Applying for a Loan with No Credit

No credit? No big deal, right? Wrong. How much money do you have in your checking and savings accounts (or under your mattress)? How long would that sum tide you over if you lost your job? Would it be sufficient to pay for an expensive car repair or emergency medical procedure? Credit is a safety net you can fall back on when you need emergency personal loan. It's also necessary if you want to finance a new car or home purchase. Loans with no credit can help you secure a credit history.

What Does Having No Credit Mean?

Every person with credit has a credit score. For example, a common scoring system, FICO, rates credit scores as follows:

  • Excellent (750 to 850 credit score)

  • Good (660 to 749 credit score)

  • Fair (620 to 659 credit score)

  • Poor (350 to 619 credit score)

Having no credit does not mean you have a zero credit score. It means you've never established a credit history. Lenders don't know how risky it would be to lend you money.

Reasons Someone Might Have No Credit

If you've never borrowed money from a bank or credit union, never had a credit card or never had a utility bill in your name, you may have no credit, or a thin or non-existent credit file. You are, essentially, living off the credit grid. There's nothing wrong with paying cash through life. However, even if you prefer to live a pay-as-you-go lifestyle, it's still wise to build a credit history. You never know when an emergency will arise, and you'll need to borrow money. When you have no credit, securing personal loans from traditional lenders can be tricky.

Requirements to apply for our personal loans?

If you need cash or wish to build a credit history, we encourage you to apply for a LendUp loan. We do not conduct traditional credit checks, and we lend money to people regardless of their credit scores. Whether you have good, bad or no credit, you may have a chance of being approved for a LendUp personal loan if you meet the following criteria:

  • Live in a state in which LendUp is licensed

  • Are 18 or older

  • Have a recurring source of income

  • Have an active checking account that accepts electronic transfers

  • Have a valid phone number, e-mail address and physical address

  • Are not an active military member or the dependent of an active military member

LendUp's mission is to offer a hand up to those who are in dire need of emergency funds. What’s more, LendUp offers free online financial education courses to empower you with financial knowledge to get you on a better path the financial health!

LendUp offers loans with no traditional credit checks to its customers. And with the LendUp Ladder, we strive to provide a path for customers in eligible states to move up and earn access to apply for more money at a lower cost. See The LendUp Ladder for details.

Unlike payday lenders, LendUp gives clients opportunities to improve their credit. For example, we have a program that rewards points to customers who make responsible choices. Clients who accumulate specific numbers of points may be eligible to borrow more money at lower interest rates and have a longer period of time to pay off these loans.

LendUp does not penalize applicants for what they lack. LendUp’s personal loans don’t require a good credit history, and taking our free online financial education courses can help improve your credit score in the long run.

Disclaimer: LendUp is not providing financial, legal or tax advice. If you need or want such advice, please consult a qualified advisor.

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