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First time personal loans with no credit history are special loan facilities that, as the name suggests, are available for people trying to take loans for the first time. These loans are designed only for young adults who have just begun to work in the real world and want to get a head start in their careers. Their salaries or other income are not so high, and they do not have assets or any property or valuables, which they can sell off for a substantial amount of money.
These loans are exactly what you would need in such situations. They give you money without the need for collateral, good standing, credit history, and other such factors. It would help if you had a job, a satisfactory salary, and most importantly, be under 26 years of age. The basic idea behind these loans is to help you expand your ability to earn in the future. The repayment term is concise; most lending companies charge interest rates between the 4th and 6th digit after the decimal point.
First Time Personal Loans No Credit History Process
There are a few steps involved in the First Time Personal Loans No Credit History process. They are as follows:
- Fill out an online application form with all the relevant information, such as your name, age, SSS number, and place of residence. You will have to provide information about your income, like the last three months’ pay stubs and bank account details, etc.
- Get approved for the company’s loan that you choose after carefully going through all your credentials and comparing them with their criteria for approval.
- Take a few minutes to review all terms with your prospective lender so that you know how much money you will receive, the repayment period, interest rate, etc.
- Wait for a few minutes while the lender makes some proper arrangements and arranges for your loan to be directly transferred into your bank account.
Characteristics of First Time Personal Loans No Credit History
First Time Personal Loans No Credit History are among the simplest and most convenient borrowing money methods. The process is very smooth and quick; from applying for a loan to receiving your funds, you will not need more than half an hour. As soon as you fill out the online application form, you will get almost instant approval as long as your credentials meet their criteria. Payments are made every month. Even if you cannot pay back your loan on time for some reason, you can always delay the payments for a few days or weeks without incurring any extra costs. After you have paid off all your loans, the companies that give these loans will happily offer them to you again if you have to borrow even more money at some point in the future.
First Time Personal Loans No Credit History Rates and Terms
First Time Personal Loans No Credit History rates vary according to the company you choose for a loan. Chances are, there will be many companies that you can choose from since they respond to the government’s initiative for providing financial help to young adults. Rates vary between 4% and 6% gross, depending on the maturity period. Note that interest rates are usually charged monthly with compounding interest. Even though these loans offer a quick and easy way of borrowing money without many formalities, remember that there is no guarantee that your application will be approved if you do not have a source of income or assets to back up your claims. Try to be as honest and clear in your application as possible so that your loan will be given with a minimal amount of fuss. In some cases, you will not even have to go through any credit check since there is no repayment process involved.
Our First Time Personal Loans No Credit History Safe?
First Time Personal Loans No Credit History are extremely safe for both lenders and borrowers because they handle them. The process is very smooth and quick; from applying for a loan to receiving your funds, you will not need more than half an hour. As soon as you fill out the online application form, you will get almost instant approval as long as your credentials meet their criteria. Payments are made every month. Even if you cannot pay back your loan on time for some reason, you can always delay the payments for a few days or weeks without incurring any extra costs. After you have paid off all your loans, the companies that give these loans will happily offer them to you again if you have to borrow even more money at some point in the future.
How to Apply for a First Time Personal Loans No Credit History?
First Time Personal Loans No Credit History application process is straightforward because the government has simplified it greatly to provide quick loans to young candidates:
- Get an application form from a company that offers these loans;
- Fill in the details and submit it by signing it with your own digital signature if required by the loan provider;
- You can expect a decision on your application within minutes of sending it;
- If approved, you will get your money immediately sent to your account through electronic fund transfer;
- If denied for any reason, you can choose to be informed via email or SMS quickly.
List of Documents to Apply for First Time Personal Loans No Credit History
- You will always have to fill out an online application form, many of which come in the PDF format so you can’t forget to print it out before going to a local filling station;
- You should hold some form of identification such as your driver’s license or any other government-issued ID (since you will be asked for it when applying for a loan);
- Have your stub certificate or any other proof of your income available to show you have an income (the maximum amount that you can borrow is 120% of your monthly dependable gross salary) · If you work freelance or don’t have a job, you will usually need bank statements showing all deposits on your current account from last few months;
- An employment letter dated within the last three months from your present employer will show you have a job and are working on the date of application;
- Note that if you owe more than three month’s worth of repayments, you cannot apply for one of these loans; try to find another way to pay off your debt by looking into more reliable options with lower rates.