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YoungJay18
Posts: 76
Registered: ‎09-23-2011
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Loan Help

Hey im a student but im on break from college for a while to get my life toghether and im wondering is their any possible way to get a loan from any bank or anything with out having a job im currently looking for one and i believe im close t ogetting one now have few meetings set but is there any way to get a personal loan in the amount of probably $5,000-$8,000

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SCF
Posts: 1,073
Registered: ‎06-09-2008
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Re: Loan Help

First, this forum is mostly for discussing student loans, not other types of credit for students, so you might get a better response if you post in one of the other forums.  I'll try to help in the meantime.

 

In order to get a loan, a lender needs to believe that you will be able and willing to pay it back.  In most cases, they determine that with a review of two things 1) your income and 2) your credit history.  If you have a strong credit history, and a good income history, you may be able to get a loan even though you are currently unemployed, but as a young college student, chances are that you don't have either of those things.  Even though you may have handled your credit well so far, there are factors like time, mix and number of accounts that work against young people who are new to handling credit (in terms of their credit score).

 

I'd say your best bet may be a credit union or local bank that you have an existing relationship with, who may review your file manually and trust you more due to your having other accounts with them.  Another option would to apply for a credit card, possibly with a low interest rate or a 0% offer for X months.  But beware of doing that, maxing out your credit line will decrease your score, and it's not a great way to start off learning how to handle credit.

 

What is the loan for?  Can you delay the expenses until you get a job somehow?

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Croselx
Posts: 139
Registered: ‎07-31-2012
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Re: Loan Help

If you need money then you have to **bleep** without you having guaranteed income. In the unlikely sceneario that someone loans you the money I wouldn't take it. Most loans begin repayment 1 month after taking it out and without a job or some sort of stable income that is almost an automatic default on your part since you won't be able to pay.

 

My advice: Stay away **bleep**

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