7 Student Loans for Bad Credit or No Credit

Federal Subsidized/Unsubsidized Loan

5.0

Fixed APR

2.75 - 4.30%

Variable APR

N/A

Min. Credit Score

None

Variable APR

N/A

Key facts

Federal direct loans offer generous repayment flexibility and among the lowest fixed-interest rates you’ll find.

Pros

More flexible repayment options for struggling borrowers than other lenders.
Subsidized loans do not collect interest while in school or during deferment.
Lower interest rates compared with private lenders.

Cons

You pay an origination fee.

Qualifications

No credit check or minimum income is needed to borrow.
Loan amounts for undergraduates: $5,500 year one, $6,500 year two, $7,500 year three and thereafter, up to a total of $31,000
Independent students and graduate students have higher loan limits.
Undergraduate interest rate fixed at 4.53%, while grad students get higher 6.08% rate.

Available Term Lengths

10 to 25 years once repayment begins, depending on the repayment plan.

Our picks for

Private loans for no credit

on Ascent's website

Independent Student Loan

5.0

Fixed APR

6.67 - 14.51%

Variable APR

5.88 - 12.98%

Min. Credit Score

Varies

on Ascent's website

Variable APR

5.88 - 12.98%

Key facts

Ascent offers a future income-based option that doesn't require a co-signer and evaluates your application based on factors like earning potential, major and attendance in school.

Pros

Interest rate discount of 2% for auto-pay on future-income based loan is larger than most lenders.
Grace period of 9 months is longer than most lenders.

Cons

International students are not eligible.
Freshmen, sophomores and those enrolled less than half-time are not eligible for future-income based loan.

Qualifications

Typical credit score of approved borrowers: Did not disclose.
Minimum income: $24,000 per year for credit-based loan. No minimum for future-income based loan.
Loan amounts: $1,000 to $200,000 per year with an aggregate loan limit of $200,000 for credit-based loan. $1,000 to $20,000 per year for future-income based loan.

Available Term Lengths

5, 7, 10, 12 or 15 years

Disclaimer

Ascent Student Loans are funded by Richland State Bank (RSB), Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 01/01/2021 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 2.00% (for undergraduate future income-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. Cosigned Credit-Based Loan student borrowers must have a minimum credit score. The minimum score required is subject to change and may depend on the credit score of your cosigner.

on Funding U's website

Funding U Private Student Loan

5.0

Fixed APR

7.99 - 14.99%

Variable APR

N/A

Min. Credit Score

None

on Funding U's website

Variable APR

N/A

Key facts

Best for high-achieving independent students enrolled in four-year programs who have small funding gaps.

Pros

You don't need a co-signer or credit history to get a loan.
You can see if you’ll qualify and what rate you’ll get without a hard credit check.
DACA students with a work-eligible Social Security number can qualify.

Cons

Loans aren't available in 22 states.
Payment required while in school and during the grace period.
Maximum funding amount is less than most lenders.

Qualifications

Typical credit score of approved borrowers: 650.
Minimum income: No minimum, but borrowers must demonstrate they can pay $20 per month toward their loan.
Loan amounts: $3,001 up to $10,000.

Available Term Lengths

10 years

A.M. Money Private Student Loan

4.5

Fixed APR

7.08 - 8.85%

Variable APR

N/A

Min. Credit Score

None

Variable APR

N/A

Key facts

Chicago Student Loans by A.M. Money is best for students who don’t have a co-signer, have a strong GPA and attend one of the schools A.M. Money works with. It is affiliated with Illinois, but lends to schools all over the country.

Pros

GPA is used to determine eligibility instead of credit or a co-signer.
Offers a hard-to-find, temporary income-based repayment option for up to 36 months.
All borrowers get the same fixed rate, benchmarked to the federal PLUS loan rates.

Cons

Works with a limited list of schools.
Charges an origination fee.
You can’t pay more than the minimum via autopay.

Qualifications

Typical credit score of approved borrowers: Credit and a co-signer are not required. Approval is based on GPA.
Minimum income: No minimum. Approval is based on GPA.
Loan amounts: $2,001 up to the full cost of attendance, maximum $50,000

Available Term Lengths

10 years

Our pick for

Private loans for international students with no credit

MPOWER Private Student Loan

4.5

Fixed APR

7.52 - 14.98%

Variable APR

N/A

Min. Credit Score

N/A

Variable APR

N/A

Key facts

While MPOWER’s interest rates are relatively high, the lender offers a hard-to-find option: student loans for international students without requirements for a credit score or a co-signer.

Pros

Offers a hard-to-find option: non-co-signed student loans for international and DACA students.
Borrowers are assigned a dedicated student loan advisor.
Forbearance of 24 months is longer than many lenders offer, and borrowers can access national disaster forbearance as well.

Cons

Payment required while in school and during the grace period.
Offers only one repayment term: 10 years.

Qualifications

MPOWER considers future income potential but does not factor in credit scores.
Loan amounts: Minimum $2,001. Maximum loan is $50,000, limited to $25,000 per academic period.

Available Term Lengths

10 years

Our pick for

Income Share Agreement

on Stride's website

Stride Funding Income Share Agreement

4.5

Fixed APR

N/A

Variable APR

N/A

Min. Credit Score

None

on Stride's website

Variable APR

N/A

Key facts

Stride Funding offers income share agreements to students who are at least college juniors and typically major in health care and STEM fields.

Pros

Payments aren’t due if you’re unemployed.
Lending decisions are not based on your credit score.
You receive free career services, including job placement support.

Cons

There’s no discount for paying off your agreement early like some lenders offer.
Funding may not be available based on your school or major.
Not available in South Carolina.

Qualifications

Eligibility is based on factors like academic program and projected salary, not credit score.
Loan amounts: $3,000 to $25,000 annually; $50,000 lifetime maximum.
Payment cap: Two times the amount borrowed.
Income share percentages: Typically 6% to 9%; lifetime max is 20%.

Available Term Lengths

5 years, but can extend to up to 10 years.

Our pick for

Income Share Agreement for Nursing Students

Avenify Income Share Agreement

5.0

Fixed APR

N/A

Variable APR

N/A

Min. Credit Score

None

Variable APR

N/A

Key facts

Avenify offers income share agreements to students pursuing nursing degrees who are within 12 months of graduation.

Pros

Periods of unemployment count toward your payment total.
Lending decisions are not based on your credit score.
You receive a discount for paying off your ISA early.

Cons

Funding is available only to nursing students.
Nursing certificate programs currently aren’t eligible.
You must be within 12 months of graduation to qualify.

Qualifications

Eligibility is based on factors like your GPA and potential cost of living, not credit score.
Loan amounts: $1,000 to $15,000.
Income share percentages: Typically range from 1.5% to 7.5%; average is 3.99%.

Available Term Lengths

5 years, but can extend to up to 10 years.