I have bad credit but need loan for school


Hey guys,

I need your help. DO u guys know of any private student loans i can get with bad credit. I have taken out the maximum federal loan and need about $ 5000 to bridge the gap. My school does not offer any scholarships for second degree students. I applied for one loan with a cosigner and got denied. Classes start in 2 wks and i do not know what to do. If im not able to go i will be so devasted. Please help!!


601 Posts

Hopefully this works for you:


I was approved with no co-signer, no income verification, no school verification and satisfactory credit standing. I was approved online in less than a minute and once my documents were faxed to their department, the check was received 5 business days later. My APR is lower than the current Stafford Federal loan rate.

Good luck.:)

Also: zero origination fees, zero guarantor fees, zero prepayment fees and zero payments until 6 months after graduation or enrollment in school less than half-time.


1,051 Posts

If link the above poster provided dosen't work, try salliemae...Worked wonders for me..Good luck..


51 Posts

Thanks for your advise but i do not think i can get those loans on my owen. This is very embarrasing but my credit score is 565. Does anyone know of any loans i can get with that credit score?

Specializes in SRNA. Has 13 years experience.

You could always try peer-to-peer lending groups such as www.prosper.com, where individuals lend to each other. Do a Google search for other reputable companies. They do require a credit check and the interest rates that are offered by individuals are tiered based on your credit score. Some individuals who do not qualify for education loans via traditional avenues can use this. You may definitely pay more in term of interest to borrow the money, but if you feel that you need to borrow to continue your education, it is an option for you to investigate. Good luck! ;)

RhodyGirl, RN

823 Posts

Specializes in Med/Surg.

With a 565 CS you may be in trouble. Your best bet would be to try a local credit union. I don't know all the details because I have a good score, but I have a friend with poor credit who received a car loan through a credit union. They are usually more understanding and lenient with credit problems. Good luck.


198 Posts

did you apply for federal aid first such as a stafford loan?? they dont do credit checks!! i did and got the maximum, and i still need another loan, so i went with an educational loan from a wachovia bank. my credit score is lower than yours:down: and they approved my credit status. (with a co-signer how has a credit score around yours) im just waiting on approval from my school now.


255 Posts

Don't be embarressed!! Alot of people screw up their credit not educated about credit, myself included. I wish I would've know then what I know now about credit and my score wouldn't be s low. You can try like someone else said applying for financial aid. They offer loans to students.


51 Posts

Thanks for all your suggestions. I have got the stafford loans but need about $5000 more to bridge the gap. I did apply to to wachovia witha co signer and got denied. Does anyone have anymore suggestions? I don't know what to do? Also prosper.com, do they check your credit?


237 Posts

Have you checked with your local bank? They may be able to help you with a co-signer or maybe a car that you could use as collaterol (sp). You would probably have to make monthly payments but you could probably stretch it out to help keep them somewhat manageable. I had to go this route for my first semester to help with non-tuition costs. Granted I only needed $1000 but I used my car as coll. and set the payments for $200/mo. It was paid off almost 2 months before date and it helped my credit score (not by much). Good luck!!!


51 Posts

My local bank is wachovia and i got denied. i already have a car, so not sure if i will be able to use my car as collaterol. I will ask around though. thanks for your suggestion.


134 Posts

Specializes in Critical Care.

I would try Chase. I think they must be a more lenient lender. My credit is "fair" with some (ok more than a little) delinquency from my teens and I was approved for a certified loan and a non-certified loan with decent interest rates. I did use a cosigner with average credit. I'm hoping I get my check soon, I have thingsI need to buy for school already.

I am also a 2nd degree student and I'm wondering why there arent more options for us. Sheesh! At least the Federal loan limits increased and that helped me out a lot.

This topic is now closed to further replies.