Trouble getting loan

[Anonymous]

Hi Everyone,

I am having trouble getting a small loan and I don't understand why.  Maybe someone here can help me understand what all goes into a lender deciding to give a loan or not. 

I am 21 y/o and have a credit history of a little over a year between two credit cards ($1700 total CL between the two), 100% on time payments.  I was looking to get a small loan of $1500 through the local credit union.  I am between jobs and just need it to pay off some bills before the first paycheck of my new job.  Annual income is about $26,500 and credit score is 696. I know the income and credit score isn't the greatest but I don't understand why I wouldn't be approved for such a small amount? 

Thank You!

[RobertEG]

If you are now between jobs, then your guaranteed income is now $0.

I suspect that might have a bit of an impact......

[Anonymous]

Well, I am employed there at this point.  Just no pay stubs or anything yet.  Although I can see how that could still be a risk...

[RonM21]

Maybe after employment history lengthens a bit, combined with growth of the cards you have, the outcome can be different.

[RobertEG]

An advantage with dealing with a local credit untion is that you can walk in and speak to the decision maker.

I would make a personal visit and have a brief discussion with their loan officer, perhaps armed with a letter from your new employer confirming the job as firm

[SOGGIE]

---

@RobertEG wrote:

An advantage with dealing with a local credit untion is that you can walk in and speak to the decision maker.

I would make a personal visit and have a brief discussion with their loan officer, perhaps armed with a letter from your new employer confirming the job as firm

---

+1 CU's are awesome lenders.