Student loans 7 February 2023

6 Best Private Student Loans With No Credit Check in 2023

This blog post explains how you can get a private student loan without a credit check, and reviews the best private student loans to apply for.

Student loans with no credit check

A college education is a worthy, yet expensive investment for several students and their families. Although there are a number of private loan options available for students, most of them require one of their co-signers to pass a credit check. If you are a student without a credit history, private student loans with no credit check can be a solution for you. These loans are offered by private lenders and do not require a credit check.

Even though private student loans usually come with higher interest rates than federal student loans and may require a cosigner, they can be a lifesaver for students who otherwise would not be able to afford college. So, if you don’t have a credit history or have limited credit, private student loans with no credit check may be the best option for you to finance your education and achieve your career goals.

Student Loans With No Credit Check

Some of the federal student loans that do not require a credit check include Direct Subsidized and Unsubsidized Loans. While only undergraduate students qualify for the Direct Subsidized loan, both graduate and undergraduate students can apply for the Direct Subsidized facility.

The process of getting either loan includes the following: 

1. Complete a Free Application for Federal Student Aid (FAFSA) application:

FAFSA is the form used to determine a student’s eligibility for federal financial aid. The form can be filled out online on the FAFSA website, and requires information such as one’s name, date of birth, and contact information.

2. Review of application:

Your institution’s financial aid department utilizes the information provided in the FAFSA to assess your qualifications for a loan and calculate your financial need. The amount given is calculated by subtracting your expected family contribution from the total cost of attendance at your school.

3. Take federal loan entrance counseling: 

The Federal government has established Federal Loan Entrance Counseling as a way to inform new students about the Federal Direct Loans program and the loans that they will be receiving. This form of counseling involves a mandatory brief session to educate students about their rights and responsibilities as borrowers. 

4. Sign the loan agreement: 

If you are awarded a loan, you will be required to sign a master promissory note (MPN), which serves as a legally binding agreement between you and the lender of your federal student loan. 

Best Private Student Loans With No Credit Check

LenderScholarooRatingOur viewFixed ratesstarting (APR)Variable ratesstarting (APR)Learn more

Federal Loans

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4.6/5Affordable & easily available4.99N/AVisit website

Funding U

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4.4/5Best for high achieving students with no cosigners6.997.49Visit website

M Power

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4.5/5Best for International Students13.9813.72Visit website


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4.3/5Best for Income Based Repayment LoansN/AN/AVisit website


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4.8/5Best for Fair Credit4.625.74Visit website

A.M. Money

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5/5Best for No Credit Score7.53N/AVisit website

#1 Federal Student Loans

Federal student loans are a great option for students who have limited or no credit history. These loans are guaranteed by the government and do not require a credit check. Among the federal student loans available include Direct Subsidized and Direct Unsubsidized Loans for undergraduate students. These loans, however, are subject to annual and aggregate limits, which means that students may not be able to borrow enough money to cover all of their educational expenses.

Pros of Federal Student Loans 

  • Are guaranteed by the government and are, as such, more likely to be approved 
  • Require no credit check
  • Generally have lower interest rates than most private lenders 
  • Offer a variety of repayment plans 

Cons of Federal Student Loans

  • Loan processing time can be longer than private student loans
  • Loan forgiveness options available for federal student loans are limited

Eligibility Requirements

  • Must be a regular student at an eligible school and program 
  • Must be a U.S. citizen or eligible non-citizen
  • Must not be in default of other federal student loans 

Repayment Terms

  • Repayment begins after leaving school 
  • Multiple repayment plans are available 
  • Deferment and forbearance options are available during times of financial hardship 

#2 Funding U Student Loans

Funding U provides loan opportunities to students who do not have a co-signer in selected states. The private lender makes lending decisions based on a borrower’s academic history, the probability of graduating on schedule, predicted student loan debt, and post-graduation earning prospects. Funding U only lends to students attending schools that meet their graduation rate standards. It is more likely for juniors and seniors to be approved – however, freshman and sophomores can still qualify but with more stringent criteria.

Pros of Funding U Student Loans 

  • No co-signer or credit history required 
  • Fast pre-approvals within minutes
  • Every student is assigned a loan officer for help and advice

Cons of Funding U Student Loans

  • Only borrowers in certain states can apply

Eligibility Requirements

  • Must be a U.S. citizen or permanent resident
  • Must be over the age of 18 
  • Must be a full-time undergraduate student at an eligible Title-IV college 

Repayment Terms

  • The borrower is expected to make loan payments of at least $20 while in school 
  • Loan repayments begin after a six-month post-graduation grace period 
  • Extra payments before the repayment period starts are accepted 

#3 MPOWER Financing Student Loans

MPOWER Financing Student Loan is a private lender that provides student loans to a variety of students within the U.S., including international students. They offer loan options for undergraduate and graduate students, and do not require a co-signer nor a credit history. This lender also provides career development resources and financial literacy education to help borrowers succeed. The loans offered by MPOWER Financing have competitive interest rates, flexible repayment terms and no prepayment penalties.

