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When we talk about no credit loans, we refer to all those, whether personal loans with no credit history and quick loans with no credit check, that allow people who do not yet have an established credit history to obtain financing and those with bad score to rebuild it.
These types of products, of course, are not the same as most of them, since they have a series of different requirements or conditions. We can find among them secured personal loans , which ask for a guarantor in the form of a deposit.
The use of loans without credit can be either to start your history and be able to have a credit score that allows you to access other financial products or to get money for some need when you still do not have a score with which to obtain regular loans.
Secured personal loans with no credit history
These are loans and lines of credit that require as collateral a cash deposit that will serve as a guarantee in case you cannot afford the monthly payments.
At the beginning of the contract, you will have to deposit in the bank the same amount of money that you want to obtain as a credit limit. In this way, the bank ensures that it will collect the borrowed money even if you are unable to pay it back, since in that case it will keep the security deposit.
A secured loan is mainly used to start your credit history and to improve or rebuild it in case you have a bad score.
How to take out secured personal loans?
These financial products are not offered by all banks, in fact they are not very common, so you will have to first find out which institutions grant them. To make your search easier, we have gathered in this list the bank loans that you can get without credit.
- Amount: between $ 2,000 and $ 100,000
- Term: between 1 year and 10 years
- Interest: 7.24%
- APR: 7.24%
- Amount: between $ 2,000 and $ 500,000
- Term: between 1 year and 5 years
- Interest: 8.50%
- APR: 8.50%
- Amount: Ask
- Term: 0 months
- Interest: Ask
- APR: Ask
- Amount: From $ 5,000
- Term: between 1 year and 5 years
- Interest: 11.99%
- APR: 11.99%
- Amount: between $ 2,000 and $ 300,000
- Term: between 3 years and 15 years
- Interest: 9.24%
- APR: 9.24%
- Amount: between $ 5,000 and $ 500,000
- Term: between -1 months and 20 years
- Interest: 8.25%
- APR: 8.25%
- Amount: between $ 250 and $ 100,000
- Term: 0 months
- Interest: 10.50%
- APR: 10.50%
- Amount: between $ 1,000 and $ 100,000
- Term: between 1 year and 5 years
- Interest: 4.16%
- APR: 4.16%
To apply for them online you must access the bank's website. Once there, you must follow the steps indicated by the financial institution.
Normally you will have to register as a client if you are not already one, for which you will have to open a checking account in the bank, where you will deposit the money that will be used as guarantee for the loan.
Before formalizing the contract it will be necessary that you have deposited this capital that, sometimes, can be destined to a certificate of deposit that provides you with a certain profitability in the meantime.
If you comply with the payments without delay or incident, when you finally finish repaying the loan, the money you used as collateral will be released and you will be able to withdraw it to do with it whatever you wish.
Fast loans with no credit check
In this case we are talking about unsecured loans, which are granted to people with bad credit or no credit history. They are quick loans of small amounts of money that you can contract through the Internet and that have very low requirements, so that almost anyone can obtain financing.
This type of product is also used for quick cash in times of need when no other source of liquidity is available.
Due to the few conditions they require, the urgency with which they grant the money and the ease of contracting them, these fast loans with no credit check compensate for their higher risk by applying much higher interest rates and fees, which allow them to compensate for the higher non-payment they suffer.
In Busconómico we have created a specific section for these bad credit loans, since not all of them allow you to apply for money with no credit history. From there you can compare and choose the one that best suits your needs. Among this kind of fast financing, you can also find car title loans.
How to take out quick loans with no credit check?
Unlike secured personal loans, with urgent financing with no credit check you will not have to provide any type of guarantee. Usually you will be able to get a maximum of $1,000 and pay it back in no more than 2 months.
Applying for these quick loans can be done through their web pages, where you can register and indicate the amount of money you need and the term to repay it.
After filling in your personal and employment data in the corresponding form and sending the necessary online documentation, the money will be sent immediately to your checking account, and you will be able to use it for whatever you want, without giving any explanations.
Secured credit cards with no credit history
Just as we can find secured personal loans to start or improve your score, it is also possible to contract secured credit cards, which also ask you for a deposit of money in the financial entity that acts as a guarantee.
They act in the same way as loans, but in card format and through an associated credit line that you can use whenever you want, without exceeding the established limit and applying interest on the money drawn down.
With them you will be able to make purchases in any physical and online establishment around the world, as if it were a normal credit card, as well as withdraw cash at ATMs.
If you want to check the best ones, you can consult our list of secured credit cards, where we carefully analyze each one of them, with information frequently updated.
Which banks offer secured cards with no credit history?
Currently, most banks in the United States allow you to sign up for secured credit cards. You can consult the list we have linked above, but the main financial institutions that offer this type of product are:
Español: Préstamos personales sin crédito