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It can be challenging to get a personal loan if you have no credit history. Lenders often view borrowers with no credit history as high-risk, meaning they are less likely to approve such a loan. However, having no credit history doesn’t necessarily mean you are irresponsible with credit. It could mean you’re new to a country, financial freedom, or even the responsibilities of adulthood. in fact, some lenders understand these circumstances and make options available for people searching for a personal loan, even if they have no credit history.
One option is to have someone be your cosigner for the personal loan. Typically, a cosigner will need to have good credit to help you get approved. You should always have a plan for how you’ll pay back the loan because if you’re unable to make your payments, your cosigner will be responsible for making these payments and it could impact their credit.
If you’re trying to apply for a personal loan but have no credit history, another option you may have is to apply for a secured personal loan. This type of loan requires collateral, such as your car or your home, to back the loan, making it less risky for the lender to loan you money. Additionally, certain lenders have restrictions to accessing secured personal loans on state-by-state bases. Before taking out a secured personal loan, you need to be sure you can apply for and receive this type of loan andmake the payments on time and in full. Otherwise, you risk wasting time better spent securing funding and losing your collateral if approved.
Without a secured loan or a cosigner, some lenders like Oportun will look at other factors of your financial situation aside from credit history when determining if they can provide you with a personal loan. When reviewing your application and assessing whether you can repay a loan, these lenders might look at things like your income and history of paying your phone bill and other utilities. If the lender can see that you have a consistent income and are responsible with your finances, you may be able to get a personal loan without having credit history.
Of lenders who offer services to those with no credit history, several of them have competitive interest rates and favorable terms for who need a personal loan. If you’re ever unsure about your borrowing options, reach out to a personal loan provider for any questions you might have.
