Where to Get a Personal Loan with Bad Credit or Without a Job

There are options for people with low credit, no credit, or no income. The key is to do your research to find the best option for you.

If you qualify, you can pay for virtually anything you need with a personal loan. Sometimes, emergencies come up with unexpected costs or perhaps you’re making a big move, or just looking to consolidate debt. Whatever the reason, a personal loan can help to put cash in your account so that you can take care of what’s needed.


What is a personal loan?


Generally, personal loans are what’s called unsecured debt because you don’t need collateral (like a house or car) to get one. They’re also usually structured with installments and interest that accrues over a set period of time. Your payments are scheduled in advance so that you know exactly what to expect and when the loan will be paid off.


If your credit isn’t great though, it’s still possible to get a personal loan. But your choice of lenders will probably be limited, and the interest rate could be high.


When you apply for a loan, most reputable lenders check your credit scores. You’re likely to have multiple scores that may vary for several reasons, such as: Different credit agency using a different scoring model; applying for loans at different times when the available information may be different; or the credit-reporting companies may not all have the exact same data about you.


If you have little to no credit history, you may not have any scores. Or if your credit reports contain negative information, your scores may be too low to qualify. Paying your bills late, having civil judgments against you, and maxing out your credit cards can all reduce your credit scores.


That said, there’s an entire industry of personal loan lenders who want to help borrowers with poor credit. You’ll need to be careful about what lender you borrow from and make sure you understand the terms and conditions.


Where to look with bad credit or no job


If you’re denied a personal loan with bad credit or no income, there are two options. The first is to look for other borrowing alternatives. If a national bank has denied you, an online lender or credit union may be willing to offer you financing. If you can qualify for a credit card, look for a card with low promotional rates.


The second is to look into debt settlement. While settlement can work for pretty much anyone with unsecured debt, it’s probably best suited for consumers caught between a debt management plan and bankruptcy. In other words, if you simply do not have enough income to repay your debts in full, but want to avoid bankruptcy, settlement may be for you.


How to compare loan terms


When you’re comparing loan terms, trying to figure out which one you should go with, the four terms you want to pay close attention to are: Annual Percentage Rate (APR), loan repayment period, monthly payments, and loan minimum and maximum.


You should also consider the lender’s reputation by checking the Better Business Bureau where you can check the consumer complaint database maintained by the Consumer Financial Protection Bureau to find out if borrowers have filed complaints against a lender you’re considering applying with. Especially if you’ll be borrowing from a lender specifically marketing personal loans to people with bad credit.


What can you do if you’re denied a personal loan?


Improve your credit. Your scores can go up over time if you pay at least the minimum on your monthly bills on time, establishing a positive payment history, and pay down your debts so that your credit utilization rate improves. You should also check your credit reports for errors. A mistake on your credit reports could affect your scores. You can request that errors be corrected by contacting the consumer credit-reporting bureaus.


So do your research and try not to rush to make a decision. Many lenders out there will try to “sell” you which can lead to negative outcomes. By researching options carefully, you can make a wise financial choice — either finding the best loan available or waiting to borrow until your credit has improved and you can get a loan with better terms.


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Save Source LLC is a debt settlement company that operates in some but not all states in the United States, Save Source LLC does not accept any clients who do not meet with a consultant for an in-person consultation. If you reside in a state where we do not accept clients in, we may be able to refer you to another company for assistance. 

Save Source LLC negotiates unsecured debts on behalf of its clients and does not assume any of its clients’ debts, make any monthly payments to creditors on our clients’ behalf, or give clients tax, bankruptcy, accounting, or legal advice. We do not provide credit repair services. Please contact a tax professional to discuss potential tax consequences associated with settling debts for less than the full balance. Please read and understand all of Save Source LLC's Program requirements and Save Source LLC's service agreement before enrolling into Save Source LLC's Program.

Save Source LLC is not a debt relief agency pursuant to the Bankruptcy Abuse Protection and Consumer Protection Act of 2005, 11 U.S.C. 101, et. seq., and does not provide bankruptcy assistance to consumers. 


The use of debt settlement services will likely adversely affect your creditworthiness, may result in the balances of your enrolled debts increasing due to the accrual of legal fees and interest on your accounts and you being subject to collections actions or lawsuits brought by your creditors. The settlements we negotiate on behalf of our clients resolve the entire account, including all accrued interest and fees. We cannot guarantee that we will resolve your debts and results will vary based on your individual circumstances.