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Best Private Student Loans For Bad Credit Or No Credit of 2024

Best Private Student Loans For Bad Credit Or No Credit

Are you in search for Best Private Student Loans For Bad Credit Or No Credit? then your search is over. Private student loans for people with bad credit or no credit at all can be life changing for students in need of financial aid to pay for college. But is it possible to qualify for private student loans for someone with bad credit?

The answer is “yes,”

But it may take a bit more work and digging to find the right options for you. And that’s what we are going to do in this article. So let’s go and check it out some of the best private student loans.

What are Private Student Loans?

Private student loans are provided by banks, credit unions, and other financial institutions to help students fund their education when government loans and scholarships are insufficient. These loans have different interest rates and repayment terms, and some lenders offer special loans for students with bad or no credit History.

List Of Top 8 Best Private Student Loans for Bad Credit or No Credit

1. Ascent


If you’re a student looking for a loan, Ascent has you covered! They offer three different loan options: Co-sign, Credit-based, and Income-based. The co-sign option is great for students who don’t have good credit, but it does come with some strings attached. But it is one of the best bad credit loans provider.

Pros and Cons


  • The credit-based loan has flexible terms and a grace period of 9 months.
  • Plus, you get a cash back reward when you graduate, and you can get an Autopay discount of up to 1%.


  • Have a maximum loan amount of $200k,
  • High interest rates for Outcomes-based loans and,
  • No open credit requirements.

2.  Funding U

Funding U
Funding U

Funding U only lends to undergraduate students and is one of the few lenders that accepts students without a co-signer. First-year students can also apply; in this case, the credit decision is made in consultation with the school’s teaching staff.

Pros and cons


  • Co-signers are neither required nor accepted.
  • Lending decisions based on academics.
  • $100 gift card upon graduation.


  • High initial interest rates.
  • Relatively low annual loan amounts.
  • Available to 38-state residents only.

3. A.M Money

A.M Money
A.M Money

Similar to Ascent’s future income-based loan, borrowers are eligible for AM Money loans based on their education and grade point average, not their credit history. The company also does not require co-signers. 

AM. Money also excels at offering borrowers an income-based repayment schedule of up to 36 months when they need it.

Pros and Cons


  • The company does not allow co-signers. 
  • There is no requirement for credit.


  • No penalty for being late reimbursement based on income
  • Money charges a 4.5% setup fee.
  • The minimum monthly payment for the plan is $50.

4. Prodigy Finance

Prodigy Finance
Prodigy Finance

It is a London-based company that offers private student loans to international master’s students without requiring a co-signer. In order to borrow money from Prodigy Finance, you must be enrolled in an accredited school in any of the 18 countries that Prodigy Finance lends to.

All interest rates on loans are floating, meaning they can fluctuate in line with market conditions. Borrowers are offered interest rates based on their studies and earning potential in the future. The average interest rate on loans from Prodigy Finance is 7.3%. The loan comes with an additional 4% administration fee spread over your monthly payments.

Pros & Cons

  • Available to international students
  • Multiple hardship repayment options available
  • Charges an origination fee
  • Only variable interest rates available
  • High minimum APR

5. Earnest


Private student loans for bachelor’s degree and graduate level students are offered by Earnest. These loans cover 100% of your school certified costs, including tuition, books, supplies, laptops, study abroad, and more. There is no origination fee, no late fees, and a rate match feature. Earnest loans are offered to students with below average credit scores, low interest rates, and a grace period of upto 9 month post-graduation.

Pros and Cons


  • No late fees
  • 100% coverage of school certified costs including study abroad
  • Longer than average grace period (up to 9 months)
  • No origination fee


  • Loans are not available to some states
  • You must have at least 650 FICO credit



SOFI has a range of options for graduates and undergraduates. You can borrow up to $100k, but it can only be used for qualifying higher education expenses at an approved institution. SOFI looks at your credit score as one of the factors when deciding if you can take out a loan, and it can be as low as 650. But they don’t say what the minimum credit score is, and it is only part of the criteria.

Pros and Cons


  • You can pay your payment back over 15 years with flexible repayment options,
  • You don’t have to worry about a late fee.
  • You can also borrow with a co-borrower, get six months of grace, and get unemployment protection.


  • The only downside is that you can’t make bi-weekly payments through autopay,
  • And you can only take out a loan for 12 months.

