Credello: How to get a personal loan if you have no credit history


NEW YORK – March 7, 2022 – (

There are many reasons why you might want to get a personal loan. For example, an emergency could arise that you may not have the money to cover. You might also want a personal loan to help finance a home renovation, wedding, funeral, or other event.

However, getting a personal loan if you don’t have a great credit history or no credit history can be difficult. There are ways to do it though, and we’ll talk about them right away.

Why you might not have a credit history

Personal loans for bad credit are indeed possible, but before we talk about how you might get one, let’s discuss some reasons why you might not have much or no credit history.

One reason could be that you avoided getting credit cards. Some people do this if they think they might be tempted to use them irresponsibly. Credit cards are one of the proven ways to build your credit history, so boosting your score without them can be a bit tricky.

It is also possible that you are relatively young. Maybe you recently graduated from college and therefore haven’t had much time to raise your credit score through conventional means.


If your situation is one of the ones we’ve mentioned, or if there’s another reason you have a poor credit history, finding a co-applicant for a personal loan makes sense. A co-applicant can be a parent, relative, friend, or mentor who has a strong credit rating and earns a consistent income.

If a lending institution sees that you are applying for a loan with this other person with an established history of paying their debts on time, they are more likely to do business with you. The trick is to find someone who fits this profile and is willing to apply for a loan with you.

Higher interest rates

When looking for a personal loan, it makes sense to shop around. If you don’t have a credit history or don’t have a lot of it, many lenders won’t give you a loan without a co-applicant. However, you may be able to find a lender who is willing to offer you a loan without someone applying with you.

These lending entities could take a risk on you if you are willing to accept a loan with a higher interest rate. The national average interest rate for personal loans is between 9 and 10%. This is what you might expect if you have a solid credit rating and a history of paying off your debts.

If you have very little or no credit history, you might find an entity willing to lend you, but the interest rate may be higher than that. If you really want the loan and can’t find a co-applicant, accepting a personal loan at a higher interest rate is probably your best bet.

Obtaining a personal loan without a credit history is possible

Obtaining a personal loan with little or no credit history is possible. You can often find one with a reasonable interest rate if you can recruit someone with a strong credit history and a well-paying job to be your co-applicant.

If you can’t find such a person, you may still be able to find a loan, but without any credit history, you’re probably looking at a higher interest rate. This is because the lending entity will view you as a risk.

If you really want a loan, however, you can usually get there, even with little or no credit history. Just try not to take on a financial obligation that you don’t think you can repay.

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Credello: How to get a personal loan if you have no credit history

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