Personal loan with decent credit?
i have a credit score off 711 and i have had a credit history of over 2 years without any late payments and i never went over my limits
no bankrupts - no assets
i have a few credit cards that i put a couple dollars on a month just to show i use them but i have one that i am using about 70% on that has no interest
i had a secured loan that i never missed a payment on and is now paid off
my biggest worry is i usually only make about $1200 a month
should i be worried about gettin a loan?
Answers:
You said you had no assets. Therein lies your problem. I've been in banking 11 years--loan officer and manager. As a rule, we lend only 30 % of your annual income unsecured, which means roughly $4300. Also, if the lender goes by net monthly income, your debt-to-income ratio has to be below 36%. By this, I mean, suppose your net (after taxes) monthly take home pay was $1028.00. You debts (including your proposed new loan payment) cannot total more than $370. Leaving the remaining $658 for utilities, food, gasoline, etc. Sometimes, a lender will go up to 38% debt-to-income ratio if the applicant has good credit, good job history, length of time at a residence, some assets.
Good luck.
You will always find someone to give you this loan but the question is how do you know whether or not it's a good idea?
Answer: Go through a credit union. Credit unions are much more honest than regular banks and they will be straight with you. If they say you can't afford the loan, BELIEVE THEM.
A 7000 loan is quite large if you have no asset to show for it. If you're not paying down debt it seems very unwise to do this. Unsecured (no asset) loans should only be used to pay for education. Not weddings, not medical bills (you should negotiate rather than take on debt) and certainly not to start a small business.
Cranky is dead-on. I would try Patelco Credit Union online.
You have a very good credit score.
Credit Unions offer the best rates to their members.
anyone trying to get a loan for such a small amount probably should not be trusted with any money at all, since most people wipe their asses with 1200 a month. further highlighting how broke a deadbeat who offers 20 bucks on a $700 sound system is. get a better job, kid
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