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Nowack & Olson, PLLC Florida Bankruptcy Lawyer
  • $0 down and low payment plans available. We can assist you without having to leave your home.

Personal Loans: A Guide for the Credit Invisible


Getting your first loan is a challenge, but once you have been making payments on one loan, creditors will line up around the block to lend to you.  If you are young, it is a good idea to start building your credit history, even by borrowing just a small amount, even as you try to start out your life as an adult by living within your means.  In some cases, it is necessary for people who have previously borrowed money and repaid it to rebuild their credit history from zero.  For example, if you have recently immigrated to the United States, you do not have a credit score as far as U.S. lenders are concerned, even if you have paid off credit cards and a home mortgage in your country of origin.  Furthermore, if you used to have a credit score, it is possible that you no longer have one if you have not used credit in several years, such as if you have been afraid to borrow because of a previous bankruptcy filing or simply because you have been committed to debt-free living.  If you want to recover from a financial situation in which you have no credit score, contact a Plantation credit repair lawyer.

Options for Borrowing Money If You Have No Documented Credit History

Having a low credit score is an obstacle to borrowing, but so is not having a credit score at all.  If the credit reporting bureaus do not have any information about you, or if they have so little information about you that they cannot base a credit score on it, you are credit invisible, and so are approximately 28 million other people in the United States.  These are some options you can pursue to borrow money if you cannot count on your credit score to help you get approved for a loan:

  • No credit check loans – These tend to have high interest rates, but they will lend to you regardless of your credit score or even if you have no credit history.
  • Credit builder loans – These loans are specifically for people with no credit history. You pay installments until you have paid the full principal amount, and only then do you get to borrow the money, at which time the lender reports the loan to the credit bureaus as paid off.
  • Secured loans – If you use an asset, such as your house or car, as collateral for the loan, lenders may agree to lend to you.
  • Cosigners – You can have a family member or friend who has a documented credit history with a good credit score sign for the loan with you.

Building your credit history takes time, but things get easier after you have made progress toward paying off your first loan.

Work With a Debt Lawyer About Building Your Credit History

A South Florida debt lawyer can help you build or rebuild your credit history if you do not have a documented credit history.  Contact Nowack & Olson, PLLC in Plantation, Florida to discuss your case.


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