How Can I Get a Loan or a Credit Card Without Credit or a Cosigner?

Acquiring a personal loan or a credit card is a key way to establish credit and build a credit history. Unfortunately, it's difficult to obtain a credit card or loan without a credit history, and many lenders require a co-signer. Even so, there are numerous ways to get first-time credit without a co-signer or credit history. The key is knowing where to look and taking advantage of lenders who work with sub-prime applicants.

Instructions

Getting a Loan Without Credit

1

Maintain regular employment. Lenders consider your employment history prior to approving your loan request. Obtain employment and stay with your employer for at least three to six months before applying for a personal loan without credit history.

2

Open a bank account. An active checking or savings account demonstrates a level of responsibility. Visit a local branch and open an account. Avoid over-drafting your account and don't bounce checks.

3

Apply for a secured personal loan. Submit an application for a secured loan with a bank or credit union, and present your vehicle title or other personal property (jewelry or electronics) as collateral.

4

Get a cash advance loan. If unable to obtain a secured personal loan, consider a payday or cash advance loan. Apply for a no-credit, no-collateral loan with a local loan company or submit an online application.

Get a Credit Card with No Credit

5

Put household utilities in your name. Start demonstrating your ability to pay bills by adding your name to the household utilities and submitting on-time payments.

6

Maintain a bank account. Open an account and begin depositing your earnings into a savings or checking account. Manage the account responsibly and avoid overdraft fees.

7

Apply for a prepaid credit card. Save at least $500 and use it to apply for a secured or prepaid credit card through your bank.