Oddly enough, having no credit history is nearly as detrimental to your ability to borrow money as having bad credit! Although everyone starts out with a clean slate when it comes to credit, you must have actual credit in your name to be considered for a loan. This can be difficult and oftentimes frustrating for new borrowers. However, you can receive a no credit loan from certain lenders who cater to new borrowers who have no credit.
Building Your FICO Score
When you apply for a loan, lenders typically look at your FICO credit score, which is a score given to each individual based on their previous credit history and credit performance. If you have never borrowed money or had a credit card, then you will not have an adequate FICO history with most lenders in order to qualify for a loan. There are lenders, however, that will loan you money regardless of having no credit history, and most of these lenders are doing business online.
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Simple Online Loan Processes For No Credit Borrowers
To apply for your no credit loan, you will visit the lender website to fill out a simple application. You will be asked to disclose information such as your income, employer, length of time at current employment, residence and length of time at residence, marital status, banking information, and other information that will be taken into account to help measure your creditworthiness.
Most of the documentation that you will need to provide to your no credit lender can be submitted electronically via facsimile transmission or by sending a scanned email of the document to the lender online. Most likely, your no credit loan servicer will ask you to list several references who can be contacted to verify information that you have provided, or who can contact you if they are unable to do so by telephone.
Building Good Credit With Your No Credit Loan
When applying for your no credit loan, be sure to start out on a good foot. Never borrow more than you can reasonably afford to repay your lender. Your credit is one of the most valuable assets that you will ever have, and you must protect it by being a good steward of your payment history and available credit. Never agree to a payment that you cannot afford based on your monthly income and budgetary constraints. You must also be certain to pay your monthly payments on time each and every month.
Just one late payment can cause your credit score to be really low, which means that you must make an effort to pay as early as possible. When mailing payments, be sure to allow at least a week for the payment to reach the lender. When at all possible, arrange to make your payments online or via the telephone with your debit or credit card.
Depending upon your income, you can borrow as much as $10,000 when you take out your no credit loan. Your money can be used for any purpose, including paying for education, buying a car or other vehicle, purchasing furniture or appliances, or even for travel.
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