Can I Get A Loan with No Credit History?
If you don’t have an established credit history, you can still get a loan. There are lenders who will look at factors in addition to your credit score when deciding whether to approve you. Let’s dive deeper into how to get a loan with no credit history.
How getting a loan with no credit works
To get a loan with no credit history, you’ll need to find a lender who will consider more than just your credit score. A lender is more likely to lend you money if they also check your employment history, income, debt, and other factors.
What loans can I get approved for with no credit?
If you’re interested in loans that you may get approved for without an established credit history, here are some of your options:
Payday loans are short-term, small dollar loans that can help you cover immediate expenses until your next payday. You can pay them back once you get your paycheck, typically within two to four weeks.
Installment loans allow you to borrow a lump sum of money at once. In many cases, you’ll pay them back via fixed monthly payments over an agreed upon time period or term.
Title loans are secured loans that use your car as collateral. As long as you own your car, you can exchange your title for cash. You’ll be able to continue driving your car as you pay your loan back on time.
Pawn shop loans
Pawn shop loans are short-term loans that are secured to something valuable you own. The loan amount you can receive will likely be anywhere from 25% to 60 of the value of your item.
How to get a loan with no credit history
To apply for a loan with no credit history, follow these steps:
1. Research lenders
Make sure to do your research on lenders before applying for a loan. You could search the internet to find some options and compare the pros and cons of each.
2. Choose a loan option
Once you find a loan from a lender you like, make sure you fully understand it, including its rate, term, and fees. If you have any questions, ask the lender for clarity.
3. Fill out your application
Fill out the application form and provide basic details like your name and address as well as information about your employment and income. Double check the application before you submit it to make sure all information is correct.
4. If approved, receive your funds
If the lender approves you for a loan, you can expect to get the funds quickly. Many lenders will deposit the money into your account that same day, within 24 hours, or in a few days.
Get approved for an Advance America loan with no credit history
Even if you don’t have an established credit history, you may still get approved for an Advance America loan. Advance America will consider factors in addition to your credit score like your income and current debt when deciding whether to approve you.
We offer a variety of products including payday loans, installment loans, title loans, and lines of credit. You may apply online or in-store and receive your funds in as little as 24 hours. Visit Advance America today to learn more about the loans we offer.