What is Guaranteed Student Loans With Bad Credit? It’s a guaranteed loan that is given to students who have bad credit. These types of loans are very rare. The reason is because the student has to be able to secure the loan with their future earnings, which means that they have to have a job or career before they can receive the money.
If you are looking for a guaranteed student loan with bad credit, there are many different options available for you to choose from. You can find out more about these options by reading through this article and learning more about what each option has to offer.
There are many different types of lenders who offer guaranteed student loans with bad credit. One such lender is [name]. This company offers rates as low as 4.2%, so you will be able to get an affordable rate on your loan if you choose this lender over another one that may offer higher rates but not as good customer service or easy application process online.
Guaranteed Student Loans With Bad Credit
If you’re searching for a student loan with bad credit or no credit, start with the following steps:
- Calculate how much you need. Your cost of attendance will determine which lenders and types of loans you look for. Federal student loans typically have lower loan limits than private student loans, so you may need to combine multiple loan types.
- Fill out the FAFSA. The Free Application for Federal Student Aid (FAFSA) determines what type of federal aid you may be eligible for, and it’s also required if you want access to federal student loans.
- Compare rates and terms. If you have poor credit, your best bet is applying for a federal student loan. Where private student loans from individual lenders tend to apply restrictive eligibility requirements, most federal student loans don’t even require a credit check. However, if you’re considering private loans, compare rates from multiple lenders to see which offers you the best deal.
- Consider a co-signer. If you have no credit history or your credit score is on the poor side, you should also look into getting a co-signer for your loan. Having a co-signer with a good credit score can improve your chances of being approved for the student loan funds you need, and it may also get you a better interest rate and better loan terms.
Student Loans for Bad Credit or No Credit
student loans without credit and no cosigner
Getting a loan without a cosigner may seem impossible, but there are options. Some private lenders offer no cosigner student loans — and our loan comparison tool can help you find one.
In this guide:
Information on cosigners
No-cosigner loans
How to find and compare international student loans
Information on Cosigners
As an international student in the United States, or coming to the US, you will be required to have a cosigner most of the time when applying for a loan. Cosigners must be a US citizen or permanent resident who has lived in the US for the past two years and has good credit history.
Since most international students in the US do not have credit history, a cosigner joins the standard application process. Approval and rates are based off the credit score of the cosigner and they are legally bound to repay the loan if you (the borrower) are unable to pay.
If you don’t have a credit-worthy cosigner, you won’t qualify for most international student loans. However, there are still a few options available to international students, and on this page, we’ll give you the information you need on private international student loans that don’t require a cosigner.
No-cosigner loans
Although a cosigner is typically required by most lenders, international students attending certain colleges and universities in the US and Canada are able to apply without one. If you’re not able to find a cosigner then this type of loan could be a good option for you.
With no-cosigner loans, instead of looking at credit history, the lender will look at your academic success and career path. A few factors they will take into consideration include your home country, graduation date and what school you attend.
Private international student loans are offered through non-government lenders. There are a number of private lenders that offer loans for international students, each with their own eligibility requirements. However, only select lenders offer loans to international students that don’t require a cosigner.
Before choosing a lender, it’s important to do your research and find a lender that will offer you a loan that meets your needs. You can use our international student loan comparison tool to get information from the student loan companies that work with international students in just a few clicks.
How To Find And Compare No-Cosigner Loans
If you’re an international student and would like to explore the option of a loan that doesn’t require a cosigner, you’re able to use our loan comparison tool to see if your school has one available. If so, you can then research the terms and conditions of the loan and apply directly through the lender. When researching a loan a few items you will want to take note of include:
- How much you can borrow
- The interest rate (including if it’s fixed or variable)
- The repayment period
- When and how your funds will be disbursed
Once your loan application has been reviewed you will receive details on your loan including your interest rate and how much you can borrow, these items will vary by lender and your situation. For example, no-cosigner loans through one of our partners have a fixed interest rate of 11.99%-13.99% and allow you to borrow up to $25,000 per academic period, or $50,000 total. On your application you must state how much you would like to borrow. The approved amount along with your designated interest rate will be assigned to you by the lender after your application has been reviewed. If you are approved for a loan, the funds are disbursed directly to your college or university. The entire process usually takes about 6 weeks, so you will need to plan accordingly.