NEW YORK - October 19, 2022 - (Newswire.com)

iQuanti: If you're in a cash crunch and have no credit, you may be wondering how to get the funds you need. Luckily, there are still plenty of options at your disposal. And even though it may be difficult to find online loans with no credit check, many lenders have less strict credit score requirements and approve borrowers with poor or no credit. If that sounds like you, you might want to try one of the following:

1. Find a co-signer with better credit

Consider finding someone you trust (and who trusts you) to be a co-signer on your loan application. This means they're taking responsibility for repayment of the loan if you default or can't fulfill your obligation. The loan will show up on their credit report also, so make sure you make all your payments on time. 

Lenders will be more lenient with a no-credit borrower when they have a co-signer. Younger people with no credit often start their credit history with a personal or student loan co-signed by their parents. During the loan approval process, the lender will use the higher of the two applicant's credit scores to determine creditworthiness.  

2. Search online for poor-credit loans

There are many online lenders who specialize in poor and no-credit loans. They work with people who have credit scores below the industry standard that many traditional banks require for personal loans. With these loans, you can have poor, fair, or no credit and still get approved. Spend some time doing online research and you should be able to find a good lender. Here are some types of poor-credit loans that may be available to you:

  • Cash advances: These are short-term, small dollar loans that can get you a few hundred dollars to cover expenses before payday. You'll repay this loan in two to four weeks when you get your next paycheck.
  • Title loans: With title loans, you can receive the funds you need using your car title as collateral. The lender will appraise your vehicle, then offer you a loan amount worth 25 to 50% of its value. You can keep driving your car while you repay the loan.
  • Installment loans: Installment loans can give you a lump sum of money all at once. Then, you can repay what you owe over time in fixed monthly payments, or installments.

3. Ask your friends and family for some funds

No one wants to borrow money from friends and family, but financial distress is a real dilemma. If it comes down to asking for help or missing a rent/mortgage payment, ask for help. Reach out to friends and family, be sincere about your circumstances, and offer repayment terms you can afford. 

Another approach here is to exchange labor for funds. Everyone needs some work done around the house. Mowing the lawn, painting a bathroom, or helping someone move are all tasks that could warrant some type of financial compensation. And maybe you can even turn that type of work into a side hustle to get you out of the financial situation you're in. 

The bottom line:

Traditional banks and credit unions aren't the only places you can borrow money. Online lenders often specialize in poor-credit loans. You can increase your chances of approval by asking someone to co-sign for you. If all else fails, reach out to friends and family for help or come up with a side hustle where you can make some extra money. 


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Keyonda Goosby
Public Relations Specialist
[email protected]
(201) 633-2125

Carolina Darbelles
Senior Public Relations Specialist
[email protected]
(201) 633-2125


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Original Source: What to Do if You're Short on Funds With No Credit
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