When you’re seriously considering applying for credit, your credit history will have something to say in this entire process. The lack of credit history or the existence of bad credit may ruin your dreams of getting the sum you need to achieve your goals. So, if you are interested in how to get personal loans in AZ with bad credit, just keep on reading and find out what you need to do.
How to Get a Loan with No Credit in Phoenix
While there are loan options for people with all kinds of credit history, the hardest thing to do is get a loan with no credit history at all. You may think, so what you don’t have any credit history? You probably didn’t need any loans up to this point, and now it may be time to change this, although most lenders won’t be too happy about your current situation.
Getting a loan with no credit history can be quite a challenge, but you should know that there are ways that will teach you how to get a loan with no credit history. While there are ways to create a good credit history, they may take a while, time which you may not have at your disposal. When people are looking to apply for a loan, they would like to get it done as soon as possible. Thus, if you are wondering how to get a loan with no credit score in Arizona fast and easy, you may want to look at the following things you can do.
Become an Authorized User
First, see if you can become an authorized user of the credit card of one of your family members or friends. There’s no application procedure to become an authorized user of someone else’s credit card, so there’s no chance that the bank will turn you down. If you find someone that will agree to make you an authorized user, you will get a credit card that will have your name on it. Also, the entire credit history belonging to that credit account will be transferred to the credit bureaus, which will be valuable and valid credit history for you.
Get a Co-Signer
If you don’t find someone to agree with making you an authorized user of their credit card, don’t panic, as you could at least find someone to become your co-signer as you apply for your credit card. But, do be careful that both you and your co-signer will become responsible if the debt is not paid in time. So, if you don’t pay what you owe, both your credit history and the history of your co-signer will go bad. And this is not what you are trying to achieve. Whether you are an authorized user of a credit card or acquired a credit card with the help of a co-signer, do your best to pay your debt promptly and lenders will see you as a trustworthy and responsible client. So, it won’t be hard to get a bigger loan in the future if you’ll need it in this case.
Apply for a Secured Credit Card
If you have some savings, you could easily apply for secured credit card. This means that you’ll have to make a cash deposit that will serve as collateral in case you fail to pay your debt. The most significant disadvantage of this kind of credit cards is that they won’t provide a large credit limit unless you’re able to give a large sum as collateral. Thus, the amounts you’ll have to deposit for getting such a credit card can be anywhere between $300 and $600. So, unless you can make a bigger deposit, you won’t be able to spend more than the deposit you made.
Car Loans for Bad Credit in Phoenix
Are you looking to get a loan for purchasing a car? Even in the case of such loans, you will need a credit history to be considered eligible. So, how to get a loan with no credit history for buying a car? You should know that there are lenders for auto loans or registration loans in Mesa, AZ that will approve such a loan even if you don’t have any credit history, although you will need to fulfill certain conditions. They will want to know if you spend more than one year at your current job if you have a full-time job with a steady income, and if the potential payment for your car represents under or above 20% of the gross income you earn. If you score well at each of these aspects, the lender may overlook the fact that you have no previous credit history and approve the loan that will help you get a new car.