Best Personal Loans For Students With No Income Of 2024

LightStream offers loans with both a low minimum and maximum interest rate, along with a rate-beat program. LightStream’s unsecured personal loans range from $5,000 to $100,000 with loan amounts varying based on the loan purpose. In addition to offering appealing and flexible terms, LightStream charges no origination, late payment or prepayment fees. The lender also offers a 0.50% rate discount for borrowers who enroll in autopay.

Eligibility:

• Minimum credit score. 660
• Minimum income. Does not disclose
• Co-borrowers. Permitted

Lightstream, a division of Trust Bank, is known for its range of loan options and competitive rates. The downside can be its strict eligibility criteria, making it difficult for those with less-than-stellar credit history to gain approval.

— Jonathan Feniak, general counsel and head of finance, LLC Attorney

A sister company to Rocket Homes and Rocket Mortgage by Quicken Loans, Rocket Loans offers personal loans through Cross River Bank. The lender’s availability in most states and low minimum credit score requirement (580 ) make Rocket Loans an accessible option. However, borrowers will face origination fees and repayment terms limited to three or five years.

Rocket Loans scored high on our list of personal loans for emergencies, however, because borrowers can receive funds as soon as the same day they apply. To qualify for this fast funding, approved applicants must complete their applications and sign the promissory note before 1 p.m. Eastern time on a business day. If same day funding is not possible, the average time to receive funds is two to four days.

Keep in mind that funding speed and accessibility come with a price—Rocket Loans charges an origination fee of up to 9% of the loan amount and APRs range from 9.116% to 29.99% (minimum rate includes autopay discount). So, if you have a high credit score, or can wait a little longer to receive funds, cheaper loan options may be available. You can qualify for loan amounts of $2,000 to $45,000.

Overview: A sister company to Rocket Homes and Rocket Mortgage, Rocket Loans offers personal loans through Cross River Bank. With Rocket Loans, borrowers can receive funds as soon as the same day they apply.

To qualify for this fast funding, approved applicants must complete their applications and sign the promissory note before 1 p.m. ET on a business day. If same day funding is not possible, the average time to receive funds is two to four days.

Eligibility: 

• Minimum credit score: 580
• Minimum income: $24,000
• Doesn’t allow co-signer or co-borrower

Loan uses:

• Home improvements
• Large expenses
• Travel and vacation

Founded in 2012 and based in Chicago, Avant is a consumer lending platform that offers secured and unsecured personal loans through a third-party bank (WebBank). Unsecured loans are available in Washington, D.C. and every state but Hawaii, Iowa, New York, Vermont, West Virginia and Maine. The platform specializes in middle-income borrowers with fair to good credit and only requires a minimum score of 580 to qualify.

Maximum loan amounts are low compared to other lenders, but the low minimum amount and flexible repayment terms (two to five years) make it an accessible option for borrowers. However, as with many loans for subprime borrowers, Avant personal loans come with a price. In addition to charging an administrative fee of up to 4.75% of the loan amount, Avant’s APR range (9.95% to 35.99%) is on the high end for applicants with a good to excellent credit score—and there is no autopay discount. Still, the platform earns top marks for borrowers with less than stellar credit who need quick access to funds.

Eligibility: 

• Minimum credit score: 580
• Minimum income: $20,000
• Doesn’t allow co-signers or co-borrowers

Loan uses:

• Debt consolidation
• Large expenses
• Home projects

SoFi is an online lending platform that offers unsecured fixed-rate personal loans in every state. Founded in 2011, SoFi has extended over $50 billion in loans and stands out for allowing high loan amounts and its availability of extended loan terms.

Loans are available from $5,000 to $100,000, making SoFi a great option for those with excellent credit who need to borrow a large amount of money. Loan amounts available may vary by the state you live in. Repayment terms range from two to seven years, making SoFi an incredibly flexible option for those with sufficient credit (minimum 650) and annual income (at least $45,000). SoFi also lets prospective borrowers submit joint applications—although co-signers are not permitted.

Approved borrowers are rewarded with comparatively low APRs. What’s more, SoFi doesn’t charge origination fees, late fees or prepayment penalties—a stand-out feature because personal loan lenders often charge origination or late payment fees at a minimum.

However, if you’re considering a debt consolidating loan from SoFi, keep in mind that the lender does not offer direct payment to a borrower’s other creditors. This means the loan proceeds will be deposited to your bank account and you’ll have to pay off your other lenders individually. The platform does offer customers a number of other perks and discounts.

Eligibility:

• Minimum credit score required. 650
• Minimum annual income. $45,000
• Co-borrowers. Permitted
• Co-signers. Not permitted

What I find impressive about SoFi is its innovative approach to lending, with a focus on providing borrowers with personalized loan options tailored to their unique financial situations.

As a small business owner, I benefited from SoFi’s competitive rates and borrower-friendly terms, which include no origination fees or prepayment penalties. Also, SoFi’s member benefits, such as career coaching and financial planning resources, add value beyond just the loan itself, making it an attractive choice for entrepreneurs looking to grow their businesses while managing their finances responsibly.

— Michael Ashley, finance expert, Richiest.com

Upstart has made a mark on the personal loan space because of its artificial intelligence- and machine learning-based approach to borrower qualification. In fact, Upstart estimates that it has been able to approve 27% more borrowers than possible under a traditional lending model. With competitive APRs, Upstart is not a top lender for borrowers who can qualify for more competitive rates. Even so, the platform’s minimum 300 credit score makes it an accessible option to those with fair credit.

