No Credit History
If you have no credit history then it means loan companies will find it difficult to offer you credit or a loan. This is due to the way they categorise different types of borrowers. When deciding whether to offer you a loan they check your credit history and based on your past record of loan and credit repayments, they determine whether you are a good or bad borrower. If you have no credit history then they can’t tell whether you are a risk or not and usually they will feel unable to offer the loan. Don’t despair though, there are some finance companies who will offer you a loan even if you have no credit history, so shop around and se who’ll give you most favourable terms.
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