2007-06-18 07:52:55 · 4 answers · asked by shane r 1 in Business & Finance ➔ Personal Finance
There are 2 types of personal loans – secured personal loans and unsecured personal loans. Secured personal loans require you to pledge any of your assets like you house to the lender as collateral. Many people choose this type of loan due to many benefits like lower interest rates, long repayment time and easy terms and conditions. But your asset is under threat if you cannot make timely payments. Your asset can be taken over by the lender and thus you lose the possession of it.
2007-06-19 05:26:09 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can get a loan if you can get a credit worthy cosigner. They will have to borrow with you so each of you have to pay the entire loan if the other doesn't. If you have a large enough down payment you might be able to buy something and have the balance financed since the item could be collateral for the loan.
The most common is a car loan if you find a car worth 8,000 and pay 3,000 down you may be able to buy it without a cosigner. If you find a car worth 5,000 and have nothing down you would need to find a cosigner willing to take on the risk to their credit rating and the risk of you not paying at all.
Most people start their credit history small maybe a store card with a $200 limit so if they max it out and don't pay they aren't costing the lender as much. To start at 5,000 would be more likely to be a student loan to pay for college.
A private loan might work from parents or grand parents even if they won't cosign they might loan you the money. Another way is to have the company you are spending it with finance the debt like a hospital letting you make payments.
What is your reason for borrowing?
2007-06-18 15:36:42 · answer #2 · answered by shipwreck 7 · 1⤊ 0⤋
Unless you have collateral or a good paying job you are in trouble
2007-06-18 14:56:55 · answer #3 · answered by dwh12345 5 · 0⤊ 0⤋
prosper.com
2007-06-18 14:57:38 · answer #4 · answered by Taurean W 4 · 0⤊ 0⤋