How to Get Approved for a Loan With No Cosigner or Loan History
Getting approved for a loan with no prior loan history or cosigner can prove very difficult especially if you have not established good credit history. Be prepared to shop around before securing a loan that you can afford and in the amount you need. Credit reporting services do not reduce your score if your credit is pulled by a few different banks within one or two weeks; it is understood that consumers often search for the best loan available.
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Instructions
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Check your credit report with all three major credit bureaus. Clear up any discrepancies and pay any outstanding debts. Request a letter from the creditor stating you have paid off past due accounts.
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Gather copies of paycheck stubs for the past two months. If you have more than one job, gather paycheck stubs from all your jobs.
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Request credit letters from your utility companies. Many utility companies will provide a letter stating you pay your bills on time and in full. These letters can help prove you are creditworthy.
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Speak with multiple banks about the requirements they have in place for first time loan candidates. Also ask about fees the bank charges for new loans. Gather additional paperwork required by the banks.
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Complete the application at the bank with the lowest fees and best interest rates. Provide the required paperwork to the bank along with the credit letters you received from your utility companies.
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