Upstart also offers a pretty flexible range of loan options, with amounts ranging from $1,000 to $50,000 so you don’t have to borrow (or pay interest on) more than you really need. And, while Upstart’s loan cap is lower than some lenders—this is likely to be enough for many prospective borrowers.

Even though Upstarts three- or five-year loan terms are more restrictive than other lenders, it’s likely to be an acceptable tradeoff for applicants who might not be approved in a more traditional lending environment. Plus, it’s available in every state except West Virginia and Iowa, so it’s as widely available as many other top lenders.

Eligibility: 

• Minimum credit score. 300
• Minimum income. No minimum but must have a source of income
• Co-signers. Not permitted
• Co-borrowers. Not permitted

Upstart has no minimum credit score to apply for a loan, which makes them a popular choice for borrowers of all categories. Those with lower credit scores or uneven credit history may receive offers with [high APRs]. Loan amounts range from $1,000 to $50,000 and loan term lengths available are three- or five-year.

Upstart offers flexibility with payment dates and funding can be as soon as one business day. However, some requirements are employment, steady income, a personal bank account, email address and a Social Security number. Some fees may apply, including an origination fee, late fees or statement fees.

— Stephen Kates, CFP®, Annuity.org

Upgrade was launched in 2017 and provides accessible online and mobile credit and banking services. Since that time, the platform has made more than $3 billion in credit available to over 10 million applicants and continues to expand its online and mobile services. Although maximum APRs are on the high end compared to other online lenders, Upgrade makes loans available to those with poor credit history.

Loans amounts, which range from $1,000 to $50,000. Upgrade has two- to seven-year terms  available. Upgrade charges an origination fee between 1.85% and 9.99% of the loan, and borrowers will encounter a $10 fee if their payment is more than 15 days late or if the payment does not go through; there are no discounts for autopay. That said, Upgrade borrowers are not subject to a prepayment penalty, so you can reduce the overall cost of the loan if you’re able to pay it off early.

Beyond offering accessible personal loans, Upgrade streamlines the lending process with a mobile app that lets borrowers view their balance, make payments and update personal information. Upgrade’s Credit Heath tool also makes it easy to track your credit score over the life of your loan.

Eligibility: 

• Minimum credit score. 580
• Minimum income. None
• Co-applicants. Permitted

Upgrade’s personal loans come with a unique feature—mandatory automatic payments. While this is an effective default prevention measure, it might not suit everyone, especially those with irregular income streams.

— Jonathan Feniak, general counsel and head of finance, LLC Attorney

Prosper is a peer-to-peer lending platform that was founded in 2005. It offers flexible personal loan amounts ($2,000 to $50,000) and somewhat accessible borrower qualifications. The platform also offers a prequalification process so you can see what rates you’ll qualify for without damaging your credit. What’s more, borrowers can receive their money in as few as three days after accepting a loan offer, so you’re more likely to get loan proceeds when you need them.

Loans terms are available for 24 to 60 months and APRs range from 8.99% to 35.99%, with the lowest rates reserved for the most creditworthy borrowers. These aren’t the lowest rates you’ll encounter in the personal loan space, but Prosper may still be a good choice if you’re in a pinch.

Prosper loans also include origination fees ranging from 1% to 7.99% of the total loan amount, and borrowers are charged a late fee of the greater of $15 or 5% of the unpaid loan amount; there is also an insufficient funds fee of $15 per instance. Even so, there are no prepayment penalties, so you can pay off your loan as soon as you’re able without incurring extra costs.

Eligibility: To qualify for a Prosper personal loan, applicants should have fair credit (a minimum credit score of 560)—although the average score of approved borrowers is 717. Applicants also should have a minimum credit history of two years (11 years, on average), as well as a maximum debt-to-income ratio of 50%, excluding mortgages. Prosper doesn’t impose a minimum income requirement, but the average borrower has an income of $89,000. What’s more, co-applicants and co-signers are permitted, so you may be able to qualify even with a weak credit history.

Loan uses: Prosper personal loans can be used for a range of purposes, including debt consolidation. However, in the case of an emergency, the most beneficial uses of a Prosper loan is perhaps for unexpected home repair costs, medical and dental expenses and auto-related expenses. As with many other lenders, Prosper personal loans cannot be used for postsecondary education expenses.

LendingClub is a peer-to-peer—or marketplace—lender founded in 2007. As the largest online lending platform for personal loans, LendingClub has worked with over 3 million customers and funded more than $55 billion in loans. It’s also one of the most geographically widespread options, with lending capabilities in every state except Iowa and the U.S. territories.

While LendingClub imposes high APRs and no autopay discount, applicants can choose to borrow between $1,000 to $40,000. This is a higher maximum loan cap than some other lenders. That said, LendingClub’s loan terms are limited to two to five years, which is less flexible than other lenders on our list. Borrowers also are charged an origination fee between 3% to 8% of the total loan amount, which is taken from the loan proceeds at funding.

LendingClub also makes debt consolidation easier by offering a balance transfer loan. With this type of loan, LendingClub offers direct payment to third-party lenders, including over 1,700 creditors. Not only does the platform take care of payments for you, you can choose exactly how much of your new loan amount you want LendingClub to pay toward each creditor.

Eligibility:

• Minimum credit score. 600
• Minimum income. Does not disclose
• Co-signers. Not permitted
• Co-borrowers. Permitted