. If 100% of the approved credit line is drawn three months in a row, Standby Cash will be suspended until it’s paid to a zero balance. When any of your Huntington deposit accounts are in an overdraft status for more than one day, your Standby Cash line will be suspended until they are no longer negative. Business checking accounts are not eligible for Standby Cash.
§ Standby Cash may only be used to fix an overdraft while 24-Hour Grace® is in effect. If any of your checking or deposit accounts remain overdrawn for more than one day, your access to Standby Cash will be suspended. Once your accounts are no longer overdrawn, your access to Standby Cash may be reinstated.
The information provided in this document is intended solely for general informational purposes and is provided with the understanding that neither Huntington, its affiliates nor any other party is engaging in rendering financial, legal, technical or other professional advice or services, or endorsing any third-party product or service. Any use of this information should be done only in consultation with a qualified and licensed professional who can take into account all relevant factors and desired outcomes in the context of the facts surrounding your particular circumstances. The information in this document was developed with reasonable care and attention. However, it is possible that some of the information is incomplete, incorrect, or inapplicable to particular circumstances or conditions. NEITHER HUNTINGTON NOR ITS AFFILIATES SHALL HAVE LIABILITY FOR ANY DAMAGES, LOSSES, COSTS OR EXPENSES (DIRECT, CONSEQUENTIAL, SPECIAL, INDIRECT OR OTHERWISE) RESULTING FROM USING, RELYING ON OR ACTING UPON INFORMATION IN THIS DOCUMENT EVEN IF HUNTINGTON AND/OR ITS AFFILIATES HAVE BEEN ADVISED OF OR FORESEEN THE POSSIBILITY OF SUCH DAMAGES, LOSSES, COSTS OR EXPENSES.