Pros of MPOWER Financing Student Loans 

  • 0.25% interest rate discounts for enrolling in autopay 
  • Funds up to 100% of a borrower’s education expenses 
  • Available to international students

Cons of MPOWER Financing Student Loans

  • Charges a 5% origination fee 

Eligibility Requirements

  • Available to U.S. citizens, international students, and other eligible non-citizens 
  • Must be enrolled at an eligible school 
  • Should be an undergraduate or graduate student 

Repayment Terms

  • Late repayments attract a penalty
  • Repayment terms of up to ten years 
  • Interest-only payments are expected while a borrower is studying

#4 Edly Student Loans

Edly Student Loan provides income-based student loans to undergraduate and graduate students who attend over 1,700 supported schools. In place of fixed interest rates, their loan repayment period is fixed at five years. Payments are based on the borrower’s income and other factors, making the effective rate range from 1% to 23% APR. The repayment amount is also based on the borrower’s income, and graduates earning less than $30,000 are not required to make payments.

Pros of Edly Student Loans 

  • Loan repayments are based on a borrower’s income 
  • Borrowers, who earn less than $30,000, do not make payments. 
  • Co-signers are not required

Cons of Edly Student Loans

  • The maximum loan amount is $25,000

Eligibility Requirements

  • Available to U.S. citizens and permanent residents
  • Must be enrolled at an eligible school 
  • Applicants must have a debt-to-income ratio less than 36%.

Repayment Terms

  • Repayments are based on a borrower’s income. 
  • Repayments to be made in five years. 
  • Loan repayments are deferred while the student is in school and up to four months post-graduation. 

#5 Ascent Student Loans

Ascent is a private student loan lender that offers loans to undergraduate and graduate students. They offer various loans to students with and without cosigners as well as outcomes-based loans for students of outstanding academic performance. Ascent’s loans are competitively-priced, have flexible repayment terms, and charge either variable or fixed interest rates. 

Pros of Ascent Student Loans 

  • Early co-signer release after 12 consecutive repayments. 
  • Offers a variety of loan offers, including co-signed and non co-signed loans
  • Offers discounts and other benefits to borrowers, including a 1% graduation cash-back reward

Cons of Ascent Student Loans

  • Available to only students enrolled at least part-time 

Eligibility Requirements

  • Available to U.S. citizens, international students, and other eligible non-citizens
  • Must earn at least $24,000 annually
  • International students must have a qualified co-signer. 

Repayment Terms

  • Borrowers may be able to temporarily postpone or reduce payments during times of financial hardship
  • Loans do not have any prepayment penalties.
  • Borrowers can sign up for auto-debit. 

#6 A.M. Money Chicago Student Loans

A.M. Money is a private student loan provider that serves students at partnered universities mainly in the Midwest. It differs from most private student loan lenders by evaluating the borrower’s academic performance instead of their credit history. Additionally, A.M Money provides income-based repayment plans for borrowers who face difficulty making monthly payments, which is a unique feature among private lenders.

Pros of A.M. Money Student Loans 

  • Offers income-based repayment plans
  • Base loan approvals depend on academic performance and time to graduation. 
  • Does not require a co-signer 

Cons of A.M. Money Student Loans

  • Charges a 4.5% origination fee

Eligibility Requirements

  • Available to U.S. citizens or permanent residents 
  • Must have strong academic performance
  • Applicants should be undergraduate or graduate students at an eligible institution. 

Repayment Terms

  • Repayment terms of up to ten years. 
  • Borrowers have a six-month post-graduation repayment grace period. 
  • No payments while the student is enrolled full-time in school.

How to Get Private Student Loans With No Credit Check

1. Fill out FAFSA

FAFSA is the Free Application for Federal Student Aid that is used to determine a student’s eligibility for federal financial aid. Fill and submit this form through the FAFSA website. 

2 .Get a Co-signer

A cosigner is a person who signs the loan application with you and is responsible for repaying the loan if you are unable to do so. Select a cosigner with a reputable financial background.  

3. Review private loans with no credit check 

Research different private loan options with no credit check, then compare the terms and interest rates. Select the one that best suits your needs and offers additional benefits or incentives such as loan forgiveness, flexible repayment options, or career counseling services.

4. Build a credit score for better options

Building a credit score will open more options for you in the future, so consider ways to establish credit such as getting and using a credit card responsibly. Remember to keep the credit card balances low.

5. Include any supplementary information

Make sure to submit all the necessary documentation, consider the terms and conditions of the loan, and be aware of the repayment schedule. Also, understand that private student loans typically have higher interest rates than federal student loans.


How can I get a student loan without a credit check?

When considering a student loan without a credit check, you could apply for federal student loans offered by the federal government as well as private student loans from some private lenders. It is important to compare different options and choose the one that best fits your financial situation.

Which loan is best for students with no credit and no cosigner?

Funding U is a good option if you are looking for a loan that does not require a credit history or a cosigner. Edly also does not require a cosigner on student loans.

Which bank provides the best student loan for a low credit score?

At of the time of our research, Ascent provides the best student loan for a low credit score. The company offers loans at both fixed and variable interest rates, which are also among the lowest rates in our review. Loans are also available to a wide range of students.

How do I get approved for a private student loan without a credit check?

Some of the options available for students seeking private loans without a credit check include applying for federal student loans. Additionally, consider private lenders who do not check one’s credit. You can also apply for a private loan with a cosigner who has a strong credit score.