How to Get A Loan With No Credit History

How to Get A Loan With No Credit History

When you apply for credit a lender has to make a decision on how likely you are to repay the loan and how much interest they should charge you. Credit history is a record of your ability to repay debts and demonstrated responsibility in repaying them.

It’s possible to improve your credit scores by following a few simple steps, including: opening accounts and maintaining low balances, and paying your bills on time.

Bad Credit Loans

If you have a poor credit rating you can still apply for loans by opting for a bad credit loan. This type of loan made specifically for those with a poor credit history. Poor credit loans usually charge a higher interest rate than regular personal loans, as lenders take a greater risk by providing funds to those who might be more likely to default.

Guarantor Loans

This involves the borrower arranging for a second person to pay off the loan in case they can’t make the repayments themselves. This lowers the risk the lender takes when loaning money to someone with a poor credit rating. A guarantor for a loan should be someone who knows you really well. Being a guarantor for a loan is a big commitment and it’s important you both understand and are comfortable with what’s expected of you when you agree to take out the loan.

 How To Use Business Loan To Expand Your Business

How To Use Business Loan To…

 How To Get Funding For A Startup

How To Get Funding For A…

×