How to get a loan with no credit

Jun 24th, 2021

We live in a world full of unexpected circumstances. There are situations where you will need to settle some urgent needs, and the only way out is to take loans. In this situation, how do you do it even when you do not have a credit history? Is it possible to get a loan with no credit?

The answer is YES. You can actually get a loan with no credit. Although you might have to pay higher interest rates and the loan term might be unfavorable. But, that does not take the possibility of getting a loan with no credit.

To find out how to get a loan with no credit, all you have to do is read on. In this article, we will discuss explicitly all that you need to know about getting a loan with no credit. You can also check out this post on how and where to get urgent loan in Nigeria.

What does it mean to have no credit?

A credit record or history is a track record of how well you handle debt. It covers all the past loans you have taken and your current status. If you have no credit history, it is somewhat hard to be able to get loans. However, that does not mean it is not possible. If you have no credit history. The following might be some of the reasons:

  • You have never applied for a loan or credit card before. This is applicable to young folks just starting out on their own and people who have just moved in from another country
  • Your account does not have any recent activity. According to the credit bureau, if your account does not have any activity for some months, in some cases 6 months it will affect your scoring.
  •   It is also possible that your credit history is not being reported. Credit bureaus compiles reports, if your credit activity is not reported to them, you will definitely have no credit score.

Is it possible to get a loan with no credit?

As we have mentioned earlier, it is possible to get a loan with no credit. Although it can be difficult because personal loans are based on creditworthiness. But, it is very possible. The interest rates can just be quite high and the repayment terms might not be as flexible as one with a good credit history.

How to get a loan with no credit history

Getting a personal loan with no credit history is difficult, but it is possible. If you are willing to apply for a loan with no credit, you can follow the steps below:

1. Compare Lenders:

If you do not have credit history, you have to be able to do some research. You must be ready to compare as many lenders as possible. This is to get the best loan option that suit your need. When doing this, ensure that you compare the interest rates, repayments terms and the fees the lender charges.

2. Choose your loan option:

The next step is to choose the loan option that best suit your need. Once you do this you can proceeds to the application process.

3. Complete your application:

After you must have found a lender, the next step is to start the application process. Fill out all the required forms and submit all the documents they require. This includes your bank statement, means of identification, and other documents deem fit by your lender of choice.

4. Get your loan disbursed in your account:

If the lender approves your application, you should get your loan disbursed in your account. For some, this happens in minutes, while for others you have to wait a day or two.

Where to get Loans with no Credit

  •  Loanspot
  • Fairmoney
  • Carbon
  • Nodcredit
  • Okash Loans
  • Quickcheck
  • Branch
  • RenMoney
  • Aella Credit
  • Kash Kash Loans.


It is very possible to get loans with no credit. In this situation, what the lender places emphasis on is your employment history, income and other factors.

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