First loan in Colombia — how to start without history
Guidance for people seeking their first online loan in Colombia without having prior credit history. Available options and recommendations to build healthy credit life.
Last updated: 2026-02-01
What is credit history?
Credit history is the record of your financial behavior: if you've had previous loans, how you've paid them, and if you've met your obligations. Financial institutions check this history in risk databases like Datacrédito, TransUnion or Experian.
When you have no history, it means you don't appear in these databases because you've never had financial products in your name. This is common among young people applying for their first loan or people who've always used only cash.
If you want to know your current situation, check our guide about how to check your credit history for free.
The situation of having no history
Not having credit history isn't necessarily negative, but presents challenges:
Advantages
- You have no negative reports or previous debts
- You can start with a clean slate
- Some lenders have special programs for new users
Challenges
- Lenders have no information to evaluate your payment behavior
- You may be offered lower amounts initially
- You may face higher interest rates due to perceived risk
- Some lenders may require additional guarantees
This is different from being negatively reported in Datacrédito, where there is a negative history recorded.
Options for your first loan
If you have no credit history, these are some alternatives you can explore:
1. Online microcredit platforms
Some digital platforms specialize in granting small amount loans to people without history. Many offer ID only loans with low initial amounts (between $100,000 and $500,000 pesos) with short terms.
2. Low-limit credit cards
Some banks offer credit cards with reduced limits designed to build history. Initial limit may be $300,000 to $1,000,000 pesos. You can also explore online loan options to start your credit life.
3. Loans with co-signer
Presenting a co-signer with good history can facilitate approval of your first loan, though this involves shared responsibility.
4. Educational loans
If you're a student, educational loans (like ICETEX) can be a way to start building history.
5. Cooperatives and employee funds
If you belong to a cooperative or employee fund, they usually have more flexible conditions for first loans.
How to increase your approval chances
To improve your options when applying for your first loan:
1. Demonstrate stable income
Present evidence of regular income: employment certificates, bank statements, tax returns, or invoices if you're a self-employed worker.
2. Maintain an active bank account
Having a savings or checking account with regular movements demonstrates financial stability.
3. Start with small amounts
Don't request the maximum available amount. A small loan is easier to approve and pay.
4. Verify specific requirements
Carefully read each lender's requirements before applying.
5. Ensure you can pay
Calculate your real payment capacity before applying. Don't over-indebted yourself from the start.
Build history responsibly
Once your first loan is approved, it's crucial to build positive history:
Basic principles
- Always pay on time: Even one day delay can affect your history
- Pay more than minimum: On credit cards, paying only minimum generates high interest
- Don't use all your limit: Keep utilization below 30% of available limit
- Avoid multiple simultaneous credit requests: Many inquiries in short time affect your score
- Keep your financial products active: An old account in good standing is valuable
Regular monitoring
Check your credit history periodically to detect errors or problems early. You can check your history for free several times a year.
Common mistakes to avoid
1. Fall for "guaranteed approval" scams
Distrust offers promising approval without checking your information. Read about how to identify loan scams.
2. Accept abusive conditions
Desperation to build history shouldn't lead you to accept excessive interest rates or unfavorable terms.
3. Underestimate the commitment
A loan is a legal obligation. Make sure you can comply before signing.
4. Ignore additional costs
Besides interest, consider commissions, insurance and other expenses. More information in our guide about hidden costs in online loans.
5. Not reading the complete contract
Review all terms and conditions before accepting. If something isn't clear, ask.
Frequently asked questions
How long does it take to build good credit history?
Generally, you need at least 6 months of positive payment behavior to start building favorable history. A solid history can take 1-2 years of responsible credit use.
Is it better to start with a credit card or a loan?
Both can be valid. Credit cards offer more flexibility but require more discipline. A small loan with fixed installments may be easier to manage for beginners.
Will they deny me credit for not having history?
Not necessarily. Many lenders have products designed for people without history. However, you'll likely be offered lower amounts and higher rates initially.
What if I apply to several credits at the same time?
Each application generates an inquiry in your history. Multiple inquiries in short time can be interpreted as urgent need for money and negatively affect your approval chances.
Can I request a large amount on my first loan if I have good salary?
Even with high income, lenders are usually cautious with first loans. It's recommended to start with moderate amounts and gradually increase as you build history.