Consider a situation like this: When they first were married, Mike and Carla lived with family members. Now, through their hard work, they are ready to move out and start a family. When they went to look for an apartment, they were turned down because they don’t have a credit history or a credit score.
The Consumer Financial Protection Bureau (CFPB) reports that 45 million people in the United States either don’t have a credit history or it is insufficient. And the example of Mike and Carla reflects the reality that many people face: Establishing a credit history can be difficult.
Options for people with no credit history
Folks like Mike and Carla can find it hard to get a loan from a bank, a place to rent, a credit card, maybe even a cell phone. Without a credit history, they face options such as having to ask a family member to co-sign their rental application, or needing to take out a higher cost payday loan.
But it doesn’t have to be this way.
How to establish your credit history with Oportun
At Oportun, customers are not required to have a credit history or score to be approved for a loan. And Oportun reports customer accounts (payments and non-payments) to two of the three major credit bureaus to help customers establish their credit history.*
How a loan from Oportun helps your family’s financial future
While the word “debt” can sound like a bad thing, that is not always the case. Debts handled the right way — by making payments on time and not borrowing more than you can pay back — can help you pay for unanticipated expenses. It can also help you establish your credit history, which can help your family’s financial future.
A loan from Oportun offers affordable monthly payments. As you make your payments on time, over time you can establish your credit history. Having a good credit history could put you in a better position to rent that apartment. Also, you could even buy a house for your family, purchase a car, apply for credit cards, get cell phones for your children, and much more.
There are times when asking for a loan is a wise decision. And paying your loan on time benefits you and your family by helping you build your future together.
*Oportun reports account payment histories to credit bureaus. Late or missed payments may have a negative impact on credit history or credit score. If you do not have a Social Security number, the credit bureaus may not be able to report your credit history completely and accurately.
This blog is an advertisement and is not meant to provide personal financial advice. Please speak with your accountant or financial adviser for personal financial advice.