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Can I Get a Mortgage If I Have No Credit score?


There are no credit loans, but there are a few things that you need to know about them. Although they often offer financial solutions, these solutions come with a cost that can sometimes lead to a debt cycle if you are not careful.

Since lenders without credit checks do not take borrowers’ credit reports into account when granting loans, they can charge high fees and extend small amounts at short notice. You can still get loan with no credit, but you should try building and increasing your credit score to get fair credit. However, if you need money fast and you don’t have time to build your bankroll, you still have options.

Check your personal loan rates

Answer a few questions to help you determine which personal loans you will pre-qualify for. It’s quick and easy, and doesn’t affect your credit score.

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How can I get a loan if I don’t have a loan?

Lenders use credit scores as an indicator of the likelihood of getting their money back from borrowers. While it is possible to get a loan with no credit score, it is not ideal. You will likely pay higher amounts of interest and fees.

However, there are alternatives. Some lenders do not accept traditional credit histories. This includes things like:

  • Rental payments
  • Bank account history
  • Additional costs

[Read: Need Cash Quick? 30 Legitimate Ways to Get Money Fast]

The best way to find a lender who is using non-traditional credit histories is to simply pick up the phone and call. However, having a face-to-face conversation with a bank manager or loan officer is also a smart move. Just make sure you are prepared. Some of the documents you might want to take with you include the above as well as:

  • Pay stubs (worth 4-6 months)
  • W2s
  • tax returns

Another option is to get a joint loan or a co-signer. The downside of either is that if you miss a payment or are late, the other person’s bankroll will also be affected, which can damage your relationship.

How do I start building credit?

While you may not have credit right now, the good news is that it doesn’t take years and years to develop a credit history.

  1. Ask to become an authorized user: Friends, family, and spouses are good ways to do this. When you become an authorized user on someone else’s card, you not only get that person’s history with that card, but also access to their credit line. Just make sure they don’t have a damaged credit profile and that their account balance isn’t too high – either of which will hurt you.
  2. Get a secured credit card: With a secured credit card, you make a deposit that becomes the credit on the card. When you use the card and pay with it, you will create a credit history. Just make sure your payments are on time.
  3. Apply for a credit expansion loan: A small loan is deposited into a bank account and you make monthly payments to the lender to repay it in full. The size of the loans is usually between $ 300 and $ 1,000 and is designed to help people with limited credit get their scores up.
  4. Sign up for the credit increase: Experian and FICO offer a 100% free credit boosting service. It works by getting credits for payments to services like Netflix and cellular companies. The amount of your “boost” depends on which services you use and how long you have used them. However, if you have poor credit, this is a great way to get your score up quickly.

[Read: What Is a Line of Credit and How Does it Work?]

What kind of loan can I get without credit?

As you may have picked up by now, traditional loans are not available to help those without credit. We’ll go into more detail below, but the most important thing is that not every loan is ideal for every person. Loans without credit checks have their own advantages and disadvantages – be it high interest rates or the risk of valuable collateral. Therefore, while you have options, you may only want to consider one or two.

Remember: any lender who promotes Guaranteed Loan Approval is not making money lending to you. It is then just a matter of how much you want to pay for the borrowing ability.

Apply for an alternative payday loan

A Payday Alternative Loan (PAL) is a loan product offered by credit union members. These loans can go up to $ 2,000 and the interest rates are capped at 28%, which is much lower than payday loan and bad credit providers. While the loan must be paid back within one to 12 months, the fees and interest are still much cheaper than other options.


  • Limited fees and interest
  • Good for building credit
  • Can borrow multiple times


  • Short repayment period (1-12 months)
  • Not available at all credit unions
  • Amounts capped at $ 2,000

Provide collateral and apply for a secured loan

For this type of loan, you will need to provide collateral such as your home, car, or savings account. However, the main disadvantage of this type of loan is that if you default on payments, you run the risk of losing your collateral. Hence, these types of loans are quite risky, especially if your financial situation is currently tight. In any case, make sure that you understand the terms of the loan very well before agreeing to provide collateral.


  • Creates a credit history
  • Longer repayment terms
  • Lower interest rates than unsecured loans


  • Amount based on the asset
  • Might lose your fortune
  • Longer funding periods – asset valuation required

Apply for a loan from a co-signer

Applying for a loan with a co-signer essentially means that both you and the other person are equally responsible for the loan. Although you may agree to make all payments yourself, if you stop making payments, the lender will consider you both owed. This means that both of your credit scores will be negatively affected.

Applying for a loan with a co-signer is roughly the same as applying for a loan yourself. You both need to provide the required documentation, and a lot of it can be done online. The only catch is that your co-signer obviously needs to have a strong credit rating and credit report to make up for your lack of credit.


  • Access to previously denied loans
  • Possibly higher loan amount
  • Possible lower interest rates


  • Default payments affect both outcomes
  • Might put a strain on the relationship
  • Two tough credit checks required

Borrow from your 401 (k)

A 401 (k) account is a retirement account that you put money into your retirement with every paycheck. For many people, their employers match their contributions. Borrowing your 401 (k) is not the most ideal option as you are essentially borrowing from your future self. Therefore, it is a loan with no credit check option that can make things a little more difficult for you later.

The great thing is that no lender is involved because you are borrowing the money from yourself. However, if you fail to repay the money within a certain amount of time, you run the risk of paying tax on the money plus a 10% fine. Another disadvantage is that if you lose your job you will have to pay the full amount back by the tax return for the year if your employer made a contribution.


  • No loan application
  • No taxes or penalties
  • No credit rating is required


  • Loan Amount Restrictions
  • Not possible with all employers
  • Might lose all investment gains

Check your personal loan rates

Answer a few questions to help you determine which personal loans you will pre-qualify for. It’s quick and easy, and doesn’t affect your credit score.

Compare each option and read the fine print

All of the above options offer instant, short-term solutions to many financial situations. However, do consider the long-term effects of each. Will a relationship be strained? Is the interest too high? Will you be stressed out if you lose collateral? There are obviously many questions that you need to ask yourself for any type of loan.

[Read: Quick Ways to Borrow Money]

As with any loan, you should make sure that you fully understand the loan terms. Some of the things to consider include:

  • Total cost of the loan with interest, fees and more.
  • Amount of monthly payments. Can you budget and afford them?
  • Duration of the repayment period.
  • Total amount of fees.
  • Effects on late or missed payments.

All of this information should be in the fine print. However, if you don’t understand something, speak to the loan officer before signing any paperwork.

Too long, not read?

The key to remembering is that you have options to borrow money even if you don’t have a credit score. However, each option has its own advantages and disadvantages. Unless you are in a financial hurry, strongly consider safe, alternative ways to improve your creditworthiness, such as: B. taking out a secured credit card or a loan to build up credit. If your problem isn’t a lack of credit but bad credit, there are some decent bad credit loans (as well as fair credit ones) available as well.

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