Posts Tagged Personal Loan
How can I get a personal loan for 5000 and don’t have a credit history?
Posted by admin in Personal Finance on March 14, 2011
me-me31 asked:
I need a personal loan for 5000 to pay off some of my bills. But is having a hard time because some lenders say I have no credit history. But their is a gas bill that isn’t mind on my report.
Ryan
I need a personal loan for 5000 to pay off some of my bills. But is having a hard time because some lenders say I have no credit history. But their is a gas bill that isn’t mind on my report.
Ryan
!HELP! 24 YRS OLD, TRYING FOR PERSONAL LOAN THROUGH MY EMPLOYERS CREDIT UNION !HELP?
Lifequestions asked:
I am 24 years old, i gross about 70K per year, I will be getting married this summer. I am looking to get a personal loan through my employers credit union. I am not yet a member, i just checked my credit report today for the first time really. I have very little debt, about 375 dollars total. I have a currently open auto loan (5500 loan, co-signed by father) that has a balance of 1500 left and the loan term will be ending in 6 months, so i will have that paid off. However in the beginning of the loan i was late often by up to 30 days or more, i have not been late on my payments in the last 6 months. I have 3 negative reports on my credit and only one positive, one of the negatives has been there for 2 years and the other two have been there for 5 years. I will be paying off the 3 negative reports very soon. I am looking to get a $8000-10000 loan though the CU which i verified does provide personal loans at 15 % APR. sorry but i had to provide all the background, but my question is do you think i should settle the negative credit reports before i even become a member of the CU. ( will it make a difference?) Is it likely they will require another Co-signer? or will i likely be turned down? what can i do to help my chances of being able to get this loan by myself? any help is appreciated, i know i am paying for my mistakes when i was younger and more careless with my credit. I appreciate any constructive responses. thank you for your help!
i also forgot to mention I do have a son, my life expenses; Rent, Bills, expenses etc. take up most of the money I earn, but I would be able to afford the monthly payment for the loan. However if i could save the money (8K) in the time i need it i would but I calculated it and its really not possible.
Lydia
I am 24 years old, i gross about 70K per year, I will be getting married this summer. I am looking to get a personal loan through my employers credit union. I am not yet a member, i just checked my credit report today for the first time really. I have very little debt, about 375 dollars total. I have a currently open auto loan (5500 loan, co-signed by father) that has a balance of 1500 left and the loan term will be ending in 6 months, so i will have that paid off. However in the beginning of the loan i was late often by up to 30 days or more, i have not been late on my payments in the last 6 months. I have 3 negative reports on my credit and only one positive, one of the negatives has been there for 2 years and the other two have been there for 5 years. I will be paying off the 3 negative reports very soon. I am looking to get a $8000-10000 loan though the CU which i verified does provide personal loans at 15 % APR. sorry but i had to provide all the background, but my question is do you think i should settle the negative credit reports before i even become a member of the CU. ( will it make a difference?) Is it likely they will require another Co-signer? or will i likely be turned down? what can i do to help my chances of being able to get this loan by myself? any help is appreciated, i know i am paying for my mistakes when i was younger and more careless with my credit. I appreciate any constructive responses. thank you for your help!
i also forgot to mention I do have a son, my life expenses; Rent, Bills, expenses etc. take up most of the money I earn, but I would be able to afford the monthly payment for the loan. However if i could save the money (8K) in the time i need it i would but I calculated it and its really not possible.
Lydia
Securing Business Credit Cards Without Personal Guarantee
Sherry W. Gain asked:
The biggest problem for budding entrepreneurs and small business owners is to secure a credit for their business. The most obvious route they take is to mingle their personal credit with business loan, a faux pas in totality. They end up spending their credit worthiness through their personal loan cards. But do you know that the same financial institutions which provide you credit cards also issue small business owners with business-credit cards without personal guarantees? Of course, your business needs to be credible for obtaining such credit lines.
Once you have established a credible business entity, it is then your duty to establish its credit worthiness. This is attained by reporting the transactions on your business loan cards to business credit bureaus. Similar to a personal credit report, a business credit report is essential to build the credit worthiness of your business. Dun & Bradstreet, Equifax Business and Experian Business are some of the business credit report bureaus you should be targeting. Unless and until you have established your credibility with at least three of them, laying your hands on business credit cards without personal guarantee is tough. If you are thinking of applying right away, consider the information presented below -
• If the business loan application of an organization is declined, the organization cannot apply again for the following 6 months.
• The application will be disqualified if it is made thrice or more within 90 days.
• Very few, or just 5 percent of business lenders care to report your credit worthiness to credit bureaus. Not reporting it impedes the credit worthiness of your business. Thus, choose business establishments that regularly report your regular payments to business credit bureaus.
Business Credit Cards and No Personal Guarantee
It means that it is possible to get business credit cards without personal guarantees. Such type of an application is usually made by small business organizations and entrepreneurs to take care of sundry expenses.
How to get Business Loan Cards?
To get business loan cards, a few things are of integral importance
A Strong Business Plan: The primary requisite to impress any association into allowing you credit, is a great idea. Prepare the plan in a detailed and strong manner focusing on its harvests and how it shall empower you to make more money. Be very specific about the areas which are going to need monetary help.
Market Research: Do your research well. Talk to vendors and buyers about the cash flow and other specifics. In some cases, you need not even approach companies for credit cards, because you will be able to find vendors who are ready to hold credit accounts. However, if you do need business credit cards without personal guarantees, a strong knowledge of the functioning of the industry you’re in is essential.
