What are the requirments for borrowing money from banks and how can I make sure I get the least interest on it

Question

I am a student and I will be done with my study in about 6 months and I want to borrow money. How can I mangage to get the best deal? I have a very good credit history and I have never borrowed before.

Answer 1

It depends on what you want to borrow the money for. If you are a student, try and get a student loan. The rates are not that bad. It is hard just to walk into a bank and ask for money. They want to make sure you will pay back, and if you do not have a house to borrow against, it might be hard. If you just want some "fun" money, and you will be working fulltime in 6 months, just find a 0% creadit card, but MAKE SURE YOU PAY IT BACK. Once the 0% teaser rate stops, STOP USING IT. If you charge $1000, at 0%, then the rate goes to 15%, you charge another $1000, and they pay $1000 to the bank, the $1000 you paid back is the 0% and you will be paying the higher rate on $1000 left.

Answer 2

If you have never borrowed before, you would have no credit history. If, however you can get a loan, you can also shop around for loans from different banks. When a bank is deciding whether or not to lend money, they consider the likelihood of you paying the loan back. If you have never borrowed before, you may have to buy credit by taking a small loan and developing a payment history. Beware also, as one loan begets other loans and once you have "good credit" the banks actually will try to sell you on taking out more loans.

Answer 3

Go to the bank you have in mind tell what you would like to do and they will give you all the information then you can start from there good luck.

Answer 4

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