Actually, using a little common sense, no credit is….well…good credit. At least no lender or landlord can point his or her finger at you and say: “sorry, your credit doesn’t pass muster. See ya.” If you think that’s an outrageous statement, it’s a fact that there is one government lending program tied to the Federal USDA mortgage loan program that welcomes, with open arms, those applicants with no credit history. In case you’re frowning and rolling your eyes thinking the person saying this has been tasting the Kool Aid a bit too much, check it out. USDA Rural Housing Guaranteed Loan Program. Told you so.
Now that we have solved your “skeptic” problem, let’s move on to the actual topic of this article which is how to get a loan with no credit. It’s easier than you may think. Car loan, motorcycle loan, mortgage home loans, are not impossible if you know how to dodge the “no thanks” bullets from a lender, banker, or landlord. Look folks, any person can get hustled by a fast-talking, hard-money lender with loan fees and interest rates approaching our national debt, and get a loan. However, if that’s your first choice, having to pledge everything you own, including your next born child, eschew the option, and exit as quick as possible.
No credit people are traditionally those just out of high school or college who never bothered to build a credit history because sitting in the front seat of that fancy looking Cadillac, was the bank of mom and dad. No worries. No problem.
Sorry to say you probably never gave it a thought to start building your own credit. What a mistake. But, we’ve all done it.
Fact is, the criteria for getting a loan with no credit from any lender is your income, credit (if any) and assets. If you have no credit history to present, you can use your personal credit and prove it.
Okay, let’s figure out what you need to prove you’re not a deadbeat. It’s called “alternate credit.” Are you current with your monthly apartment rental payments? What about your cell phone or car payments? Current? Utilities are important, what about that payment? It’s not rocket science, people. Any lender interested in giving you the keys to a car, home, or anything else, is going to check your credit. Period. What you provide a lender or landlord to keep their risk at a low level is just the way it is.
There are several mortgage lenders willing to give you the benefit of the doubt. FHA is one. Subprime lenders are another, but with these people, you need to be careful in terms of fees and interest rates, which is, of course, the downside to getting a loan with no credit. There is an upside to all this obfuscation. Chances are better than 80 percent, you will get a loan now. Then, if you keep yourself on the right track, be able to refinance into a better deal.
Searching No Credit Check Loan Lender
Searching for this kind of lender is very hard. This may takes time and courage more than you thought. Good news is State Payday Loan is no credit check payday loan provider network that will send your application to hundreds of lenders around USA. You don’t have to search, write it down, search, write it down again and again.
What are you waiting for? Just fill out this easy 1-page application and you’re done.