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Collateral based loans empower you to avail large loans based on the value of the collateral in question

Collateral based loans empower you to avail large loans based on the value of the collateral in question

Since these loans eliminate the risk factor associated with the loan amount, collateral-based loans generally come with lower rates of interest.

#4 Get Yourself A Cosigner

Alternatively, many easy personal loans can be obtained by leveraging the credit score of another individual. Such individuals are called cosigners. A cosigner will apply for the instant personal loan with you, thereby agreeing to pay the debt on your behest when you default. For example, a spouse with a good credit history can become a cosigner on your personal loan application. Cosigners assure the personal loan lenders.

#5 Get your lender to mark your case with NA or NH in your credit score

You can acquire a personal loan without a credit score by requesting your lender to consider your case with a NA or NH on your credit score. A NA or NH on your credit report indicates no previous credit activity in the last 36 months or no credit history at all. In such cases, your lender may, self-explanatorily, charge you a higher rate of interest than market standards.

Also, you do not need to fret about any negative influence of NA or NH on your credit report. Instead, by getting a loan with a NA or NH on your report, and then subsequently paying it on time, you will substantially boost your credit score. This will aid you in future when the next time you are out finding a personal loan. Your markless credit history will boost your chances of acquiring a personal loan. As discussed earlier, the only downside you would face is by paying a hefty interest rate on your first loan.

#6 Leverage Someone Else’s Credit Score

The most common way to leverage the creditworthiness of another individual is to ask them to add yourself as an authorized user on their credit card. This way, you get yourself a credit card under another person’s account, and now their credit card record will reflect in your credit report. In the meantime, you can start building your own creditworthiness.

#7 Rectify Mistakes in Your Credit Score

There is no horror greater than the scenario where you are in dire need of a personal loan, and your credit report reflects a low credit score. Perhaps this is one of the reasons that would’ve prompted you to look up ways to get a personal loan with no credit check. By now we have established that there are ways of acquiring a personal loan without a credit score. But frankly, you may not need to pursue these ways.

A possible reason behind your low credit score might be because of errors in your credit report. The likeliness of such a scenario occurring is not that rare and can happen with even the smartest of individuals. Errors like the latest entries missing on your report, wrong name, or incorrect information can paint a misleading report of your credit activities. You should recheck your credit report, and get it updated and corrected in these cases. Also, check out our dedicated guide to fixing your www.paydayloanstennessee.com/cities/covington/ credit score.

Also, as a rule of thumb, you should actively get your credit report updated anyway. This one move can considerably shoot up your chances of acquiring a quick personal loan.

#8 Find The Right Instant Personal Loan Online

Before applying for fast personal loans, it is essential to research extensively for personal loan lenders that suit your needs. Since personal loan interest rates can be very high, therefore, read through the terms of your lender. Getting an instant personal loan online is easy these days since personal loan apps have garnered exceedingly high popularity in recent years. EarlySalary is one such instant personal loan app that provides personal loans online up to Rs. 2 lakh with minimal documentation. Plus, there are no prepayment charges if you wish to pay early. The interest need only be paid on the amount used, and that too can be as low as Rs 9/day at times.

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