MoneyLife

Can I Get A Personal Computer Loan With Poor Credit?

By Jacinta Sherris

A personal computer loan can get you the funds you need to upgrade your device and improve your workflow. Your credit score will always be an important factor when it comes to any type of financing. 

But even if you have bad credit, you can still access an affordable laptop loan.  You could even qualify for discounts for education or business purposes. 

We’ll show you how to finance a computer and then we’ll go over your best options for a personal computer loan right below!

Best way to finance a computer

Between discounts, grants, and laptop loans, there’s more than one way to get a loan for a computer. Here are your best options for financing. 

Student loans or financial aid 

If you’re a student at a college or university, you may be able to use financial aid or student loans to buy school supplies—laptops included. If possible, try to stay away from private student loans and opt for federal student aid instead. 

Federal student loans are less expensive, feature repayment plans, and generally offer more benefits. It’s also easier to get forgiveness on federal student loans than it is on private student loans. 

Grants

Some universities may offer student grants or scholarships to help you finance a computer. Ask your academic advisor about available programs or opportunities.

You can also apply for a Federal Pell Grant, which can be used to buy a laptop. The Dell Scholars Program is another way for low-income students to access the school supplies they need, laptops included. 

Make sure to also check out the Scholly app, a subscription-based app that helps connect students with scholarship opportunities. For an annual fee of $45, you’ll have access to the app for an entire year. 

Peer-to-Peer loans 

Peer-to-peer (P2P) lending is an alternative form of financing where investors directly finance a loan to borrowers through an online platform. This financing method cuts out traditional banks and makes it easier for borrowers to get the cash they need. 

However, your credit score is likely to play a role in the rates and terms you’ll qualify for, and you may face expensive interest rates if you have poor credit

Kiva, Upstart, and Peerform are popular P2P lending platforms that you may be able to utilize for a personal computer loan. 

Personal loans 

Personal loans can be used for just about anything. However, if you have poor credit or not enough income history, you may not be able to obtain a personal loan from a bank or traditional lender. 

In any case, you’ll want to consider a Credit Builder Loan from MoneyLion. It works a lot faster than traditional personal loans and there’s no hard credit check required, which is ideal for individuals with poor credit. 

MoneyLion’s Credit Builder Loan also features built-in tools to help you monitor and boost your credit score. You’ll also be able to access same-day financing and Instacash, which is a 0% APR cash advance that can help you cover unexpected expenses instantly. 

Get credit from old computers and electronics 

If you own a laptop that’s outdated or even broken, you may be able to exchange it for cash. The same goes for other electronics, phones, headphones, gaming consoles, and more. You can put the cash you earn towards your new personal computer loan.

Some companies, like Apple, will offer you credit for switching out your old electronics for a new purchase. You should also check sites like Buyback Boss and Decluttr — two platforms that specialize in buying used and sometimes even broken) electronics. 

Short term interest-free deals

Look for offers with introductory 0% APR promotions. Most of these offers are associated with opening a new credit card. More often than not, you’ll need good credit in order to qualify. 

If you are able to secure a new credit card with an interest-free promotional period, make sure you pay off your entire balance before the period ends. Otherwise, you’ll end up shelling out loads of money on interest and risk falling into debt. 

In-store financing

Depending on where you shop, you may be able to access in-store financing solutions or store credit cards. These can be a convenient option, but usually only available to people with good credit. Unfortunately, in-store financing options can also be notoriously pricey and feature high-interest rates. 

Electronic companies offering computer discounts for students and businesses computer discounts

Take a look at some of the electronic companies that offer discounts on computers for students, education professionals, and businesses. 

  • Apple: Offers discounted laptop prices for college students, their parents, education staff, and homeschool teachers. 
  • Office Depot Business Solutions: A free-to-join membership program that can help business owners access benefits when it comes to shopping for office supplies and electronics. 
  • Amazon Student: An opportunity for students to access a free six-month Prime Membership trial and unlock special deals. 
  • BestBuy Student Deals: Offers generous discounts for students on a variety of its products, including laptops. You may be able to save up to $100 or more on certain laptops. 
  • Dell University: Offers an Education Savings program that comes with special perks and solid savings on laptops. 
  • HP Education Store: An opportunity for members to access special discounts when it comes to electronics and laptops. Everyday discounts can reach as high as 35% off. 

Get extra cash to upgrade your laptop

If your computer crashed, you may not need to take out a personal computer loan. Instead, having some extra cash on hand will allow you to repair it and get back online. 


For quick, affordable cash make sure to check out Instacash. You could unlock up to $250 at 0% APR in same-day financing to put towards fixing your computer or a laptop loan. You can also use it for any other types of expenses that come up, such as supplies, groceries, gas, and more. 

Learn more about Instacash and how it can make managing your finances a whole lot easier! 

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