The co-signer is not necessary when taking out a personal loan unless you have no credit history, your credit score is terrible or you have little income. Typically, you can require a personal loan without a co-signer from credit unions and online lending institutions.
How to Get Loans without Co-Signers?
Credit unions
These membership organizations are not-for-profits and are owned by members, so they can afford to have more generous terms and not require co-signers. However, you have to be a member of the credit union when taking out loans from it.
To get loans from credit unions, you should pay a visit to the local office. The application process may take you a few business days to finish.
Online lenders
Applying online is a good option if you are looking for personal loans for bad credit without a co-signer. Online lenders have less strict qualification requirements than banks and credit unions. Besides credit scores, they also focus on other financial factors such as income when making their loan decisions.
You can also submit your loan application form through an online broker like iPaydayLoans, which will connect you with 100+ reputable lenders. You can then receive multiple loan offers from different lenders and choose the most favorable one.
Family and friends
It is also available for most people to borrow money from the people closest to them. If possible, tell them about your financial problems and come up with an arrangement for a loan that you can pay back in due time.