Can I Get a Personal Loan with No Credit History?
If you need a personal loan but don’t have an established credit history, you’re in luck. Some lenders may approve you for a personal loan with no credit history. Let’s take a closer look at how personal loans work, the types of loans for borrowers with no credit history, and how to get one.
How personal loans work
Personal loans are flexible, meaning you can use them to cover just about any expense. They can help you consolidate debt or pay for a car repair, home improvement project, wedding, or even vacation. If you take out a personal loan, you can receive anywhere from hundreds to thousands of dollars. You’ll then pay back your loan over an agreed upon term, which may be a few weeks, months, or years.
Can I get a personal loan with no credit?
Many lenders will consider factors in addition to your credit when deciding whether to approve you, like your income and employment history. This means that you may still get approved for a personal loan with no credit history.
Types of personal loans for borrowers with no credit history
There are several types of personal loans for borrowers with no credit history, including:
Known as payday loans, short-term, small dollar loans, can hold you over until you get your next paycheck. You’ll repay them when you get paid next, usually within two to four weeks.
With installment loans, you’ll receive a certain amount of money at once. Then, you’ll pay it back over time via fixed payments. In many cases, you’ll have anywhere from a few months to several years to repay the loan.
A title loan may be an option if you own your car. Upon approval, you’ll give the lender your title in exchange for a lump sum of cash, which will be based on the value of your vehicle. You’ll be able to continue driving your car as you pay back the loan.
Lines of credit
A line of credit lets you withdraw funds whenever you’d like, up to your set credit limit. You’ll only have to pay interest on the funds you borrow.
How to get a personal loan with no credit
To get a personal loan with no credit, follow these steps.
1. Research lenders
Shop around online and find a few lenders that appeal to you. Then, read reviews and compare factors like interest rates, borrowing amounts, terms, and fees.
2. Choose a loan option
After you research lenders, choose the right personal loan for your budget and needs. If you’re unsure about the loan offer or have any questions, ask the lender for clarity.
3. Fill out and submit your application
Fill out the application online or in-person. To do so, you’ll need to provide basic information about yourself as well as some financial details. Many applications are quick and easy, so you may be able to apply within minutes.
4. Wait for approval
Depending on the lender you choose, you may receive a decision instantly, that same day, or within a few business days. Many lenders will let you know you’re approved via email.
5. Receive your funds
Upon approval, the lender will distribute your funds. They’ll usually do so through direct deposit, prepaid card, or check.
You may not need credit history to get approved for an Advance America personal loan
You can still get approved for an Advance America loan without an established credit history. We offer a variety of personal loans such as payday loans, installment loans, title loans, and lines of credit. You may apply online and get your money quickly, sometimes the same day you apply or within 24 hours. Visit Advance America today to learn more about our products.