 TITLE: How to Qualify for a Loan When You’re New to Credit CONTENT: Can You Get a Loan With No Credit?\n----------------------------------\nThere's a difference between having no credit history and having bad credit, and lenders understand this.\nWith no credit history, lenders may view you as a risky borrower simply because there's no information in a credit file about how you've handled debt. That uncertainty probably won't hurt your chances as much as a credit history marred by late payments, default or bankruptcy, however.\nIn other words, just because you're new to credit doesn't mean you have poor credit.\nIf you are new to credit, the most important thing is to know where to look when you're trying to find a loan. Big national banks typically don't have a lot of options for people with a thin credit file. Expand your search to include your local credit unions and online lenders.\nMany lenders offer prequalification, which allows you to get an idea of whether you'd get approved and what your interest rate and other terms might be before you apply. This process typically involves a soft credit check, which doesn't impact your credit scores.\nBefore you accept a loan, make sure you're clear on its terms and your ability to repay it. Getting off on the wrong foot with a loan you can't repay can make it challenging to get on the right path later, and make it harder to borrow in the future. END