I have several personal things I need to take care of for the next couple years, and I would like to get a fast 15-20k for a jump start...is it possible to get? do u absolutely have to have credit (or good credit) to get this...and is there a way I could get it and pay off later (like during the next couple of years pay off in increments of 400 bucks a month or something?) help!! need all the info anyone can give me, and no stupid/ignorant comments please, thanx.
2007-01-10 05:02:36 · 3 answers · asked by clownwitafrown 1 in Business & Finance ➔ Personal Finance
Yes, it is possible to get this type of loan, but the difficulty will depend on alot of variables. First, it will depend on what you want to use the money for. Banks are more willing to lend money to individuals buying houses or starting businesses than they are to individuals who want the money to go to Las Vegas and gamble (believe me, people actually come and ask for that). Having good credit is always a plus, but is not necessarily going to keep you from getting the loan. Collateral is often times important as a security measure in case you don't repay the loan. If you have a home or car or other valuable asset that could be collateralized, you are more likely to receive the loan. Likewise with source of income. If you have a steady job and a good work history, you will be more likely to receive the loan, as that will represent the source of repayment. If you took a loan for 20k over 5 years at the current prime rate of 8.25%, that would be approximately $400 a month in repayment. Hope this helps, and good luck in your endeavors.
2007-01-10 05:17:31 · answer #1 · answered by theeconomicsguy 5 · 0⤊ 0⤋
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2007-01-10 13:16:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Do you have a $30,000.00 car?
2007-01-11 01:47:27 · answer #3 · answered by Anonymous · 0⤊ 1⤋