How to Get a Loan with No Credit

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^ΩΩ. 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.

Cash Advance

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 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 $500 in just a few clicks. Just pay a 5% cash advance fee when you make a transfer. Pay it back over three months and there's no monthly interest charge when you set up automatic payments. Otherwise, a 1% monthly interest charge (12% APR) applies to the outstanding balances^†.

To qualify for Standby Cash, you need $1,000 or more in monthly deposits to a Huntington personal checking account for three consecutive months, and an average daily balance of $200 or more in your checking account. Other eligibility requirements apply, including your recent overdraft and/or return history^†. Qualifying for Standby Cash is based primarily on your checking and deposit history, rather than your credit score. Once you open Standby Cash, you can instantly transfer cash to your checking account. And you're eligible to make transfers as long as you continue to meet the requirements. 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 believe you are going to overdraw your account, you can use Standby Cash and make a transfer to prevent the overdraft from occurring. If you do not bring your account positive while 24-Hour Grace is in effect (before midnight central time the next business day), your Standby Cash line will be suspended from further use until your account is no longer negative^†. So, make sure to keep an eye on your finances and avoid overdraft and return transactions.

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.