I want a loan for $5,000. But I have a very low credit score. It's about a 425. Is it possible for me to get one? And how much of a down payment would I need to put down?
2007-03-20 04:08:08 · 0 answers · asked by jervett 1 in Business & Finance ➔ Credit
You should talk to your bank and see what they say. It's actually not as easy as everyone thinks. If you don't have any assets or collateral to back it up, the banks make it harder for you to take out a personal loan. And when they do, they don't normally require a down payment.
2007-03-20 04:15:11 · answer #1 · answered by Sunshine 3 · 0⤊ 0⤋
1
2016-09-28 17:47:36 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Today the lenders have started offering nearly all varieties of loans for people with poor credit record.They are also introducing many new loan products meant for this group. Now people with poor credit can get the same choices as those with the good or mediocre credit. Today you can use bad credit personal loans for many purposes like car purchase, vacation or even debt consolidation.
But if you have some assets to offer as collateral, your chances brighten. The primary reason why people with poor credit history do not get loans is because the lenders are scared that the borrowers will default again. But if you can offer collateral, your lender is secure in the knowledge that his money is in safe hands. You have to try and meet the repayment schedule, failing which you lose the asset.
If you do not have collateral, go for an unsecured personal loan, which is rare for people with bad credit. It is necessary that your credit record should be clean for an unsecured personal loan. However, some lenders can accept your case due to inevitable reasons.
Bad credit personal loans attract a high interest rate due to high risk associated with these loans. Some lenders can overcharge you thus bleeding you financially. You have to pay a heavy charge and the terms of payments are quite rigid. But if you are willing to look around, you might get some lenders who offer you loans at reduced rate of interest.
2007-03-21 00:52:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Sure it is possible for you to get one, anything is possible!
The bank will want something to use for "collateral", something worth more than the $5000 they are going to loan you, (Home, Boat, Car, etc.). Even if you do provide this, they are still likely to charge you an obscene interest rate due to your low credit score.
Your best bet, is to find some one with a decent credit score to co-sign the loan with you.
2007-03-20 04:23:58 · answer #4 · answered by LBP 1 · 0⤊ 0⤋
Good luck it needs to be 620 or better why dont you pull up the score first they the loan is a go maybe you wont need a down payment
2007-03-20 04:12:50 · answer #5 · answered by keena 2 · 0⤊ 0⤋
depends what the loan is for, and your bank, some will allow you to do it under strict guidelines like direct withdrawl from your account - you will probably have to pay a higher interst rate - you may need a cosigner or collateral
2007-03-20 04:17:48 · answer #6 · answered by Shopaholic Chick 6 · 0⤊ 0⤋
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2007-03-20 06:57:47 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Why don"t you approach a private lender?I got my loan from a certain agency i met here in yahoo answers.Their interest rate of 0.2% is simply great..Why don"t you try there?
You can contact them with their email,richards_loan_agency@yahoo.com
2007-03-21 22:08:47 · answer #8 · answered by Susan F 2 · 0⤊ 0⤋
checkout the personal loan information site It's help you hope visit
2007-03-20 04:16:34 · answer #9 · answered by xxx 2 · 0⤊ 0⤋