Need a Loan, but Don’t Have No Credit History? Follow These Steps

Home » Need a Loan, but Don’t Have No Credit History? Follow These Steps

No matter how financially stable you are today, there comes a time when you are helpless and need some extra credit to overcome the crisis. In such situations, you think of applying for a personal loan.

But when you apply for a loan, your lender first assesses your CIBIL Score. It aids them in evaluating your reliability. But what can you do as a beginner with no prior credit history to show? Does it mean that you are not eligible for a loan?

Do not worry! Today you have many options that can assist you in getting a loan, even if you do not have any credit score or credit history. This blog is all about such options.

Ways to Get an Approved Loan

Although credit scores make the loan approval procedure easy and faster, you can get an approved loan without a CIBIL score login. Some ways that can help you are given below.

1. Take a security-based loan:

If you have a high credit score, i.e., say 750, you can get a personal loan easily. But in the case of the absence of such scores, you can use any valuable assets you own by opting for them as security.

This way, your valuable assets will act as a guarantee in the option to your loan, and you can get them back after repaying your loan amount. Based on the value of your asset, you can even apply for a high-amount loan too.

2. Apply for a low-value loan:

You can apply for a high-value loan with previous credit history, and the lender will approve it. But, when you have no credit history and starting now, lenders need to know your creditworthiness.

You should apply for a small-value loan because you have no proof to show your loyalty. In small-value loans, the chances of approval are high, and the risk for lenders is also low. Also, you can afford to repay them on time.

Therefore, it is easy for you to convince the lender of your loan purpose and repayment capacity.

3. Prove your credibility:

Your income plays a key role in approving your loan. If you are employed with a reputed firm, have a stable income source, and are eligible for all personal loan conditions, the lender will easily sanction your loan.

You need to submit all the required documents and paperwork. It includes tax returns, bank statements, salary slips, etc., that prove your financial credibility.

4. Get a backer:

You can register for a personal loan with a backer or co-applicant. This option is very feasible if you have no credit history. You can ask any trustworthy person to become your guarantor. It can be any family member, sibling, spouse, trusty friend, or other.

However, the guarantor must have a healthy credit history, stable income, and valuable assets in his possession. This way, the chances of your loan approval will increase. 

Before approving your loan amount, the lender will check the co-applicants credit report and financial stability.

5. Request for an NA or NH on your credit report:

You can ask your lender to tick your case with NH or NA options on your credit report. These options show that you have no credit history or you have no credit activity from the previous 36 months.

It will aid you in getting a loan without negatively affecting your credit report. But, the lender might provide you with a higher interest rate loan.

How to Start Credit if You Have No Credit History

Today, establishing a credit history and having credit scores are very important. With a credit history, you can easily buy a house, vehicle, office, or any valuable asset at the lowest possible interest rates. Here are some ways to establish a credit history.

  • Register yourself for a credit card and make purchases using the card.
  • Please apply for a secured card and put down a refundable deposit, and charge purchases on it.
  • Keep monitoring your credit services. It will help you uncover any errors and create a strong credit history.


Having a CIBIL score login is essential in today’s period. You never know when you need extra credit and an instant loan. When you have no credit history, such situations make you despair and make mistakes such as finding a guarantor you do not trust.

Such things make the situation worse. You can opt to select an internet loan option in dire situations. This option is simple and far more flexible than other options.

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