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Loans With No Credit History
A thin file is not a bad file. If scoring models cannot produce a number for you, we look at your income and your bank account instead.
A thin file is not a bad file. If you have never held a credit card or a loan, scoring models often cannot produce a score at all, and lenders that screen on score alone read that blank as a risk. We read it as an absence of information and go looking for the information that actually matters: whether your income covers the payment.
| Key loan information | Details |
|---|---|
| Loan amount | $200 – $5,000 |
| Term | 14 days to 24 months |
| Representative APR | 59% – 400% depending on product |
| Minimum credit score | None, and no score at all is acceptable |
| What we use instead | Income, existing commitments and banking history |
| Credit check | Soft inquiry, no FICO® impact |
| Credit reporting | Installment and personal loan payments reported to the bureaus |
| Funding | Same or next business day |
Who ends up with no credit history
- Young adults who have never opened a credit account
- Recent immigrants, whose credit history does not transfer between countries
- People who have always paid cash and used a debit card
- Anyone whose last credit account closed years ago, leaving a file that has gone stale
- People who use a credit-invisible banking setup with no reported accounts
Roughly one in ten American adults is credit invisible in some form. It says nothing about whether you pay your bills.
What we look at instead
| Signal | What it tells us |
|---|---|
| Regular deposits | Income exists, arrives predictably and is large enough |
| Account age and stability | You are not new to banking and the account is genuinely yours |
| Returned payment history | Whether scheduled debits have cleared in the past |
| Balance patterns | Whether there is room for the payment after the rest of the month |
| Non-traditional credit data | Some alternative reporting agencies hold records even for thin files |
Using the loan to build a file
This is the part that makes an installment loan more useful than a payday loan for a first-time borrower. We report installment and personal loan payments to one or more major credit bureaus. A completed loan leaves a closed account with a clean record, which is precisely what a thin file lacks. Payday and cash advance loans are not reported, so they build nothing.
What to expect on your first loan
- A smaller amount than the maximum. First-time borrowers are frequently approved for less, and can qualify for more after repaying on time.
- A higher APR. Without history, pricing starts higher and improves as you establish one with us.
- A shorter term offered first. Smaller total exposure on both sides.
Eligibility
- 18 or older and resident in a state where we lend
- At least $1,000 a month in verifiable income after tax
- An active checking account in your name, open at least 30 days
- Government-issued ID and a Social Security number or ITIN
Related pages
Bad credit loans · No hard credit check · How loans affect your credit score
Frequently asked questions
Can I get a loan with no credit history?
Yes. There is no minimum credit score and having no score at all is acceptable. We assess income, existing commitments and banking history instead.
How can I build credit from nothing?
An installment or personal loan repaid on time adds a closed account with a clean payment record, which we report to one or more major credit bureaus. Cheaper routes exist too: a credit-builder loan from a credit union, a secured credit card, or becoming an authorised user on a family member's card.
Do payday loans build credit?
No. Payday and cash advance loans are not reported to the major bureaus, so repaying one adds nothing to your file.
Will my first loan be for the maximum amount?
Usually not. First-time borrowers without credit history are frequently approved for less than the maximum and at a higher APR, and can qualify for more after repaying on time.
Borrow $200 to $5,000 for any purpose
Apply in about five minutes and get a decision in minutes. Checking your rate won't affect your FICO® score.