No – credit – history loans usually look at other factors like your work
No – credit – history loans usually look at other factors like your work history to determine your eligibility for a loan.
If you need to borrow money but have little to no credit history, you might have a hard time finding a lender to work with. However, there are some personal loan lenders that offer no-credit-history loans with other qualifying criteria.
Here’s what you should know about no-credit-history loans:
4 lenders who offer loans to people with no credit history
Several lenders offer bad credit loans — however, having bad credit still means you have some sort of credit history.
If you have no credit history at all yet, you likely don’t even have a credit score. In this case, you’ll need to find a lender that lets you potentially qualify in a different way besides just your credit.
If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.
4 The full range of available rates varies by state. The average 3-year loan offered acro all lenders using the Upstart platform will have an APR of 24.4% and 36 monthly payments of $36 per $1,000 borrowed. There is no down payment and no prepayment penalty. Continue reading →