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This paper presents analytical upper and lower bounds on the information rate of a multiuser Rayleigh fading channel with no channel state information (CSI) at the transmitters or the receivers. These bounds are shown to converge whenever an individual user's data rate is small compared with the bandwidth, e.g., when users can employ CDMA. The amount of spreading required for a given degree of convergence depends on the number of receive antennas. The number of users can be sufficient for the aggregate spectral density to be large. The paper presents exact analytical expressions for the information rates of both the block fading and the continuous correlated fading channel models in this regime. Finally, the results are extended to more general channel models.