2007-08-07 06:12:15 · 7 answers · asked by kirsten 1 in Business & Finance ➔ Renting & Real Estate
It will be very tough. You can probably get a loan (car, home) but it will have a very high interest The best bet you have is with credit cards, this is a way to build trust with loan agencies. A student loan is also possible but you need to be a student.
2007-08-07 06:18:27 · answer #1 · answered by Martin K 2 · 0⤊ 0⤋
For you very first loan, you usually need a cosigner. You may be able to find somewhere to give you a loan, but at VERY high interest. I could better answer if you had elaborated on what type of loan you need. If possible, put off the loan and open a credit card, even if it's a small limit store card. Make small purchases & pay it off every month. That will help build credit. If you have a home phone in your name, that may be on your credit report too. I know where I live, Verzion reports you home phone to credit agencies.
2007-08-07 13:26:29 · answer #2 · answered by pkbuddy 2 · 0⤊ 0⤋
Depends on what you need the loan for.
You will need to build credit of some sort. If you are looking at a car or home loan, then you will likely be hit with a higher rate, but then you can refinance at a lower rate after a couple years of building credit. Be prepared to be turned down, though. Without long-term employment history and a good downpayment, you may not get approved at all.
If you are needing a loan for school, talk to a school counselor, they can put you in touch with agencies for federal loans and grants.
If you are employed and looking to build credit, you should start with a small credit card through your bank.
If you don't have any credit history or a really sizeable down payment, then you are better off renting for a couple years. You will build credit through your landlord and utilities.
Unless your job has really kickin' pay and you have a really good down payment, then your interest rate may be so high that once it is combined with PMI you will not be able to buy a very nice place to start off with.
2007-08-07 13:24:47 · answer #3 · answered by slinkies 6 · 0⤊ 0⤋
Depends on what the loan is for. If you want to buy a car, talk to the dealer - they might be able to get you financed if you don't buy something expensive.
See if you can get a credit card, and pay it off regularly - that could help you build some credit. Sometimes department store cards can be easier to get than VISA or Master Card.
Get something into savings, even if it's just a few dollars a week - that will look good to potential lenders.
Good luck.
2007-08-07 13:20:05 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
I just want to warn you, DO NOT, Get a loan from an agency out of the USA! They usually require a payment before anything, they take that money, and you don't get the loan, money, nothing! you will never here from them again! I am a loan consultant in the United States, dealing with mortgages. Before anything, build your credit, atleast 12 months of good credit, get a great credit score, having a high credit score with no lates on there will make it very easy to get a loan that you want. If you are trying for a mortgage make sure you have a debt to income ratio of 50% or less. Ie. less than 50% of your income goes out in debts. also make sure you have assets available to you in your checking/savings accounts or liquid funds. Make sure also to have 2 years of steady proveable income (W2's). A person with no credit or co signer is very risky, being risky comes very high interest rates and high payments that could shoot you in the foot. If it is for a mortgage, try renting for a year or two!
2007-08-07 16:04:09 · answer #5 · answered by Jesse M 1 · 0⤊ 0⤋
You simply do NOT get a loan, unless you talk to Giuseppe, the loan shark on the street corner.
2007-08-07 13:21:25 · answer #6 · answered by acermill 7 · 0⤊ 1⤋
probably, if the cosigner has collateral.
2007-08-07 13:23:57 · answer #7 · answered by Alterfemego 7 · 0⤊ 1⤋