Yes, but with a few caveats. Unsecured loans are considerably more risky for lenders when compared with secured loans, especially for borrowers with subpar credit. Most unsecured personal loan lenders require borrowers to have good or excellent credit, defined as a credit score of over 660 by TransUnion. So, your chances of getting a loan will be much lower if you have a credit score of 660 or less, a history of missed payments, debt collections or charge-offs by lenders for debt you were unable to pay.
Be on the lookout for lenders advertising unsecured loans for bad credit or unsecured loans with no credit check — these aren’t standard personal loans. Most likely they are payday loans, which come with short repayment terms and high interest rates.
If you have bad credit, you may still be able to find a reputable provider for a personal unsecured loan. You could also try the following:
- Enlist the help of a cosigner. If you have less-than-ideal credit, lenders might be more willing to work with you (as well as offer better loan terms) if you have a loan cosigner.
- Opt for a secured loan instead. Secured personal loans require you to put up an asset you own, such as a vehicle, as collateral.
- Raise your credit and reapply. You can check and monitor your credit score for free on the LendingTree app.