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If you are a student or someone with no past credit cards, then you most likely are sitting in a spot with very little or no credit history. That is okay! All of us start with no credit history. Credit is built over time and maintained throughout your entire life.

You aren’t expected to have instant credit once you turn 18. It isn’t like congratulations and you can legally drive or vote, and then easily take out a high-interest loan to finance a purchase.

Everyone enters adulthood with little or no financial education and common money struggles. In real-life, most struggle through bills, student loans, rent payments, etc. Money is always tight.

But that doesn’t mean you should suffer every month. If you are struggling to keep up with your expenses, then you need to do something to help yourself. Loans for people with no credit are available from lenders that understand that money should be accessible by everyone. No one should be left behind.

What Are Loans for People With No Credit?

Loans for people with no scores or history are those made by lenders that don’t perform credit checks. There is no need to check your credit as it is assumed that either you don’t have one or that it is so bad a normal bank would deny your application immediately.

A no credit check loan is a loan that has no requirement for a hard credit check. A hard credit check is a request from a lender to a credit agency (Equifax, TransUnion, Experian) requesting a record of your credit history. It is obvious then that if you don’t have any credit, that credit history page is going to look pretty empty.

Will This Affect My Credit History?

Not necessarily. If there is no hard check then there will be no inquirer into your card. Hard credit checks have the disadvantage of hurting your credit every time one happens.

On the flip-side, any loan management that concludes with a fully paid off loan will usually help your balance. This doesn’t mean that you can spend frivolously away on new loans. This just means that you can comfortably take out loans as long as you are sure that they will be repaid by the end of the primary term of the loan.

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What’s the Process for Obtaining Loans for People With No Credit?

With loans for people with no history  a lender wants to make sure that the borrower is financially able to pay off the loan. The lender is in a pickle if the borrower suddenly decides to move out of the country. This would be an unfortunate curse of events as credit defaults affect the lender. Since there is no credit check, the lender must understand if the borrower can still pay off the loan in a reasonable and timely manner.

So when you are applying to a loan program you need to make sure that all of the important information is part of your application process. This application with any supporting documentation will have to convince them. The other things that the lender will want to see are your assets  any car ownership, any real estate assets, your income history from current and former employers, any criminal history, etc.

Should I Choose a Personal Loan?

An unsecured personal loan is great when there is no asset involved. If the loan is backed by a personal asset, then it’s a secured loan. Personal assets are usually your cars(if fully paid off) or any real estate (home or building). The bank will assess that real estate, and make final recommendations on whether or not you will get the loan.

Where Should I Look for Loans for People With No Credit?

You need to find an online loan dealer that can handle lenders from all over the nation instead of traveling to different payday loan places.

At Personal Money Network, you only need to fill out an application once and they use it for assessing loans from all the major national lenders. This means with a few simple clicks you can get exposure from all of the top lenders in the country.

When it’s easier for you to find a lender, you save both money and time. And since you are not doing a lot of hard inquiries on your history, your credit scores are not affected.

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