How can I get a personal loan with no credit?
BabyBoy06 asked:
I need a small personal loan of $4,000-$5,000 — unfortunately, my credit is too new and the only thing on my credit is an account with my credit card company who i only had for the last 4-5 months. Even though they reported all my payments have been on time… my credit is still too new.
I need a small personal loan of $4,000-$5,000 — unfortunately, my credit is too new and the only thing on my credit is an account with my credit card company who i only had for the last 4-5 months. Even though they reported all my payments have been on time… my credit is still too new.
So I applied at American General, a loan company, and I took my mom to co-sign, unfortunately they still couldn’t get me approved because her score isn’t strong (I believe in the 570-580 range) so I am trying to find a place I can get a personal loan at to fix up my car so it run’s.
Honestly, its frustrating cause I have to wait 2 years for most of these places as they tell me to build up enough credit… but then they tell me to bring a co-signer, I do, and they STILL can’t get me one. My mom is my only source of co-signature… basically, where can I get me a personal loan with a co-signer with a score like my mom’s and be able to actually GET A LOAN!!!!?
Caffeinated Content
Tags: Loan Company, Personal Credit, Signature
February 25th, 2009 at 9:09 pm
Caffeinated Content for WordPress
Why don’t you apply for an auto loan? It’s easier than trying to qualify for a personal loan. Plus, they have all kinds of incentives for first time buyers.
March 1st, 2009 at 3:40 am
Caffeinated Content for WordPress
Hi,
I’ll be very honest with you. If you have to spend that amount to “fix” your car….it’s not worth fixing.
Car pool or take the bus until your credit score is in a range where you can buy a good used car if you really need one. If not continue to car pool. Remember, along with that car come ins, and maintenance fees too. Be smart with your money and don’t throw it away so easily.
March 3rd, 2009 at 5:28 am
Caffeinated Content
Un-secured personal loans are harder to get than bankruptcy. You may want to apply for a new credit card and use that for cash as some of them issue you blank checks for that purpose. Capital one is probably your best bet for a credit card to use in that way.
March 3rd, 2009 at 7:40 am
Caffeinated Content for WordPress
Rule of thumb, you shouldn’t be spending more than half of what your car is worth on repairs. Unless this is like an older car that you are using to showcase and not actually drive, which isn’t what this sounds like.
If you need a loan for $5000, up your loan a little and get a new car. You can get a secured loan easily because the bank you go to will keep your title until you have paid off the car. If you need to have your mom co-sign, with her credit score, you are going to get a high interest rate, but you’ll be able to obtain the loan.