Signature Loans: 5 No-Collateral Low-Interest Lenders

Signature loans can be a quick solution when you need a personal loan with no collateral.
signature loans

When you need a fast cash loan, signature loans can be your answer.

A signature loan is an unsecured personal loan that typically comes with flexible repayment terms, low monthly payments, and no collateral required.

Signature loans are based on your credit history, income, and your signature which is why it’s referred to as a signature loan.

While signature loans can be used for just about any reason, most people get signature loans to consolidate debt, unexpected emergencies, car or home repairs, to go on vacation, or for school expenses.

While many people turn to their local bank or credit union for signature loans, there are several direct lenders that can offer instant online approval.

In many instances, you can get funding the same day you are approved.

5 Online lenders that offer signature loans

Initially, you will have to provide basic information like name, date of birth, and Social Security number to determine eligibility. Lenders may later ask for proof of income and identity before final approval.

1. Upgrade Loans – credit score needed 560


Upgrade has low starting rates and you can get prequalified with no impact on your credit score. Upgrade offers unsecured personal loans up to $50,000, with annual percentage rates (APRs) that range from 7.99% to 35.97%.

About Upgrade: Upgrade started its lending company in 2017, catering its services to borrowers with good credit as well as borrowers with less than perfect credit. Upgrade only requires a minimum credit score of 560 for approval along with other factors. But keep in mind, the better your credit score, the lower your interest rate.

How to Qualify:

  • US citizen or permanent resident with a valid visa
  • Valid bank account
  • Valid email address
  • Minimum credit score of 560
  • Monthly free cash flow of $1,000
  • Maximum debt-to-income ratio of 40% — excluding mortgages


  • Competitive APR of 7.99% to 35.97%
  • Funds may be available within a day of clearing verifications
  • No prepayment fees
  • Loans as high as $50,000


  • High origination fee that ranges from 2.9% to 8%
  • Only two loan term options: 3 years or 5 years

2. SoFi Loans – credit score needed 680

signature-loansSoFi Loans offer some of the lowest APRs and highest loan amounts for borrowers with good credit. Plus, no matter how much you borrow, you won't have to pay any fees. And, SoFi offers unemployment protection which pauses your monthly repayments if you lose your job. Borrow up to $100,000 with flexible terms to fit your needs. Funded loans earn a $300 bonus.

About SoFi Loans: Social Finance, Inc. (commonly known as SoFi) is an online personal finance company that started in 2011. SoFi provides student loan refinancing, mortgages, personal loans, cash management, and investment accounts. SoFi's products provide customers with tools to take control of their financial futures.

How to Qualify:

  • Minimum credit score: 680, but typically 700 or higher
  • Minimum annual income: None; currently employed or pending employment
  • Currently employed or pending employment
  • US citizen or permanent resident


  • Get $10 when you check your SoFi personal loan rate and another $300 when you fund your SoFi loan
  • Check your rate with no impact on your FICO score
  • Competitive APR: 5.99 – 20.25%
  • Loan Amount: $5,000 – $100,000
  • Option to change your payment date
  • Loan terms from 2 to 7 years


  • Does not offer direct payment to creditors with debt consolidation loans
  • SoFi can take a few business days to fund

3. LendingPoint – credit score needed 580

Pre-qualify for a personal loan at LendingPoint with no impact on your credit score. The entire application process can be completed online, and a customer service representative is available to help via phone, email, in-app messaging, or live chat. Borrow up to $36,500 with flexible repayment terms that range from 24 to 60 months to fit your needs.

About LendingPoint: LendingPoint started its lending company in 2015, catering its services to people with fair to bad credit, but with rates that are competitive with lenders that cater to people with good or excellent credit. LendingPoint wants everyone to have the opportunity to explore what’s possible.

How to Qualify:

  • Minimum credit score: 580
  • Minimum income: $20,000
  • 18+ years old
  • U.S. citizen or permanent resident
  • SSN
  • U.S. bank account


  • Fixed APRs as low as 9.99% up to 35.99%
  • No prepayment fees
  • Loans as high as $36,500
  • Applications are typically decided upon within hours of submission


  • LendingPoint may charge an origination fee of up to 6% of the loan amount, depending on your state of residence

4. Payoff – credit score needed 600

Payoff consolidates your credit card debt into a single, fixed, and affordable monthly payment to simplify your life. Paying off your credit cards can help increase your credit score.

About Payoff: Payoff helps borrowers pay off their credit card debt with its signature personal loan designed specifically to eliminate or lower your credit card balances by consolidating them into one monthly payment at a fixed rate and term.

How to Qualify:

  • Minimum credit score: 600
  • Minimum credit history: Three years.
  • Free cash flow: At least $1,000
  • Maximum debt-to-income ratio: 50% (excluding mortgage)
  • No bankruptcies filed within the past two years
  • Zero credit delinquencies


  • Your credit won’t be affected when you check your interest rates
  • Loan Amount: $5,000 to $40,000
  • APR range: 5.99 – 24.99%
  • Loan Terms 24 or 60 months


  • Payoff charges an origination fee of up to 5 percent, which is taken out of your loan proceeds
  • Payoff loans are designed for consolidating credit card debt only

5. OppLoans – no minimum credit score required

loans-for-bad-creditOppLoans offers installment loans for bad credit borrowers up to $4,000. While the loan rates are high, starting from 59% to 199%, you can pay off the loan before the end of terms with no pre-payment penalty. OppLoans offers quick funding and is a less expensive alternative to payday loans.

About OppLoans: OppLoans started in 2012 to give people with less than perfect credit access to no collateral signature loans. If you've exhausted all other borrowing options, OppLoans may be the solution in an emergency.

How to Qualify:

  • Minimum credit score: 350
  • Minimum monthly gross income: $1,500
  • Must be employed or receive benefits, like Social Security benefits. Borrowers cannot be self-employed
  • Have a bank account in your name with 40 days of history
  • Receive your paychecks through direct deposit


  • Loans to borrowers with poor credit
  • Option to change your payment date
  • No prepayment fees
  • Loans as high as $4,000
  • Able to fund loans within 1-2 business days


  • High rates from 59.00 – 199.00%
  • Short maximum repayment terms of up to 18 months in many states

Advantages and disadvantages of signature loans

As with any type of loan, signature loans come with advantages and disadvantages:

Advantages. One of the main advantages of signature loans is that they can be obtained quickly without the need to put up any assets as collateral. The borrower’s signature and promise to pay is the sole collateral for receiving a signature loan. Once approved, funds obtained through signature loans are deposited in the borrower’s checking account more quickly than other types of loans.

Disadvantages. Signature loans can be more difficult to get without an established credit history. That's because lenders take on more risk with no collateral loans. Additionally, borrowers with poor credit will likely pay higher interest rates than good credit borrowers.

How to get a signature loan

You have the option to apply for a signature loan in person at a bank or credit union or use the convenience of an online lender. Whatever option you choose to apply, you may be asked to fill out a form with your personal information, including your employer and income, and possibly provide copies of W-2 forms, tax returns, or bank statements.

The final underwriting process may involve a hard credit check in addition to the soft credit check that most online lenders perform initially to determine if you're qualified.

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