Learn How to get a Loan with No Credit History?

Learn How to get a Loan with No Credit History?

Do you think you can easily get a loan with no credit history? The answer is “No”. There is a major contingency that you may not be able to avail a loan from the traditional financial system because you have never applied for a credit before or have not been exposed to such product. It can be in the form of credit card or a loan. You can also get a loan with bad credit history as explained in my previous blog.

Do you know many Indians among us do not have a credit history and do you know why it is so?

This is because most of us believe “Any kind of a debt is a bad debt”. Due to which many Indians credit history which adversely affects their ability to access credit when they are in urgent need of money. Under the traditional system, when you apply for a loan your credit history, credit score is one of the key factors that are taken into account to evaluate your creditworthiness.

Credit score depends on the following factors:

  1. On-time Payments
  2. Capacity Used
  3. Length of Credit History
  4. Types of Credit Used
  5. Past Credit Applications

Now, the two questions that come in your mind

  1. Is there any way to avail a loan without any credit history?
  2. How to build your credit history?

The answer to your first question i.e. is there any way to avail a loan without any credit history? The answer is “Yes” and the solution is peer to peer loan from a platform like Rupaiya Exchange. You are eligible to apply for a P2P Loan with no credit history i.e. NH as your credit score or even limited credit history. We will help you to meet your urgent money requirement because we believe that “One has to look at potential borrowers which are beyond the traditional gamut of financial numbers”. We use alternate scoring mechanism and take an account of your non-traditional data including for credit assessment – such factors include social behavior or profile check including education, schooling, and upbringing. Also, the best part for availing a loan from Rupaiya Exchange is there is no collateral required i.e. It is an unsecured p2p loan.

Now, the second question i.e. how to build your credit history? The solution to this very simple and you can immediately build your credit history and become loan eligible.

Apply for a Credit Card

You can apply for a credit card from your bank. The person who does not have any credit history or even a bad credit history is also qualified for this but make sure you use the credit card judiciously. Do not burden yourself with unnecessary debt and try to maintain a healthy credit history.  

Apply for Small Loans

You should take small loans even if you don’t need them. Start applying for small consumer loans of few thousand rupees which will reflect on your credit history and do develop a good credit history and high credit score make sure you timely repay all the loan. This will make you eligible for a loan in the future.

So if you are in urgent money requirement, you can easily get a p2p loan in India with no credit history. Also, start building your credit history to build your creditworthiness.

Source: Money Control