Are there Consolidators that will loan in the 8k - 10k range for people who do not own property, I want to get my bills paid off before I go to the fire academy and I really need some help........
2006-08-24 12:10:29 · 2 answers · asked by bigchunk68 1 in Business & Finance ➔ Personal Finance
While lending firms look at collateral, they also look at your future earnings potential. For instance, a student in Medical School may not have any collateral, but will be offered a lot of money on loan because she will be earning a huge salary in the future.
To a lesser extent (and I'm sure the 8 to 10k range), lending firms will do this your fire academy training. If you don't have a bachelors degree, your earning potential is far greater after this training. While you can't pay for it now, your future earnings will be able to pay off the loan. Lending firms love this - sucks to collateral - they want to lend you money before someone else does. Check it out, get an idea of what your salary will be, and I would be very surprised if you couldn't get this loan. Remember just because one lending firm only does collateral, doesn't mean they all don't. Go to a bank or a credit union - they do a wide variety of loans there.
Note: Conversely if you did have a bachelors degree, you would not have a considerable change in earning potential - so giving you a loan based on a predicted change in earning potential would be silly. This means don't put a bachelors degree on your application.
2006-08-24 14:49:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
They want some kind of collateral and the best happens to be property because the loan institition will have to pay up or loose there collateral.
2006-08-24 12:23:45 · answer #2 · answered by Robert F 7 · 0⤊ 0⤋
Lots of info here.
2006-08-27 17:02:33 · answer #3 · answered by Anonymous · 0⤊ 0⤋