I have a decent credit rating and it would be great if it wasn't for my income to debt ratio, although I have never been late on any payments (c.c., water bill, rent, car payment, etc). My income is in the 20s. Also, I can almost guarantee that I can pay the bank back in a week ( I can even write them the check for the loan amount the same day if they promise to not cash it for 7 days). Anybody out there who works for a bank think I stand a chance
2007-09-01 13:12:38 · 6 answers · asked by V for Vendetta 1 in Business & Finance ➔ Personal Finance
Dear Iowa...unless you have a solid business plan to present to any banking institution, your chances of getting a 10K loan with a salary of +20K is close to zero. That said, you may want to get a few credit cards with some solid credit lines and take the loan against those. If you feel so positive, you may want to mortgage the house...but with the credit crunch in the housing market, this option may not prove as attractive as it used to be. Lastly, ask your family for the loan...but be sure that you will pay on time and as promised.
Good luck!
2007-09-01 13:24:39 · answer #1 · answered by alrivera_1 4 · 2⤊ 2⤋
With an income in the 20's, your chances of getting an unsecured loan of $10K are slim to nil. And by the way, your guarantee that you'll probably be able to pay it back within a week would probably talk any bank OUT OF giving you the loan even if they were otherwise inclined to do so. Why don't you just wait a week then, and use the money you'll have then for whatever you want the loan for? If you are thinking that there's a safe investment for the $10K that will double your money in a week, there ain't no such animal - you are either dreaming, or being conned.
2007-09-01 20:37:16 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
You are unlikely to get a loan from a bank.
With your income level, you would certainly not qualify for the $10K you are seeking.
If, however, you have a house, you might want to look at HELOCs, which are equity loans based on the collateral of your home.
Other wise, I really don't think you have much hope of securing a loan anywhere. And DO NOT go to loan sharks!
2007-09-01 21:27:07 · answer #3 · answered by InspectorBudget 7 · 0⤊ 0⤋
You will not get a non collateralized loan. If the debt to income ration is bad now just that loan alone puts you at 50%.
2007-09-01 20:34:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
IF you can guarantee you will have $10,000 in one week, you DON'T need a loan. You can arrange to pay whatever you want the money for next week. Of course you can't do that because you CAN'T guarantee you will have the money.
Is there a reason you can't use whatever you want to spend the money on as collateral?
2007-09-01 22:25:59 · answer #5 · answered by STEVEN F 7 · 0⤊ 0⤋
erick s ^^^^ above is a loan scammer
If you bank denies you, try prosper.com
>Beware of Advance fee Loan scams.
LOAN SCAM - Do Not Pay UpFront Fees.
Do not send money UpFront via Western Union or MoneyGram to any person or business in the UK, Nigeria or Canada in hopes of getting a loan. If you do you will learn a hard lesson & never see any Loan money.
2007-09-01 21:05:10 · answer #6 · answered by Anonymous · 0⤊ 1⤋