Can I Get a Personal Loan With No Credit History?

Yes, you may be able to get a personal loan with no credit history. RedArrowLoans specifically advertises that no credit history is required and says all credit types are considered, although its affiliate program lists a minimum FICO^® score of 540 and says the actual credit-check requirements should be confirmed on the website. In this article, we explain how RedArrowLoans handles applicants with no credit history, what its $800 minimum monthly income requirement means, why you must have a checking account, why active-duty military members are not eligible, which states are excluded, and why having no credit history is not the same thing as getting a loan without any credit-related review.

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Can You Get a Personal Loan With No Credit History?

Yes. Having no established credit history does not necessarily prevent you from obtaining a personal loan.

RedArrowLoans' approved marketing information specifically states “No Credit History Required.” Its program also says that all credit types are considered.

However, RedArrowLoans is a loan-connecting service rather than the lender itself. It sends your information to independent third-party lenders, and those lenders make their own decisions. The loan amount and terms you are offered can therefore vary from one lender to another.

➤ Check RedArrowLoans loan options.

Does RedArrowLoans Require a Credit Score?

Not necessarily. RedArrowLoans' current information says that some lenders in its network do not need a credit score to qualify for a loan.

At the same time, the affiliate program for RedArrowLoans lists a minimum FICO^® score of 540 and says “Credit Check” should be checked on the website for details. The program separately states that all credit types are considered.

That means we should not interpret “No Credit History Required” as “No Credit Check Required.” Those are different things. A person with no established credit history may be considered by a lender, but the lender can still use other information to evaluate the application.

What Are the RedArrowLoans Requirements?

RedArrowLoans lists several requirements in addition to its no-credit-history language. Its affiliate program states that applicants must be at least 18, have a checking account, have a minimum income of $800 per month, and must not be active-duty military members.

The program also lists the following states as unavailable:

• Arkansas
• New York
• Vermont
• West Virginia

The service's current website also says applicants generally need to be at least 18, be a U.S. citizen or permanent resident, have employment or steady income, and have a bank account for receiving funds.

How Much Income Do You Need for RedArrowLoans?

The RedArrowLoans affiliate program lists $800 per month as the minimum income. That is considerably lower than the income requirements used by many traditional personal-loan lenders.

However, meeting the $800 monthly-income requirement does not guarantee approval. RedArrowLoans says that individual third-party lenders have their own requirements, and its website indicates that loan offers can vary based on factors including income, employment and the individual lender.

The $800 figure should therefore be viewed as a stated minimum for the program rather than a promise that someone earning exactly $800 per month will receive a particular loan amount.

Does RedArrowLoans Offer Personal Loans or Payday Loans?

It offers access to several types of loans through its lending network. RedArrowLoans currently describes payday loans as generally ranging from $100 to $1,000, installment loans as generally ranging from $100 to $5,000, and personal loans as generally ranging from $500 to $35,000.

The maximum amount is not guaranteed. RedArrowLoans says the amount you request may not match the amount a participating lender offers.

Can You Get Up to $35,000 With No Credit History?

No credit history does not automatically mean you can receive $35,000. RedArrowLoans advertises personal loans up to $35,000, but its website clearly states that not all lenders can provide the maximum amount.

Your loan offer can depend on the individual lender, your income, employment and other factors. Someone with no credit history may therefore be considered for a loan without necessarily being offered the maximum advertised amount.

Do You Need a Checking Account?

Yes. The RedArrowLoans program lists a checking account as a requirement, and its website says applicants need a bank account to receive funds.

This is important if you are looking for a loan with no credit history because having little or no established credit does not eliminate the lender's other requirements. You still need to meet the applicable banking and income requirements.

Can Active-Duty Military Members Use RedArrowLoans?

No. The RedArrowLoans affiliate program specifically states that active-duty military members are not eligible.

Its stated restriction also applies to regular or reserve members of the Air Force, Army, Coast Guard, Marine Corps or Navy serving on active duty, as well as certain dependents. RedArrowLoans' own FAQ describes this military restriction among its typical minimum requirements.

Is No Credit History the Same as Bad Credit?

No. No credit history means there is not enough established credit information to produce a meaningful traditional credit history. Bad credit means there is an established history that contains negative information, such as late payments or other problems.

This distinction matters because someone with no credit history and someone with a 540 credit score may be evaluated differently. RedArrowLoans says all credit types are considered, while its affiliate program separately lists a 540 minimum FICO^® score.

Does RedArrowLoans Check Your Credit?

It may. RedArrowLoans' own FAQ says third-party lenders may perform a credit check or use other methods to verify information provided by an applicant. It also states that many lenders may perform credit checks.

That is why the phrase “No Credit History Required” should not be interpreted as “no credit check.” The more precise meaning is that a participating lender may consider someone who does not have an established credit history.

What If You Have No Credit History and Need a Personal Loan?

RedArrowLoans may be worth considering if you have no established credit history and meet its other requirements. Its affiliate program specifically says no credit history is required and that all credit types are considered.

However, RedArrowLoans does not make the final lending decision. It connects applicants with independent third-party lenders, and those lenders determine whether to make an offer, how much to offer and what terms apply.

➤ Check RedArrowLoans loan options.

Bottom Line

You can potentially get a personal loan with no credit history. RedArrowLoans specifically advertises “No Credit History Required” and says all credit types are considered. Its affiliate program lists a minimum FICO^® score of 540, a minimum income of $800 per month, a checking-account requirement, and restrictions for active-duty military members and residents of Arkansas, New York, Vermont and West Virginia.

The most important distinction is that no credit history required does not mean no credit check. RedArrowLoans connects applicants with independent lenders, and those lenders may check credit or use other methods to evaluate an application. The amount you are offered can also be less than the amount you request.