Written by Jasir Jawaid
Americans are taking on more debt as the economic situation at home takes a turn for the worse. As the Federal Reserve raised interest rates by 1.5%-1.75% in July to curtail the spiral, consumer credit rose at a seasonally adjusted annual rate of 4.7% in July 2022. Revolving credit was up 8.1%, while nonrevolving credit increased at an annual rate of 5.2%.
Getting a loan without a credit history isn't outside the realm of possibility. But just like other forms of credit, lenders will evaluate your creditworthiness by factoring in your credit scores and credit history. If you don't have one, you can expect to receive unfavorable loan terms such as a higher interest rate. But, there are many loan options available for people with no credit history. In general, payday lenders issue no-credit-check loans, which are unsecured loans, meaning you don't have to put up collateral.
This article was published on JoyWallet and can be read here in full.