What if you have no credit history at all, but want to get a personal loan for buying a new expensive car? Is there something you can count on? How high or low are your chances when it comes to applying for a loan without a job, credit history, or stable salary?
There are a couple ways to get your request approved when it comes to applying for a personal loan without an impressive credit background. How much should a financial company know about a person before it feels comfortable enough to make a loan? Generally speaking, it is all about a credit score. Still, you can do a lot, even without having it. How? Let’s find out.
A Personal Loan Without a Credit History
First of all, let make it clear that a credit history is not the only reason, which influences whether you’re going to get a loan or not. There are some companies out there that don’t require having a score and don’t check your previous credit reports when considering your application. They’re looking for other than a credit history requirements. For example, it is important for them to be sure that you’re a homeowner or that you have even the smallest possible credit history. So, there are definitely programs available without a credit check. The only problem is that such programs can offer a little bit worse terms and conditions than the regular programs do.
There is one more way to make your request being accepted by a bank. As we have already mentioned, a credit history is not the only requirement by a financial company to give you a personal loan. There is a set of documents you have to prepare to ensure the company that you’re able to pay off that loan. For example:
- You should have a job;
- You should have a stable income;
- You should provide the information about your property if you don’t have a job at the moment. For instance, you want to take a loan of 3.000$. The information that you have a car of 7.000$ can help you to ensure the bank you can pay off that money even without a stable income at the moment;
- You should be able to map out a concrete period of time during which you will repay that loan, etc.
The one thing every bank and financial company want to be sure about is that their money will be recovered.
These are just a couple examples of how you can get a personal loan even without a credit history or even without having a stable job. As you can see, it is quite a real thing to achieve. Just prepare that you will have to demonstrate a little bit more documents than usual to prove that you can pay off the loan. The main idea here is that you still need money in a form of property or regular income to go forward with your loan even if you don’t have a credit score. Maybe it is better to start saving something in advance to be able to present it to a bank later. Even a small financial backup is better than nothing.