7. Edly


Edly Offers Private Student Loans with Income-Based Repayment Options. It does not require a good credit score and offers non-cosigner loans to Students. It offers a 4-month grace period and payments only start if you earn more than $30K. This is an affordable option for students seeking a private student loan for bad credit.

Pros and Cons


  • No credit check or cosigner is required.
  • No payment is required if the borrower’s income is less than $30k per year. deductions can be delayed in case of job loss.
  • No interest rate.
  • Works with more than 1,700 schools.


  • Not applicable to freshmen and sophomores receiving a 4-year degree.
  • Not applicable to borrowers in Vermont, Maine, West Virginia, and Colorado.
  • Total loan size is $25000 with up to $15000 annual payments.

8. PNC Bank

PNC Bank
PNC Bank

It has both co-signed and non-co-signed loans. PNC does not disclose their minimum credit requirement, but they take into account your credit score, history, and many other factors when making their decision.

If you have a bad credit score, you can choose to take out a cosigned loan from PNC to increase your chances of being approved for the loan.

You can even talk to one of their agents to get a better idea of what student loan options are available for bad credit borrowers.

Pros and Cons


  • Flexible repayment terms
  • No application fees,
  • 0.50% off rates with automatic payments,
  • Quick and easy online application availability,
  • Can borrow up to $100,000 for tuition and college-related expenses


  • No international student loans,
  • The minimum credit requirement is undisclosed, but considered

How to Apply for Private Student Loans?

Private student loans are a type of loan that you can take out to help pay for college or university tuition. To apply for these Loans, you’ll need to fill out an application with the lender to get approved. They’ll ask you a few questions, like what your credit score is, how much money you make, where you work, and whether you’ve paid any taxes or bills. It’s important to fill out the application completely and accurately so you can get approved.

How to qualify for Best Private Student Loans For Bad Credit Or No Credit?

Private student loans are accessible to borrowers who fulfill certain eligibility requirements, including having a satisfactory credit score, a satisfactory income, and a satisfactory work history. Students with a bad or no credit history may be eligible to receive private student loans if they possess a satisfactory credit score.

Conversely, those with a Low or Bad credit score may be able to obtain private student loans with additional co-signers, referred to as cosigners, who will serve as loan co-signers in the event that the borrower is unable to repay the loan.

Alternatives to Private Student Loans

  • If you don’t have good credit, you have other options, such as scholarships, grants, or federal student loans.
  • Scholarships are financial awards that don’t require repayment.
  • Federal student loans, on the other hand, are government-issued loans that do not require a credit check to be approved.
  • Federal student loans have lower interest rates than private student loans, and borrowers can choose how much they want to repay.

Pros and Cons of Private Student Loans

If you’re looking for financial assistance to pay for your educational expenses, private student loans may be the best option for you. However, there are some drawbacks to consider, including:


  • Some credit unions also offer bad credit student loans
  • Some lenders provide loans specifically for bad credit students or students with no credit.
  • Other financial institutions, including online lenders, can have more flexible eligibility criteria than traditional lenders.


  • Higher loan limits
  • Higher interest rates
  • Flexible repayment options
  • Co-signing with someone may be required
  • You can use the funds for a variety of educational expenses.

Frequently asked questions

Who is eligible to apply for private student loans with bad or no credit?

Anyone in need of financial assistance who is disqualified for federal loans.

What is the maximum amount that I can borrow in private student loans?

 Depending on the lender, it usually goes up to the whole cost of attendance.

How can I increase the chance that I will be approved for a private student loan?

Think about getting a cosigner or improving your credit score before applying.

What interest rates apply to private student loans who have bad or no credit history?

They may be expensive, but they differ from lenders and are based on creditworthiness.

How long does it take to get funds from private student loan?

 Depending on the lender, it may take a few days to a few weeks.

What happens if I am unable to repay my private student loan?

 Talk with your lender about options like forbearance or deferment.


If you have bad or no credit, private student loans can be a great way to help pay for your education. But it’s important to do your research and think about all the options before you make a decision. To find the right Best Private Student Loans For Bad Credit Or No Credit, you’ll need to improve your credit score, find someone to co-sign with, and compare different lenders.

You might also want to look into scholarships, grants, or federal student loans. Education is an investment, so make sure you’re making smart decisions about how you pay for it.

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