Life can be a journey full of surprises. You can never anticipate when it will throw a curveball. The only aspect in your hands is maintaining sufficient preparation so that you hit a home run rather than lose the game. This is especially true in the case of money matters. 

Needs, emergencies, dreams, and wishes generally require exorbitant amounts of money to fund. These can sprout to existence at any point in time and one can never have sufficient funds. You scramble around for fast personal loans and to no avail. You keep facing rejection because you do not have a good credit score. 

What is a credit score?

A credit score calculated from the analysis of a person’s financial history and is a representation of an individual’s creditworthiness. Your credit score functions as a metric for lenders, credit card companies, and banks to evaluate the risk they undertake when they lend money. 
While the term has been in existence for a long time, most people who apply for instant personal loans hear it for the first time when they face rejection due to it. Then the question arises – how to get personal loans without a credit score? 

The fact is that an applicant who files for quick personal loans for the first time may have creditworthiness. But the credit score is fairly low since no previous records exist of their borrowing history. This, in turn, makes getting the instant personal loan fairly difficult, but not impossible. Here is a guide to getting a personal loan with no credit check.  
When you don’t have a credit history, a variety of other factors come into play. Here’s what you can do:

#1 Leverage Your Income 

The consumer’s income becomes the major deciding factor for the clearance of the personal loan fast cash. For example, if you are employed by a company listed in the Fortune 500 and rake in a good salary, then you can prove your creditworthiness. Primarily, personal cash loans are granted if you are proven to be financially stable and possess the ability to pay back the money borrowed. 

You may be required to produce a few documents when filing for the personal loan. Proof of income earned can also be provided in the form of tax returns, at least for the previous two financial years, or history of employment and pay stubs. Other essential documents include education certificates and bank statements. 

#2 Get Yourself A Cosigner

Alternatively, many easy personal loans can be obtained by leveraging the credit score of another individual. Such individuals are called cosigners. A cosigner will apply for the instant personal loan with you, thereby agreeing to pay the debt on your behest when you default. For example, a spouse with a good credit history can become a cosigner on your personal loans application. Cosigners assure the personal loan lenders.

#3 Leverage The Credit Score Of Someone Else

The most common way to leverage the creditworthiness of another individual is to ask them to add yourself as an authorized user on their credit card. This way you get yourself a credit card under another person’s account and now their credit card record will reflect in your credit report. In the meantime, you can start building your own creditworthiness.

#4 Find The Right Instant Personal Loan Online

Before applying for fast personal loans, it is essential to research extensively for personal loan lenders which suit your needs. Since personal loan interest rates can be very high, therefore, read through the terms of your lender. Getting an instant personal loan online is easy these days since personal loan apps have garnered exceedingly high popularity in recent years. EarlySalary is one such instant personal loan app that provides personal loans online up to Rs. 2 lakh with minimal documentation. Plus, there are no prepayment charges if you wish to pay early. The interest need only be paid on the amount used, and that too can be as low as Rs 9/day at times.

In conclusion – it isn’t hard at all to get a personal loan without a credit score. All it takes is some careful planning and some help from personal loan apps like EarlySalary. When are you taking your finances back in your hands?

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs! We’re listening all day on:
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