I'm 18 years old and have no credit, but I have 6 months worth of paystubs that I can prove my income and can prove that I can easily pay off a loan. I make $18.50 and always work at least 40 hours a week, usually around 45. Would I be able to get a $5,000 personal loan? I'm trying to finish my car sooner
tro
if you could get a loan from a bank or credit union this would probably be a good way to build up your credit but your chances are very slim, can't hurt trying tho
Trivial One
You are not likely to get a personal loan. If I understand your question correctly, you want the loan to pay off a car loan. Chances are the interest rate on an unsecured personal loan will be higher than on your car loan. Either try to refinance the car loan with a lower rate, or pay more than the note each month to pay it off quicker.
The Oracle of Omigod
I wonder what "I'm trying to finish my car sooner" means. Finish fixing it? Finish buying it? Anyway, you are making good money and I suggest you save as much as you possibly can and try to get the loan amount down. I personally feel people should never get loans to buy cars. Pay for what you can afford.
Anonymous
No, not from a commercial lender.
You do realize that borrowing money to pay off a loan is not actually paying down your debt, right?
If you want to pay the car loan off earlier, then just make extra payments to the car loan. Problem solved.
Ryan M
You do not have a chance in hell to get an unsecured personal loan for $5000 at 18 and no credit.