I need to borrow about 5,000 as in the form of a personal loan from my bank. As a student will this be very difficult for me to get if I have one credit card and a debit card?
2006-09-22 09:48:10 · 8 answers · asked by chocolatechip333 2 in Business & Finance ➔ Personal Finance
Depends how much money you make, collateral, and credit. If all of these are low or non-existent then it will be very difficult to get. If you do get the loan then the interest rate will be very high. Be careful and pay it off ASAP!! You could end up paying $10000 for that loan.
2006-09-22 09:55:13 · answer #1 · answered by Chris L 7 · 1⤊ 0⤋
How long have you had your credit card? If you had it for a while, and have a good history with your payments then you should have little credit, but your debit card does not give you any credit at all. If you only have little credit you can go to your bank and apply for one, but the bank will only give the minimum, which will only be $500.00. To have that much loan out to you, you have to have a high credit. I recommend opening an account at a local credit union, or just build up your credit more.
2006-09-22 10:04:16 · answer #2 · answered by wandering_star 1 · 0⤊ 0⤋
The debit card doesn't really matter, but the credit card does...it also depends on your credit, and the balance on your credit card.
You may want to try Sallie Mae loans, and if you get a bank loan you might need a co-signer with good credit.
2006-09-22 09:58:15 · answer #3 · answered by Punjabi_Princess 2 · 0⤊ 0⤋
Yah, the bank isn't going to just lend money to someone with no job. I suggest looking at a student loan. It will have a far better rate than an unsecured personal loan and it will not need to be paid back until you graduate.
2006-09-22 09:56:59 · answer #4 · answered by Cyrus A 2 · 1⤊ 0⤋
You need both income and collateral, and both of sufficient levels to justify the bank's risk of lending you the money. Without those two items, you will definitely need a co-signer that has those. The bank will require that person to be the principal borrower.
2006-09-22 09:58:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It wont be difficult if you have a job and your credit is good.
2006-09-22 09:59:24 · answer #6 · answered by ~~ 7 · 0⤊ 0⤋
Do you have a job or any other income? You'll probably need a co-signer
2006-09-22 09:51:46 · answer #7 · answered by Cam 6 · 0⤊ 0⤋
Yes, you have no income to pay it back.
2006-09-22 09:51:18 · answer #8 · answered by Anonymous · 0⤊ 1⤋