Fast financing for first time borrowers
If it’s your first time considering a personal loan, it may seem a bit scary. You don’t know how the
process works or what to expect. Plus, you may think applying for your first personal loan without
any credit history is impossible. You should know that many lenders work with borrowers with a wide
range of credit history to find a solution that works for them. Even if you have limited credit history,
you may still be able to obtain a personal loan with a simple online application process. Online
lenders like Reprise Financial provide fast funding from $2,500 to $25,000¹ with an application you
can fill out from the comfort of your home.
How do personal loans for first time borrowers work?
A personal loan is money borrowed from a traditional bank, credit union, or online lender that you
pay back in fixed monthly installments. It allows you to obtain a lump sum of money and repay
those funds over time. Generally, the funds from a personal loan can be used for almost any
purpose, and most lenders have few restrictions on how the funds may be used. You can use the
funds from a personal loan to pay for a wide variety of individual needs such as home
improvement, appliances, medical emergencies, special occasions, or even vacations.
Why choose a personal loan for the first time?
For those new to borrowing, a first-time personal loan can be an excellent way to build credit and
secure some much-needed money to use almost any way that you want. The funds from a
personal loan can help you get over a financial hump, pay down debt faster, or cover an
unexpected expense. A personal loan can also help you purchase a big-ticket item without draining
your savings. With online lenders, you can often get the cash deposited in your checking or savings
account the next business day after approval.
What is the best personal loan for first time borrowers?
Before taking out a personal loan for the first time, you will want to shop around for the best options,
compare rates and terms, and consider what payment will fit into your monthly budget. Online
lenders like Reprise Financial offer an easy, fast, and flexible way to take out a first-time loan and
pay it back over time with fixed rates. Reprise loans can also be customized to meet your needs and
payment preferences with no prepayment penalties.
Can first time borrowers get a personal loan with no credit?
Prior to submitting a loan application, consider checking for personal loan offers with different
lenders. With online lenders, you can usually check for offers with a prequalification request that
requires a soft credit check, which will not impact your credit score. However, prequalification does
not guarantee approval, as your information must be verified after submitting a complete loan
Most personal loans are unsecured – meaning that you won’t need to provide upfront collateral – or
are secured by personal property, such as your vehicle. Online lenders like Reprise will look at the
total picture of a person’s application to find a product that works best for each applicant. If you
have a fair credit score, limited credit background, or you’ve hit a few bumps along the way, Reprise
can help you find the personal loan that’s right for you.
How to get a first time personal loan
After considering your options and choosing your loan type, you can begin the application process.
Before you apply, gather your personal information, such as proof of income, bank statements, and
identification. If you go through an online lender, you can begin submitting your documents and
filling out your online application. Reprise Financial will work with you throughout the steps to help
you understand the application process and what to expect after providing your information for
verification. Reprise also has real people available to answer questions along the way.
Why choose Reprise for your first time personal loan
- Reprise Financial gives you a fast and easy way to get the funds you need.
- With Reprise, you can view your offers in seconds without affecting your credit score.
- Personal loans from Reprise come with fixed rates and fixed monthly payments.
- Reprise has customized options to meet your needs and payment preferences.
- With Reprise Financial, funds are available the next business day after approval in your
checking or savings account.