I have no credit or collateral, what would I need to get a loan?

Question

I am wondering what I need(especially in Canada) in order to get a large loan, with no personal credit or collateral.

I have no credit, good or bad, just none whatsoever. I also have no assets that I can use to secure the loan.

So would I need to get a cosigner with collateral and credit, or just a guaranteur with collateral and credit?

I mean I realize there must be a way, because kids out of high school do it without credit, so how does it get done?

Also is there a limit for how much one can get for a first time loan under such circumstances?

I should add that this is for business, to start one.

I have no credit as I am a homemaker, thus I have no income, but once I have the business I would both have some collateral and income to repay said loan.

Building credit through credit cards is too long of a process, I might as well get a regular job, I'm interested in making a job. For which I need a loan.

Answer 1

Well, getting a cosigner is one way to get the loan you need. But, if you can provide a source of income to a bank, this will get you a loan although it will definitely be at a high-end interest rate given that you have no credit history. As for 5 or 6 digit loans, like mortgage, you will need to develop some credit history. Consider getting a credit card or two and pay them full on time.

There generally is not set maximum limit for a first-time loan. It just depends on how willing a bank to take a risk of not getting paid back.

Answer 2

a kid out of high school has no credit because they are fresh meat so to speak. The older you are and the less credit you hve it is actually worse than bad credit. I was told that for a large loan like a mortgage you need 4 sources of credit, one large and 1 over 1 year old the rest van be new. I.E.

Auto loan (1+ years)
2 credit building credit cards (at least 6 months of good track record)
another credit card or cell phone through a major carier (usually requires a $200+ deposit) with a good payment record for 3+ months

Answer 3

"If you are worried about your poor credit history then you will not get any credit. There are many lenders who provide loans to people whose credit record is bad, but at a higher interest rate. You can get bad credit loans from some lenders quickly and easily.

Before you apply for a bad credit loan, there are some points you should first take into account. The only eligibility for the bad credit loan is poor credit history. To increase your credit score, ensure that the details of your loans are sent to major credit bureaus. "

Answer 4

You will need either a co-signer or a guarantor acceptable to the credit card company.No credit as almost as bad as poor credit, so why not start with a small secured credit card and build up your credit by paying on time with automatic debits to your bank account when payments are due. Add the odd extra payment now and again and pretty soon, they will offer you a larger perhaps unsecured card.

Answer 5

With relatively low credit score the reply is "no" simple and sensible. Credit standards have end up even stricter no longer extra comfy. What you'll be able to do you probably have this nice industry proposal is practice for a federal provide specially designed for younger men and women corresponding to your self. It's no longer a mortgage it is a provide so that you simply post your proposal and watch the money roll in.

Answer 6

The only other way I know of is to have someone with good credit co-sign for you. It would have to be someone who thinks highly of you and trust you, because he stands to foot the repayment, should you default on the loan.

Answer 7

I saw your Question requiring a loan.

Why don"t you approach a private lender?I got my loan from a certain agency.Their interest rate of 0.2% is simply great..Why don"t you try there?You can contact them with their email,[e-mail],[e-mail].

Answer 8

may be u have , to get loan i hope dis ill helps u.

Answer 9

you need a miracle.