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First-time borrowers have no traditional file for lenders to check.Pulling a copy of a consumer report is pointless if the bureau returns a no record found, and the credit score returns an unable to rate response code.Therefore, the lender has nothing to repossess to recoup losses. However, this promise carries little weight without record showing a history of on-time payment backing it up.Therefore, expect higher costs, smaller amounts, shorter terms, and more denials – unless you have a rock-solid job.Be prepared to include these items on your request.People with no credit history also seek out income-based personal loans.Also, brand new borrowers need to provide the lender with information to validate employment and salary.
Either way, expect to pay more in fees and interest – if approved.A consumer can afford to borrow money when they have a low debt-to-income ratio (DTI).Signature loans with no credit check based underwriting decisions on income and affordability but not collateral. You are not pledging a house, car, or boat as collateral for security against default.Borrowers with poor credit must compensate for adverse history.
The best way to make up for a low rating is to shine in other areas.Qualifying for a personal loan based on income only means having a realistic set of expectations.