Received less than amount requested from private loan?

Question

I applied for a loan through a private company, however, I only received much less than the amount I requested. Why?

I have excellent credit(no cosigner) but only got approved 1/3 of the requested amount. This type of loan is all credit based and requires proof of part time or full time enrollment.

I have a feeling that is because I didn't give them enough proof that I'm enrolled part or full time since I only sent them my acceptance letter from the college and not my class schedule(which indicates I am actually enrolled in classes). But I'm not too sure.

Why is it?

Also, the amount I requested doesn't exceed the COA at the college.

Answer 1

if you need more money, you should go on campusdoor.com for a loan... they give loans up to 30k per year. The rates are ridiculously high ( 9%) and they charge a processing fee ( 5% of what you borrow) but anyone with good grades is approved. It doesn't even mater if you have no credit or a job. I had neither and I got approved. Seriously, you might really want to check them out if you have no other alternative. Sinc eyou have a job and crdeit your interest will probably be alot lower than mine. I know how stressful it could be. Good luck.

Answer 2

They do risk calculation. You are rated to pay of this loan but there is more to it. They also include stuff like the chance on you dieing, losing your job and stuff.