Qualify For Loans without Cosigners


Loans without Cosigners

Many times a person will find themselves in need of money but cannot get a cosigner that the traditional cash loans lenders are requiring.  This means that you will need to find a way around getting a loan without a cosigner.  You will be the person responsible for the loan and you will need to let the lender know that you are able to pay the loan back.  Is it possible to obtain a loan without a cosigner?

The Basics Of Cosigning

It may be impossible for you to get a loan without a cosigner if the lender does not believe that you will pay the loan back.  They want to be sure that they will get their money back.  When you have a cosigner the cosigner agrees that they will make the payments in the event that you as the primary borrower fail to pay.

Unable To Get A Loan Without A Cosigner

The lender is letting you know that you have a credit issue when they deny you for a loan and tell you that you will need a cosigner to be approved.  There could be several reasons why they are denying you.  It could be that you have bad credit or not credit at all.  Often times you are new to the borrowing world and you have no history to use as an example.  Therefore the lender does not want to take a risk on you alone.  If you have to get a loan with a cosigner you should just to help increase your credit scores.

Another reason why the lender may not wish to grant you a loan without a cosigner is that you might be borrowing too much money.  The lender may think that you are over extending yourself and will require a cosigner.  Lenders know how much you can afford by comparing your monthly income to the amount of the loan payment.  If it takes too much of your income the loan will be denied.  The way around this is to change the loan amount.  You might be able to be approved for a loan without a cosigner if you apply for a smaller loan amount.

Student Loans

Student loans are a little easier to get without a cosigner.  This is because lenders understand that a lot of students going into college are just graduating from high school and have not had the opportunity to grow their credit.

A popular type of student loan that does not require a cosigner is a Stafford loan.  These loans are available to students who are full or part time as well as graduate or undergraduate students.  Often times with this bad credit loans your credit is not even checked.

There are other federal student loans that are available to you.  You should check with a financial aid office at the school you are attending to see if they can give you some advice.


Lenders want to reduce their risk of losing money because you do not pay the loan back.  This is the reason why a cosigner is often required.  There are other options out there that do not require a cosigner.  You should check with your lender to see what your options are.