Student Finance Made Simple
Set to start at a new school soon? Worried that you won’t get a loan without a good credit score? You’ll be pleased to discover five great opportunities to access funds without your credit history being checked.
Read on to discover the best personal loans for students with no credit check. Four of them are offered by private companies, while the first is available from the U.S. Department of Education.
Accessible Personal Loans, No Credit Check Needed
Federal Direct Loan
A Federal Direct Loan from The Department of Education is ideal for students looking to start the next chapter in their learning journey. Two loan options are available from the U.S. Government for your consideration: subsidized and unsubsidized.
With the subsidized loan, you’ll enjoy loan terms of 5, 7, 10, 15 and 20 years. This variety puts you in the driver’s seat regarding repayments. Students eligible to take advantage of the program will receive a minimum loan amount of US$5,000, with one of the lowest interest rates of any student loan program.
You won’t need a co-signer and can take advantage of the loan so long as you’re enrolled at least half-time in a school that participates in the Federal Direct Loan scheme.
Meanwhile, the unsubsidized loan offers terms of 10 to 25 years depending on your selected or provided repayment plan. The amount you’ll be given could be as much as US$12,500 per year. The same eligibility requirements apply as with the subsidized loan. There’s also a low interest rate, no requirement for a co-signer and no credit check against your name.
Prodigy Finance
Prodigy Finance differs from the Federal Direct Loan in one important way: it’s available to most international students undertaking Master’s study. There’s no need for a co-signer or credit score, making a Prodigy Finance loan one of the easiest to obtain. While that’s true for international students, it’s not necessarily the best option for those within the U.S. The program is unavailable to students in 23 states, including New York, Maine and West Virginia.
Loan terms are 7 to 20 years, with minimum loan amounts of US$15,000. The maximum funds you could receive varies depending on your specific application. If you and your family have financial challenges, Prodigy Finance offers an interest-free scheme - while others pay a Minimum Variable APR of around 15%.
The online application process at Prodigy Finance is quick and easy, and there’s a guarantee that all fees are stated upfront.
MPOWER Financing
MPOWER Financing offers education funds for international students without the need to source a co-signer or collateral. You’ll be offered flexible funding options with loans ranging from just over US$2,000 to as much as US$100,000, alongside a competitive interest rate with up to 0.25% in interest rate discounts.
Plus, with MPOWER Financing, you don’t need any credit history to qualify. This makes it ideal for those who have never owned a credit card. By taking out a loan with this provider and paying it back on time, you’ll build a credit history - helping you to qualify for credit in the future.
Discover whether you’re eligible to take advantage of MPOWER Financing’s student loan in less than 30 seconds through a fast online process with help and support throughout. If you’ve already got a loan with another provider, this financing opportunity is still available to you.
Funding U
Funding U lets you take out a student loan without the need for a credit score. There’s no credit check and you won’t need a co-signer to take part in the process. Unfortunately, Funding U’s student loans aren’t available in 14 U.S. states, but those who are eligible can enjoy as much as US$20,000 toward their studies. Eligible states include Pennsylvania, South Carolina and Texas.
The loan term at Funding U is 10 years, and you must be a full-time student to take advantage of this financial opportunity.
A.M. Money
A.M. Money offers great no-credit-check loans for students. That’s because they provide funds based on your educational background and not your credit history. While there is a 4.5% origination fee, you’ll never be charged late fees. Plus, there’s no need for co-signers, and you’ll pay back the loan based on your income.
Loan terms at A.M. Money is 10 years, and you will receive funds in the range of US$2,001 and US$50,000. There are eligibility requirements - most notably, you must attend one of their specified schools in the Midwest.
GOBankingRates to Help With Your Finances
GOBankingRates can offer valuable assistance to students with their loans in several ways:
- Educational resources: Providing informative articles, guides, and blog posts on topics such as managing student loans, understanding interest rates, navigating loan repayment options, and tips for responsible borrowing.
- Comparison tools: Offering tools to compare different loan options available to students, including interest rates, repayment terms, and eligibility criteria. This helps students make informed decisions based on their financial situation.
- Financial calculators: Offering online calculators that can help students estimate loan payments, determine affordability, and understand the long-term implications of borrowing.
- Expert advice: Featuring expert insights and advice from financial professionals on managing student loans, budgeting, building credit, and other relevant financial topics.
- Community forums: Providing a platform for students to ask questions, share experiences, and seek advice from peers and experts regarding student loans and personal finance.
Scholarship Information: Offering resources and tools to help students search for scholarships and other forms of financial aid to minimize the need for loans.
