Are there any banks that will give me a loan for that amount?? I was told that I might have to use the title of my car as collateral to get a personal bank loan! Is this true?? I don't think I would want to do that though!! Or do they use your credit to consider you for a personal bank loan?? I don't know how that works, can someone give me some accurate info...please??? Thank-you!!
2007-03-07 02:03:16 · 4 answers · asked by nynena959 1 in Business & Finance ➔ Personal Finance
All banks will give a loan for that amount. They will consider your credit, and you will probably have to put something up as collateral. A car title is a likely candidate. Why wouldn't you want to do that? The only way the bank would repossess your car is if you didn't repay the loan. If you are planning on repaying the loan, it doesn't matter. If you are concerned that you might not be able to repay the loan, then odds are pretty good that a bank isn't going to loan you anything anyway.
2007-03-07 02:10:04 · answer #1 · answered by BosCFA 5 · 0⤊ 0⤋
It all depends on your current financial situation. Your credit score has alot to do with it. If your score is below average meaning 640 they might consider you a credit risk. If you are currently working a good stable job and they see your flow of income is consistent they will also consider that into account. Of course your car and how much is worth incase you don't come through with the payments. All banks are different with the guidelines and regulations shop around. But before you do make sure you don't owe any debts on in your name. Like a major phone, cable, light bill, especially any student loan or rent that has been passed due thats up for collections. If you have been making payments on these with out a problem. You might be considered. One more info for your brain, if you happend to have a CD account with a bank meaning an acct that is frozen gaining interest you can use that as collateral but it has to be more or less from what you are wanting to borrow. Good luck!
2007-03-07 10:28:43 · answer #2 · answered by $millmind$ 1 · 0⤊ 0⤋
I would have to say that it is likely your bank will ask for something as collaterol. Another option......when I need quick cash, I take a cash advance from my credit card, usually the personal checks they send you in the mail. Most of the time they is no interest for about 6 months and all they charge is a 3% charge of the amount you are asking for (in your case, $1800 will be a fee of $54). But I only do this if I am positively sure I will be paying this money back before then; if not, the interest they charge after the 6 months could reach in the 20's.
2007-03-07 10:30:50 · answer #3 · answered by Ana C 1 · 0⤊ 0⤋
for a small loan, my advice is to head over to Prosper.com. this is a peer to peer lending service that operates in the manner of online auction sites. This service allows buyer to be matched with lenders to get loans in smaller amounts that banks may turn away
2007-03-07 10:11:26 · answer #4 · answered by Daniel N 2 · 0⤊ 0⤋