How to Apply for a Money Loan With No Credit History

Applying for a money loan with no credit history offers at least one advantage---a clean credit record. There aren't any charge-offs, delinquencies or court judgments to worry about, potentially making you a good prospect for a loan if you can show that you have the income and employment to qualify. Banks and credit unions are always looking for new customers and chances are you'll have many options to choose from.

Instructions

1

Visit your bank or credit union. This is a great place to start, especially if you already have a variety of accounts with the bank, including savings, checking or retirement accounts. Being an established customer of the bank may improve your chances for approval, because the bank may regard extending you a loan as a natural progression of the business relationship. Talk to a loan officer about credit cards and other money loan programs suitable for first-time borrowers. Tell her about your income and employment background as she considers options that might be good for you.

2

Apply for an unsecured credit card at the bank. Unsecured means you don't have to put up any collateral for the card, such as cash in a savings account. Credit cards are a form of money loan and are a good place to start when establishing credit. Fill out an application at the bank or apply online or by telephone.

3

Apply for a secured credit card if you are turned down for an unsecured card. Your bank may offer secured cards, or you can visit the websites of other banks to study their offerings. Secured cards are perfect for first-time borrowers with stable income and employment. The cash you put up for collateral becomes your credit line, eliminating the risk for the lender. That means approval is virtually automatic for someone with a job and clean credit record.