How to get a loan without any credit

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You can get a personal loan with no credit check through some online lenders and federal credit unions. Alternatively, consider other methods of borrowing, such as using paycheck advance apps. If possible, take the time to build credit before applying for a personal loan.

Basic Loan Requirements:

Must be at least 18 years of age. Must be a US citizen or permanent resident. Currently employed or earning a regular income. Have a great bank account to collect funds, preferably with direct deposit.

Who is a personal loan for?

People get personal loans to help with home repairs, luxury purchases, vacation purchases, and more. A loan from one of our creditors can support you get the funds you want! Just fill out our simple online form. Follow the short process and, if you're approved, you can receive your funds as soon as the next business day!

If you're looking for a no-credit loan, here are some strategies to consider:

 1. Look for lenders that consider unconventional credit histories:

Even without a credit score, you may be able to prove to the bank that you are a reliable borrower in other ways. Some will accept alternative data to assess a borrower's risk, such as bank account activity and payment history for rent, utilities, and other bills.

To get approved for a loan using your unconventional credit history, you may need to contact the lender directly. It's even better to find a bank or credit union that has a local branch near you so you can talk to someone face-to-face.

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If you plan to apply for a loan with a lender that offers manual underwriting, here are a few documents you may want to gather beforehand:

• Recent W-2s

• Recent tax returns

• Last four to six pay stubs

• Previous three to six monthly bank declarations

• Rent payment history for the last 12 to 24 months

• Utility payment history for the last 12 to 24 months

2. Apply for a Payday another Loan (PAL) from your credit union:

If you need emergency cash and you're a member of a credit union, check to see if it offers Payday Alternative Loans (PALs). PALs are small, short-term loans intended to offer an alternative to high-cost payday loans.

These unsecured loans come with terms of one to six months and the loan amount can range from $200 to $1,000. In different payday loans, PAL submission fees cannot beat $20 and the highest rate is 28%.

However, you won't qualify for PAL until you've been a member of your credit union for at least one month. So unless you're already a member of a credit union, PAL won't be a good option if you need quick cash.

How to Apply for Personal Loan:

 If you've decided that a traditional personal loan is best for you, follow these steps to apply for a personal loan and improve your approval odds and conditions.

1.    Check your credit for any kind of loan you apply for, it's continually wise to check your credit score first. That way, you'll have a stronger understanding of what you might qualify for. Check your credit score for free with Experian to get a clear picture of your credit score range and how lenders view you as an applicant.

 Understand what you need and can afford:

 Before you find a specific lender and get pre-qualified, be clear about how much you need to borrow to meet your goal. If you need $2,000 for an emergency home or car repair, a $500 advance offer won't solve your problem. Also, review your budget to see how much you can afford in monthly payments. Taking out a loan with payments that squeeze your budget can make it harder to pay on time, which can put you under more financial stress.

Example of no credit check loan

A one-year, $2,000 loan with a 36% APR would have a monthly payment of $201. The same loan through a no-credit-check lender with a 200% APR would run you $396 a month — nearly double the cost.

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