How to Get a Personal Loan With No Credit History

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Dutifully saving money will allow someone to put up enough cash to justify a personal loan, even if they don't have a credit history. Find out how to turn a savings account into a personal loan with advice from a registered financial consultant in this free video on money management.

Part of the Video Series: Personal Finance Tips
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Video Transcript

This is financial adviser, Patrick Munro. I'm talking about how to get a personal loan with no credit history. Basically it's important to note that when someone has no credit at all, they still need a, a, a, money to go forward, so the best way to do that is to start saving money for your future in a savings account. When you come to a point in time, when you have enough money, there's significant enough to result in a loan, even though you don't have credit, you can go to the bank and present that money as a security, as cash really for a loan, and that that is a good opportunity for you to put up say five thousand dollars that you've dutifully saved, and go to the bank and the bank may choose to also give you five thousand dollars, but they would keep your five thousand dollars at the bank in the form of a CD. If you default on the payments, the bank has the money already. They can call the loan and everything's paid off. They're one hundred percent secure. So this is a way for you to get a personal loan with no credit. This is finan...financial adviser, Patrick Munro.

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