Applying Well: Start small and choose a local vendor for your card. More often than not, your existing finance company would have an offer for business credit cards and it will be easier to secure one from them too. Furnish information such as your company’s contacts and financial documentation to the issuing institution. In case of small businesses, primary owners also need to present information about personal finances. Legal paperwork like your DBA and employer tax ID might prove necessary for your application for business credit cards without personal guarantees.
Kathleen
The biggest problem for budding entrepreneurs and small business owners is to secure a credit for their business. The most obvious route they take is to mingle their personal credit with business loan, a faux pas in totality. They end up spending their credit worthiness through their personal loan cards. But do you know that the same financial institutions which provide you credit cards also issue small business owners with business-credit cards without personal guarantees? Of course, your business needs to be credible for obtaining such credit lines.
Once you have established a credible business entity, it is then your duty to establish its credit worthiness. This is attained by reporting the transactions on your business loan cards to business credit bureaus. Similar to a personal credit report, a business credit report is essential to build the credit worthiness of your business. Dun & Bradstreet, Equifax Business and Experian Business are some of the business credit report bureaus you should be targeting. Unless and until you have established your credibility with at least three of them, laying your hands on business credit cards without personal guarantee is tough. If you are thinking of applying right away, consider the information presented below -
• If the business loan application of an organization is declined, the organization cannot apply again for the following 6 months.
• The application will be disqualified if it is made thrice or more within 90 days.
• Very few, or just 5 percent of business lenders care to report your credit worthiness to credit bureaus. Not reporting it impedes the credit worthiness of your business. Thus, choose business establishments that regularly report your regular payments to business credit bureaus.
Business Credit Cards and No Personal Guarantee
It means that it is possible to get business credit cards without personal guarantees. Such type of an application is usually made by small business organizations and entrepreneurs to take care of sundry expenses.
How to get Business Loan Cards?
To get business loan cards, a few things are of integral importance
A Strong Business Plan: The primary requisite to impress any association into allowing you credit, is a great idea. Prepare the plan in a detailed and strong manner focusing on its harvests and how it shall empower you to make more money. Be very specific about the areas which are going to need monetary help.
Market Research: Do your research well. Talk to vendors and buyers about the cash flow and other specifics. In some cases, you need not even approach companies for credit cards, because you will be able to find vendors who are ready to hold credit accounts. However, if you do need business credit cards without personal guarantees, a strong knowledge of the functioning of the industry you’re in is essential.
Applying Well: Start small and choose a local vendor for your card. More often than not, your existing finance company would have an offer for business credit cards and it will be easier to secure one from them too. Furnish information such as your company’s contacts and financial documentation to the issuing institution. In case of small businesses, primary owners also need to present information about personal finances. Legal paperwork like your DBA and employer tax ID might prove necessary for your application for business credit cards without personal guarantees.
Kathleen
How many points will my credit score go up once I pay my car off?
$weetne$$ asked:
I want to see where to invest the money I just got into which loan to have most impact on my credit score. I have a personal loan of 3,300 and my car loan is 7,000 which would show best paid off on my credit report and help me buy a house? How many point increase will be made?
Stacy
I want to see where to invest the money I just got into which loan to have most impact on my credit score. I have a personal loan of 3,300 and my car loan is 7,000 which would show best paid off on my credit report and help me buy a house? How many point increase will be made?
Stacy
Is it a wise decision to consolidate credit card debt with a personal loan?
Posted by admin in Personal Finance on December 29, 2010
likewhoa84 asked:
I recently graduated college and was unemployed for several months afterward. My savings, etc, quickly ran dry, and I began carrying a credit card balance to live. I’ve begun working (finally), but my credit card balance is quite high now. The interest rates on my two cards range from 11.9% to 16.9%.
I recently graduated college and was unemployed for several months afterward. My savings, etc, quickly ran dry, and I began carrying a credit card balance to live. I’ve begun working (finally), but my credit card balance is quite high now. The interest rates on my two cards range from 11.9% to 16.9%.
I’ve just finished paying for my car, so I now own it outright. The resale value is fairly high. I think I can get a personal loan through my bank to pay off my credit cards, especially if I use my car as collateral, at a rate of 8.9%.
I’m sure these compound differently, but I just don’t know enough about it to compare the costs. So, three questions:
1 – Would it save me money (in interest) to pay off the higher interest credit card balances with a personal loan through my bank?
2 – Is it wise to use my car as collateral?
3 – Does a personal loan “look better” on a credit report, compared to credit cards with high balances?
Thanks in advance!
Minnie
Personal loans for bad credit-Chicago area only?
jds asked:
I have less than perfect credit (about 530 credit score). I am now trying to improve that score. I have a great job and make very good money. I am looking to get a personal loan for about $5,000. I would like to get this loan for a purchase but also to have the positive payment history on my credit report and bump up my score.
I have less than perfect credit (about 530 credit score). I am now trying to improve that score. I have a great job and make very good money. I am looking to get a personal loan for about $5,000. I would like to get this loan for a purchase but also to have the positive payment history on my credit report and bump up my score.
Does anyone know of any banks in the Chicago area that may be able to help?
Also, the purchase I am making will not allow me to use a credit card. It must be a cashier’s check or cash.
Thank you!
Tommy