Loans That Accept Everyone Don’t Really Exist—But These Legitimate Lenders Come Close

If you’re having a hard time getting a loan, you might be wondering if there are loans that accept everyone. The bad news is that lenders offering loans to everyone are usually high-risk and high-cost, like payday loans. The good news is that there are several lenders that use alternative data and more inclusive algorithms that consider more than just your credit score.

This article will share several legitimate, quality lenders that accept a wider range of applicants, even if they have a low credit score or thin credit history. We’ll also share other lending options for people building or rebuilding credit, as well as several tips on how to improve your credit score if you want to borrow money in the future.

Table of Contents

1. Are there any personal loans that accept everyone?
   1. Upstart
   2. Prosper
   3. Upgrade
   4. Best Egg
2. Other loan options for bad credit
   1. Friend/family loan
   2. Getting a cosigner
   3. Cash advances
   4. Payday alternative loan (PAL)
   5. Home equity investment
   6. 401 (k) loan
3. How to improve loan approval odds
4. FAQ
   1. Are there loans that accept everyone with no credit check?
   2. Should you ever consider payday loans that accept everyone?

Are there any personal loans that accept everyone?

If you see a lender advertising that it offers loans to everyone, that’s a red flag. These lenders usually charge exorbitant fees and high interest rates, making it hard to pay off your loan in full. Instead, go with one of the vetted, legitimate lenders we recommend below.

Upstart

Best for Thin Credit

4.8 _/5

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Why it’s a good option

Upstart was founded on the principle that more people should have access to personal loans. Upstart uses AI to evaluate over 2,500 applicant data points, helping it approve 43% more applicants than traditional lenders. That means your education and work history are taken into account, rather than just your credit score.

Rates (APR)	6.60% – 35.99%
Loan amounts	$1,000 – $75,000
Repayment terms	3 or 5 years
Min. credit score	300 (lowest possible)

Prosper

Best Peer-to-Peer Lender

4.6 _/5

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Why it’s a good option

Prosper is a unique option because it’s a peer-to-peer lender, meaning you borrow money from other people, rather than a bank. It makes LendEDU’s list of best personal loans because the underwriting process makes personal loans accessible to more people, especially those with lower credit scores. You can apply for a Prosper loan with a credit score as low as 560. 

Prosper allows potential customers to pre-qualify with a soft credit inquiry, so you can check to see your rate before completing the full application process.

Rates (APR)	8.99 – 35.99
Loan amounts	$2,000 – $50,000
Repayment terms	2 – 5 years
Min. credit score	560

Upgrade

Best for Fair Credit

4.6 _/5

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Why it’s a good option

Upgrade is a fintech company that partners with banks to offer loans and other financial products to customers. Upgrade accepts borrowers with credit scores as low as 580 and is known for its completely digital borrowing experience. You can check to see your rate without hurting your credit score, which is a good option for those with less-than-ideal credit.

Rates (APR)	7.99% – 35.99%
Loan amounts	$1,000 – $50,000
Repayment terms	24 – 84 months
Min. credit score	580

Best Egg

Best for a Secured Loan

4.5 _/5

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Why it’s a good option

Best Egg is unique because it offers secured and unsecured personal loans. Borrowers with less-than-ideal credit can use their assets to help qualify for a loan. For example, Best Egg offers a vehicle-secured personal loan and a home-secured personal loan. 

Best Egg reports that the underwriting process considers multiple factors when determining a rate, not just your credit score.

Rates (APR)	6.99% – 35.99%
Loan amounts	$2,000 – $50,000
Repayment terms	3 – 5 years
Min. credit score	640

Other loan options for bad credit

There are several other loan options you can consider if you have bad credit. These can be helpful if you need to access money quickly, only need to borrow a small amount, or want to pursue an option that doesn’t do credit checks.

Friend/family loan

Asking for a loan from family or friends won’t require a credit check, but it’s important to repay them on schedule and take their kind gesture seriously. That way, there are no hard feelings or awkward moments at Thanksgiving.

Getting a cosigner

Another option is to ask a family member or friend who has good credit to be the cosigner on a loan for you. Having a cosigner can result in more loan approvals and more competitive interest rates and terms. Your cosigner will be legally responsible for the loan if you’re unable to pay it.

Cash advances

Cash advances are some of the easiest loans to get. With cash advances, you borrow small amounts of money from a lender and repay it quickly. There are several legitimate cash advance apps. Each lender varies in terms of fees, interest rates, and deposit speed, so make sure to read the fine print.

Payday alternative loan (PAL)

Many credit unions offer something called a payday alternative loan (PAL). These loans are a good alternative to payday loans because PALs have lower interest rates, and you don’t need good credit to apply.

Home equity investment

Unlike a home equity loan or a HELOC, a home equity investment (HEI) is available to borrowers with lower credit scores. That’s because, with an HEI, you sell a portion of your home’s future value, so the lending decision is based more on your home’s equity.

401 (k) loan

Some employers that offer 401 (k) retirement plans offer the ability for employees to take out 401 (k) loans from their account. There is no credit check required because you’re taking a loan from yourself. The drawback is that when you pull money out of your retirement account, you can miss out on investment returns. Additionally, if you don’t pay it back on time, it can result in penalties.

How to improve loan approval odds

Here are some ways you can improve your credit so that you can get approved for a personal loan with better terms in the future.

• Check your credit score for errors: Pulling your credit report is free. Look at it carefully and make sure all the information is accurate. Find out if you have adverse accounts on your report that you can settle, which can improve your credit score.
• Improve your DTI ratio:  DTI stands for debt-to-income ratio. It measures the amount of minimum payments you have each month in relation to your income. Paying down a portion of your debt can improve this score.
• Lower credit card utilization: If you are using more than 30% of your available credit on each of your credit cards, work to pay down your debt. Your credit utilization ratio (also called amounts owed) makes up 30% of your credit score, so lowering it can help raise your score. 

FAQ

Are there loans that accept everyone with no credit check?

Some lenders don’t run your credit, but the interest rates can be exorbitant. Even if these lenders don’t check your credit, not everyone is guaranteed acceptance. You’ll still need to meet specific qualifications, like having a regular source of income and a bank account.

Should you ever consider payday loans that accept everyone?

No, payday loans are predatory loans that trap you in a debt cycle. The Consumer Financial Protection Bureau (CFPB) reports that payday loan interest rates can be as high as 400%.

How we chose the best options if you’re looking for a loan that accepts everyone

Since 2017, LendEDU has evaluated personal loan companies to help readers find the best personal loans. Our latest analysis reviewed 1,029 data points from 49 lenders and financial institutions, with 21 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.