I just turned 18 and need a loan how much would you think they will give me for a personal loan?
2007-09-05 14:35:38 · 9 answers · asked by Laneda 1 in Business & Finance ➔ Personal Finance
To get your loan approve you have to have the following:
1.) Collateral
2.) Mean to pay your loan (Your current work, This will be based on your salary, your position and your expenses)
3.) If you are going to make a personal loan then a small amount that is payable within 1-2 years is ok but if you are going to make a SMEL or small-medium enterprise loan then you need to have a collateral.
4.) If you have a job then you can make an arrangement with the bank to auto debit your salary to your loan.
5.) 18yrs old is already legal age so you can already make a loan.
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If you want to create a credit standing or history then start small.. Make a personal loan for 1000 usd and pay the 1000 + interest in less than 3 months. then make another loan for 2000 then pay it + interest.
Do this without delay payments and you can have your BIG loan approved easily.
2007-09-05 14:44:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-28 08:14:44 · answer #2 · answered by Darrel 3 · 0⤊ 0⤋
Your timing stinks for traditional car loan, because your work history is bit weak, but you still might get one try bank or savings and loan that you or your family uses and be reasonably dressed and groomed. Another choice would be dealer financed, there are are ad in my area that say all you need is proof of income. Try bank or savings and loans first it usually has cheaper interest payments. Do a lot of homework before applying first to be sure you can afford to own a car. Second to show loan officer you are responsible by knowing your costs and how you will pay them. Right now money is tight , but banks and savings and loans need good customers.
2016-05-17 16:58:57 · answer #3 · answered by mercedes 3 · 0⤊ 0⤋
You can get a secured loan against the total in your account - but don't go and get a loan for some un-necessary item. Learn about building credit and spending money wisely. What you learn right now will determine if you go on the path to weal or poverty. Please read The Automatic Millionaire by David Bach before you take another step.
2007-09-05 16:17:44 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You said you NEED a loan. How much do you NEED? What are you going to buy with it? Why does if have to be Bank of America? Do you have any credit history?
2007-09-05 14:40:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Im not 100% sure but i think u can borrow up tp $15000 on a personal note, but since u r only 18 u might need a co-signer.
2007-09-05 14:39:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Bank of America ? Illegal Alien ? You should'nt have any problem !
2007-09-05 16:35:30 · answer #7 · answered by Anonymous · 0⤊ 0⤋
No chance dude. Unless you have a large savings account with them.
2007-09-05 14:38:41 · answer #8 · answered by Goodhead 3 · 0⤊ 0⤋
zero since you have not credit history!!!
2007-09-05 14:40:18 · answer #9 · answered by Anonymous · 0⤊ 0⤋