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Hi… I'm planning to take a personal loan. However, when I contact the lenders for it, they say I do not qualify for it. I do not have a credit record as I've always purchased things in cash, now I can't get a personal loan. I do not have any other debts. How can I get a personal loan?

jenkin7 · Posted: Mon Mar 01, 2010 2:22 am Post subject:

Hi Guest,

It'll really be a problem for you to get a loan without a proper credit history. No lenders would want to lend you money unless you have a good credit score. If you do not have a credit history, you need to establish your credit. Open credit card accounts and use them to make payments. This will help you establish your credit.

If you have any problem in getting a credit card due to lack of credit history, you can look for a secured credit card. Lender would be more willing to offer you a secured credit card than an unsecured card. You can also think of getting a department store card. The interest rate on such cards is very high. But if you use it wisely, it can help you establish credit to get a loan in future.

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