@Anonymous wrote:
I’m wondering what my chances are of getting approved for a personal loan of $30,000. I have a credit score of 740. My boyfriend will be my co-applicant with a 630 credit score....We have a $14,000 credit limit with $4,000 of it being used on a 0% interest credit card so the minimum payment right now is like $40. My boyfriend has a $8,000 student loan with a $108 monthly payment and I have an auto loan for $11,000 with a $330 monthly payment. There is no other debt we have. Together, on paper, our income is $3,000. He makes $2000 and I make $1000 monthly after taxes. The reason I say on paper is because I’m a bartender/bar lead so on paper it shows only my hourly. I make around another $1,000-2000 in tips. We have no other debt. The reason we want the loan is to pay off my car to get rid of the payment and high insurance, pay off other various things that will help us save money, get new laptops, etc. I used a personal loan calculator that estimated monthly payments would be ~$600 which would basically take the place of my car payment. I plan to sell my car and break even and put it towards the loan and just buy a money-saving bucket car. The way we expect things to go is my boyfriend pays for our living while all my income will go towards paying off the loan. We 100% can afford it. I just don’t know if the banks will see it that way.
Hrm, I don't know if the banks will see it that way either. Do you two have tax returns that show higher income? If so the last 2 years of tax returns can be used to document income. If you can't document your income you're kinda stuck from typical financial institutions and maybe P2P even, but even a smaller loan could let you implement portions of your plan so I wouldn't rule out a partial win.
There's no real standard for personal loans, but if I were you I'd document out the plan, before and after on a spreadsheet even (though what APR are you using to come up with that $600 payment? Your score is pretty good, but his doesn't do any favors... that said on a joint application for a personal loan they *probably* will use the higher score like auto loans but not necessarily) and then go and talk to someone in person.
I rather doubt you're going to get a 30k personal loan, not saying it's impossible it just seems doubtful... I was playing some games recently and asked for 25K loans and couldn't even get those (I got countered at 20 and 10k respectively) with non-trivial income and going off my EX FICO score which is absolutely pretty. Personal loans are hard to get, arguably still the hardest loan to get even with all the P2P options now... but document your case, and talk to someone. Do make note of your current APR's too, if you don't get a better deal APR wise don't take the loan.
What is the current APR on your auto loan? Personal loans are unsecured and, therefore, typically have interest rates higher than secured loans such as auto loans. I find it difficult to believe it would be financially advantageous to go that route.
My sense is that if you plan properly and are responsible about it, one or more credit cards with 0% introductory offers might be your best bet.
try lending club or prosper
