Can I get an appliance loan without collateral if I have bad credit?

Yes, it is possible. While a higher credit score improves your chances of approval and helps you get a lower interest rate, some lenders in our network specialize in working with borrowers who have fair or poor credit. They may place more weight on other factors, such as your income and debt-to-income ratio. If you're looking for loans with no collateral and bad credit, be prepared for potentially higher APRs to offset the lender's risk.

Is a 'signature loan' the same as an unsecured appliance loan?

Essentially, yes. 'Signature loan' is another term for an unsecured personal loan. The name comes from the idea that your signature is the only guarantee the lender has for repayment, as there is no collateral attached. So, when you search for a signature loan online to buy a new washer or stove, you are looking for the right type of financing.

How quickly can I get funds to buy my new appliance?

The process is designed for speed. After you submit your online form, you can receive a decision on pre-qualification in minutes. If you proceed with an offer and are fully approved by a lender, the funds are often deposited into your bank account as quickly as the next business day. This allows you to address your appliance emergency without delay.

What's the difference between this and financing at the appliance store?

A personal loan provides cash deposited into your account, which you can use at any store, giving you the freedom to shop around for the best deal. Store financing often comes in the form of a credit card, which may have a 0% introductory offer that jumps to a very high rate if the balance isn't paid in full by the deadline. A signature loan has a fixed rate and term, providing more predictability.

Can I finance the costs of delivery and installation too?

Absolutely. An unsecured personal loan is flexible. You can request an amount that covers the total cost of replacing your appliance, which includes not just the sticker price but also taxes, delivery fees, installation charges, and even the cost of hauling away the old unit. Just be sure to calculate these costs beforehand to request the appropriate loan amount.

Do I need a bank account to get a signature loan for an appliance?

For most online lenders, a valid checking account is a standard requirement. It serves two main purposes: it's where the lender will securely deposit your loan funds, and it's how they will process your automatic monthly payments. While some specialized lenders offer alternatives, having an active bank account will give you access to the widest range of options.

Unsecured Loans for Appliance Purchases

Finance your new refrigerator, washer, or dryer with a personal loan that doesn't require any collateral. It's a straightforward way to handle unexpected appliance failures.

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When an essential appliance breaks, you need a solution—not a roadblock.

My refrigerator just died, and I don't have $2,000 in cash to replace it.
Our network provides access to personal loans from $1,000 to $10,000, often with funds available in as little as one business day.
I don't own my home, so I can't get a home equity loan for a new furnace.
Unsecured loans don't require any collateral. Approval is based on your credit history and income, not your assets.
Store financing has confusing terms and sky-high interest rates after the promo period.
A signature loan offers a fixed rate and a clear repayment schedule, so you know the total cost from the start.
I'm worried about putting a large purchase on a credit card I'm trying to pay down.
An installment loan keeps your appliance purchase separate from your revolving credit, which can be better for your credit utilization.

What is an Unsecured Appliance Loan?

An unsecured appliance loan is a type of personal loan that doesn't require you to put up any collateral. Unlike a car loan or a mortgage, where the asset itself secures the loan, an unsecured loan is granted based on your creditworthiness—your financial history, income, and ability to repay. This is why they are often called 'signature loans'; your signature on the loan agreement is your promise to pay it back.

This makes them an ideal solution for renters, new homeowners, or anyone who doesn't want to risk their personal property to finance an essential household item. Whether your oven gives out before a holiday or your washing machine floods the laundry room, a signature loan provides a predictable, structured way to cover the cost without tapping into high-interest credit cards or draining your emergency savings.

The funds can be used for any appliance-related expenses, including the purchase price of the new unit, delivery fees, installation charges, and even the cost of removing the old appliance. The loan is paid back in fixed monthly installments over a set period, giving you a clear budget and end date.

Get Your Appliance Financed in 4 Steps

1
Check Your Rate
Fill out our simple online form in about two minutes. This is a 'soft pull' that won't affect your credit score.
2
Review Your Offers
If you pre-qualify, you'll see potential loan offers with different rates and terms from our network of lenders.
3
Select and Finalize
Choose the offer that best fits your budget. You'll complete the final application and e-sign documents directly with the lender.
4
Receive Your Funds
Once approved, funds are often deposited directly into your bank account, sometimes as soon as the next business day.

See Your Loan Options Now

Find out what you could qualify for in minutes. No obligation, no impact on your credit score.

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Understanding the Costs of a Signature Loan

Example: Financing a New $2,000 Refrigerator

New Refrigerator Cost

$2,000

Delivery & Installation

$150

Total Loan Amount

$2,000 + $150

$2,150

Estimated monthly

~$75/mo

Based on a 36-month term at a 14.99% APR. Your actual rate will vary.

The total cost of your loan is determined by three main factors: the loan amount, the Annual Percentage Rate (APR), and the repayment term. The APR includes the interest rate plus any fees, such as an origination fee. A lower APR and a shorter term will result in less interest paid over the life of the loan. While a longer term can lower your monthly payment, it typically means you'll pay more in total interest. Always review the full loan agreement to understand all associated costs before signing.

