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How to Get A Personal Loan Without Credit History

Can I get a personal loan with no credit history? 

Obtaining a loan without credit history is not as simple as you might think. With limited or no credit history, you’ll need to be a little more creative and financially savvy to gain approval on a loan. 

To approve you for a loan, most companies use your credit history, and credit score, to determine how much of a risk you are. Without this credit history and credit score, getting a loan can be very difficult, but there are some options available. Your first step should be building your credit, but if you need a loan quickly, there are a few options available.  For example, we do offer cash loans.

It’s helpful to know why your credit history matters in the eyes of financial institutions, what you can do to improve your credit history, and how to get a loan with no credit history

No Credit history

Why your credit history matters 

Banks and other financial institutions usually judge the risk of lending money to an individual based on their credit history. Your credit history provides traditional lenders with a good idea as to whether or not you are eligible for a personal loan. A credit report shows a potential lender your repayment history and displays a record of any payment defaults. Essentially, your credit history tells a traditional lender whether or not you are a reliable borrower. Keep in mind also, it’s not just lenders who use this information, but also businesses such as phone company’s as well!

What if I have no credit history?

It’s not uncommon for an individual to reach a point in their life where they are in need of some kind of loan but have a limited credit history. There are a number of different reasons why a potential borrower might have no credit history; maybe you are fairly young, or you haven’t needed a credit card or loan yet. Whatever the reason, most of us have been there. 

It’s not impossible to get a loan with no or limited credit history, but it can be quite a challenge when you apply for your first loan with a traditional lender. Many financial institutions want to assess your risk before lending you money. They can see this in your credit history by looking at: 

  • Whether you have repaid all of your monthly bills and/or loans on time; 
  • What types of credit or loans you have successfully repaid;
  • How many lines of credit you have open.

The upside of this is that no credit history is better than having a bad credit score, but you are still an unknown risk. Many financial institutions will not allow you to borrow money with no credit history

How to build your credit history

If you’re early on in your financial journey and you’ve been struggling to get a loan, you may need to spend some time building your credit. Some financial obligations that help build your credit history include:

  • Phone contract for a mobile plan (not prepaid or debit plans);
  • Credit card payments;
  • Cut any extra unnecessary expenses.

Some things that will help build up your credit are as follows:

Get a low-cost credit card

Are you wondering if you should get a loan or credit cards that require no credit history? One of the easiest ways to build your credit history is to get a credit card and pay the balance in full every month. This will build positive credit reporting data over time, and it’s not a hard switch to make. You could start by purchasing all of your groceries and petrol and consider putting all of your monthly bills on an automatic payment plan through your credit card.

Consider using an app that can help keep you organized. Having all of your accounts in one place makes it easy to build a credit history by paying your bills on time. If you’re not into high-tech solutions, just put a reminder on your calendar! It’s an easy way to build good credit history fast if you stay up-to-date with your bills.

If you haven’t had a credit card before, avoid getting a card with a large credit limit, because you may be tempted to overspend.

If you don’t want a credit card, you can also apply for a personal overdraft. This is a line of credit attached to your bank account. You can overdraw your balance to a certain limit without a penalty. Keep in mind before taking on any sort of credit, you should always consult a professional financial adviser to see if the product is right for you!

Pay your bills on time

This goes hand-in-hand with the suggestion above. If you’re looking to apply for a first time personal loans no credit history, the simple act of paying your bills on time has a huge impact on your credit score. Why is this important? Lenders typically see this as past payment performance, which is considered a good indicator of future performance.

What type of bills should you be paying attention to?

Credit card bills
Loan repayments (Personal, auto, student, etc.)
Phone bills
Internet bundles

Remember that an overdue payment could remain on your credit report for five years! Make sure you pay in full to get the best credit score possible. A monthly phone contract and utility account may also be reported and help build up your credit history.

Get help from someone with experience

Have a family member or close friend with multiple credit cards and loans coach you through the beginning of your financial journey. If you have shared bills (such as with a parent or partner), but the bills in your name to help build your credit, but make sure you’re able to pay them off on time each month. Make sure if you have trouble remembering things that you’re communicating well with your finance buddy, as they can help you remain accountable.

