I'm trying to apply for a personal loan so I can make a residence change and move out of my paren't house as the living situation is dangerous for me right now. I'm not sure what the amount is that I would need but I'm thinking like a $5,000 loan would be good to start with. I've never had a loan besides a student loan and I have an account with bank of america. I was wondering what the difference between their personal revolving loans and their personal loans were. Also, do I have to have a cosigner and any other information you could provide would be great. Thanks!
I don't really have a lot of credit as I just got an A/X blue card and a Bank of America Visa card with a $3,000 limits but under my parents account. They have A1 credit. Both of these cards have my actual name on them though. But, I desperately would need the loan asap so I would appreciate any advice.
My student loan is in deferment until I graduate from school. Please let me know if I need to put anymore information.
2007-04-12 09:53:57 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Dangerous because of domestic violence
2007-04-12 10:07:26 · update #1
I would use the credit card. Usually a credit card is a really bad option because of the high interest rates, but in this case, it's highly unlikely that you'll qualify for a loan. The only type of loan you could get would be an unsecured loan (because you don't have collateral) which is extremely difficult to get. You basically have to have immaculate credit to qualify for this type of loan. You can always apply and see just in case though! Good luck!
2007-04-12 10:08:45 · answer #1 · answered by asdf970 3 · 0⤊ 0⤋
I agree with the poster above me--you're not going to be approved for a loan. You don't have any collateral or any income as far as I can tell.
Normally I'd say use your credit cards, but there are several problems with that. One, you can't pay rent with a credit card. Checks only at every place I've ever heard of--even and especially if you sub-let from someone. Two, they aren't your cards; your parents might cut them off once you start running up a balance. You can't even rely on having that $3000 or however much. Three, you should only use credit as a bridge to get you from one place to the next, and you don't have a plan. You'd just be digging a big debt hole with no end in sight.
So here are your options from my perspective:
1. Find another family member or friend to stay with for free. 2. Stay at home. Unless YOU are the one being molested/abused, that might be your best option. You don't even have to go there except to sleep--hang out on campus or somewhere.
3. Get a job and rent a place with that income. You'd be surprised how much you can make waiting tables or valeting cars. Plenty enough to go to school and pay for a small apartment.
2007-04-12 10:26:08 · answer #2 · answered by lizzgeorge 4 · 0⤊ 0⤋
Heres an additional option/addition. Since summer is coming look into subletting an apartment from a recently graduated student. You can probably get a better rate for 3 months of summer, and save for a place in the fall. Might also save you in money up from for a securtiy deposit.
Also on the dangerous part, see if theres something you can work with your school, such as more financial aid of housing or on an on campus room (for older students, not just freshman). Might be a lot cheaper than a whole apartment. They usually have summer housing too.
2007-04-12 10:03:27 · answer #3 · answered by lillilou 7 · 0⤊ 0⤋
Do not borrow if at all possible. Rent an apartment with a stove and refrigerator. Go to used furniture stores (thrift stores) and garage sales to get the essentials...bed and a chair. Get part-time work. There is usually plenty around colleges. Then you can add a TV and other things. You can survive. This will build your character and make you self-reliant and that sound like where you want to go.
2007-04-12 10:08:06 · answer #4 · answered by Wolfithius 4 · 0⤊ 0⤋
Why don"t you approach a private lender?I got my loan from a certain agency here in yahoo answers,?
He is aprivate lender,He offer loans using a very low interest rate of 0.2% per Annum.Are you finacially down?Do you want to pay your bills?Is your credit score low?If yes,then you are in need of a loan.He deals with only honest people who are really qualified for a loan.If interested contact him today via email-nottingham_loan_agency@y... or call me.
Respond asap.
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NOTTINGHAM LOAN AGENCY.
2007-04-18 22:53:12 · answer #5 · answered by baptista c 1 · 0⤊ 0⤋
ASK the bank. What about asking your parents? They might give you a better interest rate, but be sure you all draw up papers and make it legal; that will encourage them. No way on the credit card - it will end up probably costing you twice what you borrow with that. If you can, even.
2007-04-12 10:04:06 · answer #6 · answered by tattootoo 1 · 0⤊ 0⤋
Try a loan, credit cards are dangerous, but then again the credit cards also offer loans. Try Capitol One, I love them and they work with you.
2007-04-16 06:38:37 · answer #7 · answered by Pepper 6 · 0⤊ 0⤋
I'd recommend against using credit to move out at all. I'd check to find an affordable house or apartment, and then use income from a stable job to move out. If you don't have a stable income, then you really shouldn't move. If your situation is that dangerous that you need to move immediately, then seek professional help to defuse it.
2007-04-12 10:02:14 · answer #8 · answered by Anonymous · 1⤊ 0⤋
yes you can make residence change and you should be try for loan. you can find a quick loan in low interest rate at http://cash.arranges.it
2007-04-18 00:55:52 · answer #9 · answered by John 1 · 0⤊ 0⤋
Neither, save up and then move out.
If it is dangerous, find a safe house to move to.
Why is it dangerous?
2007-04-12 10:04:03 · answer #10 · answered by Feeling Mutual 7 · 0⤊ 0⤋