Loan amount: $1,000 – $10,000
APR: 7.99% – 35.99%
Term: 24 mo – 60 mo

Your actual APR will depend on factors like your credit score, requested loan amount, loan term, and credit history. Not all applicants will qualify for the lowest rates.

Example scenario

Our washer broke mid-cycle and flooded our rental's laundry room. We needed a new one fast but didn't have the cash. Getting an unsecured loan was quick and meant we didn't have to put another big charge on our credit card.

Maria R.·Renter, Austin, TX

How Unsecured Loans Compare to Other Options

When facing an unexpected appliance purchase, you have several financing choices. While store credit cards or rent-to-own services might seem convenient at the point of sale, a signature loan often provides a more transparent and financially sound solution. Understanding the key differences can help you make an informed decision that aligns with your budget and long-term financial health.

Unsecured Loan vs. Store Credit vs. Rent-to-Own

Feature	Unsecured Loan	Store Credit Card	Rent-to-Own
Collateral Required	None	None	None (Appliance repossessed if you default)
Typical Interest Rate	Fixed APR (e.g., 8-35.99%)	High variable APR (e.g., 25-30%+)	Extremely high effective interest
Payment Structure	Fixed monthly payments	Variable minimum payment	Weekly or bi-weekly payments
Total Cost	Predictable and clear upfront	Can be high if not paid in promo period	Often 2-3x the appliance's retail price

Find Out if You Qualify

It takes just a few minutes to see if you're eligible for a no-collateral appliance loan.

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What Do Lenders Look For?

Common Qualification Criteria

Credit Score: While there's no single minimum, lenders generally look for scores of 580 or higher. A better score can help you secure a lower APR.
Verifiable Income: You'll need to show a steady source of income to demonstrate you can afford the monthly payments. Pay stubs or bank statements are common.
Debt-to-Income (DTI) Ratio: Lenders check how much of your monthly income goes toward debt. A lower DTI ratio (typically under 43%) is preferred.
Bank Account: Most online lenders require an active checking account to deposit funds and process automatic payments.
US Citizenship/Residency: Applicants must typically be at least 18 years old and be a U.S. citizen or permanent resident with a valid Social Security number.

Even if you're concerned about having bad credit, it's still worth checking your options. Some lenders specialize in loans for borrowers with less-than-perfect credit. Making sure all your information is accurate and having your income documentation ready can help streamline the application process.

Frequently Asked Questions

Can I get an appliance loan without collateral if I have bad credit?
Yes, it is possible. While a higher credit score improves your chances of approval and helps you get a lower interest rate, some lenders in our network specialize in working with borrowers who have fair or poor credit. They may place more weight on other factors, such as your income and debt-to-income ratio. If you're looking for loans with no collateral and bad credit, be prepared for potentially higher APRs to offset the lender's risk.
Is a 'signature loan' the same as an unsecured appliance loan?
Essentially, yes. 'Signature loan' is another term for an unsecured personal loan. The name comes from the idea that your signature is the only guarantee the lender has for repayment, as there is no collateral attached. So, when you search for a signature loan online to buy a new washer or stove, you are looking for the right type of financing.
How quickly can I get funds to buy my new appliance?
The process is designed for speed. After you submit your online form, you can receive a decision on pre-qualification in minutes. If you proceed with an offer and are fully approved by a lender, the funds are often deposited into your bank account as quickly as the next business day. This allows you to address your appliance emergency without delay.
What's the difference between this and financing at the appliance store?
A personal loan provides cash deposited into your account, which you can use at any store, giving you the freedom to shop around for the best deal. Store financing often comes in the form of a credit card, which may have a 0% introductory offer that jumps to a very high rate if the balance isn't paid in full by the deadline. A signature loan has a fixed rate and term, providing more predictability.
Can I finance the costs of delivery and installation too?
Absolutely. An unsecured personal loan is flexible. You can request an amount that covers the total cost of replacing your appliance, which includes not just the sticker price but also taxes, delivery fees, installation charges, and even the cost of hauling away the old unit. Just be sure to calculate these costs beforehand to request the appropriate loan amount.
Do I need a bank account to get a signature loan for an appliance?
For most online lenders, a valid checking account is a standard requirement. It serves two main purposes: it's where the lender will securely deposit your loan funds, and it's how they will process your automatic monthly payments. While some specialized lenders offer alternatives, having an active bank account will give you access to the widest range of options.

Personal loan disclosure

Money Savvy is not a lender. We are a marketing service that connects consumers with participating lenders. Rates, amounts, and terms vary by lender, your credit history, and other factors.

Loan amounts: $1,000 – $100,000
Repayment terms: 3 – 84 months
Min APR: 5.99%
Max APR: 35.99%
Origination fees: 0% – 10% of the loan amount
Late fees: May apply; vary by lender

Representative example: A $10,000 loan with a 36-month term at an 18.99% APR would have an approximate monthly payment of $366.39 and a total cost of $13,190.04, including interest and a $500 origination fee.

Your actual APR depends on your credit score, income, and other factors. Only borrow what you can afford to repay.

California residents: California Financing Law disclosures available upon request.