What to avoid while building your credit

At the end of the day, your credit score comes down to your financial habits – so, get in the habit of setting good ones! Lenders want to see proof that you’re responsible with your money. The faster you make noticeable positive changes, the faster your credit score will reflect those changes. Financial counselling could also be a great option for you if you’re feeling overwhelmed. Here are a few helpful tips and tricks:

  • Make sure everything you do financially is well within your means. Successful payments on your credit card and on-time bill payments look good to lenders. But be careful and plan out your budget, because if you start missing payments this could easily backfire and instead of building good credit, you could end up with bad credit. 
  • If you’re just starting out, remember that multiple credit applications (for credit cards and loans) in a short period of time take points off your score. It can also look suspicious to lenders. 
  • Only apply for credit when you really need it, and only in an amount that is reasonable and responsible. If you’re used to using cash, put that cash into an account dedicated to paying off your credit card each month.
  • Some enquiries with “High Risk” lenders can hurt your credit score and history as well. 

It takes a little work and a little patience, but all that time and effort put into building your credit score will be worth it when you are finally able to get that loan you need.

How to borrow money with no credit history

Don’t have time to build your credit history? Maybe you’re buying your first home, purchasing a new car, or going back to school. Use the following tips to get started and get more creative with your financial future.

Prove you’re a good candidate for a loan 

Lenders like seeing ways you are reliable in your daily life. When applying for your loan, proof of your own financial responsibilities will be a big asset. They want to know that you’re steady and dependable. 

  • Financial prudence – Evidence of saving every month;
  • A full-time, permanent job with regular income;
  • Paying rent in the same city for several years;
  • No history of late payments on bills, bounced checks, or failed payments; 
  • An income that allows you to make the repayments on the loan you are applying for.

It’s helpful to have documents that will back this up when you apply for a loan.

Get a secured loan

You’ll be far more likely to be approved for a loan if you can offer up some assets. These can include vehicles or other things of major value. Secured loans also typically offer less interest. These are safer for banks and financial institutions because they have something to back up your repayment agreement, so they’re more willing to overlook your lack of credit history. 

Find a credit union

This may be the best place to get a loan with no credit history. Credit unions are often more willing to overlook a lack of credit history. They act more like small community banks and are usually looking for borrowers. If you can afford the terms, you can most likely find someone willing to work with you. 

A few things to consider

Remember to be realistic about your loan. If you are seen as a risk or a complete wildcard, it’s rare that an institution will agree to lend you money. Take the above steps to work on your credit history and prove your reliability. Remember that some loan types and amounts will remain out of reach until you have a good credit score. This is partly due to responsible lending standards set by banks, so do your research to find a loan type that works for your financial situation.

I need a loan with no credit history, now!

Do you need a loan with no credit history now? If you don’t have time to build a credit report you could apply with an online lender. At Nifty, we are more lenient than traditional lenders and will look at your current financial status, not just your lack of credit history. Our goal is to give all Aussies a fair go, so we give anyone the chance to apply for a loan. We want to make borrowing cash easy so you can reach your financial goals. Our online application is super easy. Just apply online, we’ll assess your application, and you’ll hear from us in no time. 

Apply, Assess, Approve

Before you start an application with us, have these details on hand for your online application: 

  • Contact details including an active mobile number and email address
  • Bank account details 
  • Employment information
  • Reason for your loan
  • MyGov details if applicable

We’ll do our best to help! There’s no paperwork involved, making the process as simple as possible. If your loan is approved, you’ll get cash in your account as soon as the next business day.

So, what are you waiting for?

No credit history or limited credit history can make it tough to get a loan, but not impossible. We’re committed to giving every Aussie a fair go at finance, whether you have bad credit or no credit – you can apply for one of our bad credit loans today!

At Nifty, we know how easy it is to be disappointed by loan applications being rejected, but there are ways to borrow money with no credit history. Set yourself up for success and follow some of the above tips to improve your credit history, or contact Nifty Loans to see if you qualify for any of our online personal loans.

If you have any questions, don’t hesitate to contact us. We may be 100% online, but behind the screen is a whole team of friendly loan specialists on hand to answer your enquiries. Ask us anything and our customer service team will do their best to help! Give us a call or send us an email at

Our goal is to help you reach your next step in life, whether it’s buying a house, purchasing a new car, going back to school, or anything else you might need a little financial boost for. 

Online loans with no credit history are within your reach! Apply for a personal loan with Nifty Loans today.

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Andy Andy


Andrew Bell

Since founding Nifty in 2016, Bell has continued to make waves within the local financial sector for his continued ambition and willingness to adopt emerging technologies.

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