A personal loan is a loan that is given to an individual. You typically need good credit or collateral for this type of loan, but there are many ways to get a loan without good credit. It will require some hard work, but this article will help you find a loan with little to no credit.

Things You Will Need

Internet connection

Step 1

Find a lender. The most important step is to find a reputable lender that deals with people in your situation. Most people are unaware of which lenders specialize in this area. To find this information, go online and search for no credit lenders.

Step 2

Check out the lenders credibility. You can do this by going to the Better Business Bureau website. You can type in the name of the business and read warnings or complaints left by other customers. If you notice a lot of complaints for a lender, scratch that lender off the list.

Step 3

Put up collateral. You can get a title loan on your car or a mortgage loan if you own a home. If you don't have a home or a car, you can find something expensive and use it as collateral. A pawn shop is always an option, but a ovious downside is the low amount they give for items and high interest rates.

Step 4

Talk to friends or family. If you have something to put up as collateral, you can ask a friend or family member to hold that item for you. It can be hard to ask people for money, but it's a lot easier when you have something to put up as collateral.

Step 5

Apply for a payday loan. Payday loans have higher interest rates than the typical loan, but you are not required to have any credit. You will be required to fill out an application and have a checking account. You will need to write a check to the pay-day lender as collateral for the loan. You can't get a lot of money through this type of loan, but the approval process is simple and easy.

Step 6

Find an online lender. Peer to peer lending is more common now than ever, it involves a personal lender and borrower who meet online to do business. You can access this information by searching for peer-to-peer lending sites. These sites set you up with potential lenders from around the world, you will be required to pay higher interest rates but this step doesn't require a credit check.

Step 7

Search on social networking for lenders. You can usually find potential lenders online if you are advertising on social networking sites like Craigslist. You can use Craigslist and other sites to connect with people and talk business. Once a person knows your situation, they are more likely to help you with the loan.


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