How to Get a Small Loan When You Have Bad or No Credit


Unfortunately for those who have a less-than-stellar credit history, you may have to overcome obstacles in your life that those with a good score don’t have to deal with.

While larger deposits and shaky approval from landlords are typically what affect people most, it can also make getting a loan a lot more difficult. But, it isn’t impossible if you know the right steps to take.

Not sure where to start? Don’t worry, we’ve got you covered.

Let’s take a look at everything you need to know about how to get a small loan with no credit.

Find a Co-Signer

One of the easiest ways to secure a loan if you have a poor credit score is by finding someone who will co-sign the loan with you.

Simply put, this shows the lender that there is someone else who will be able to make the payments on your loan in case you stop the repayment process at some point.

When looking for a co-signer, though, it’s important that you’re upfront about how reliably you can repay your debt.

For example, if there’s a 50/50 shot that you could get laid off within the next few months, let this individual know. Letting the debt fall upon someone else can easily cause permanent damage to a relationship.

Choose a No-Credit Lender

Some lenders specialize in offering loans to borrowers that have a poor credit history (or no credit history at all).

While the terms of your agreement will slightly differ from that of a typical lender, it’s not difficult to find someone reasonable if you shop around.

You can browse more information here about lenders who offer no-credit loans.

Show That You Have Good Payment History

Not every lender will be open to the idea of approving someone with poor credit for a loan, but some are fairly negotiable.

If you can prove through utility bills, car or rent payments, etc. that you never (or very rarely) miss payments, you may have a shot at securing a loan.

As you may expect, longer periods of never missing a payment will result in you having a better chance of approval.

Other Factors

Depending on the lender, there’s a handful of other info you can provide that could increase your chances of getting approved. This includes:

  • How much money you make from your current job
  • Paying/receiving child support or alimony
  • Ethnic background
  • Bankruptcy/foreclosure

So, keep this in mind when applying for a loan.

Knowing How to Get a Small Loan With No Credit Can Seem Difficult

But it doesn’t have to be.

With the above information about how to get a small loan with no credit in mind, you’ll be well on your way to securing the money you need with few issues.

Want to learn more about personal finance? Make sure to check out the rest of our blog!

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