If you were to give an educated guess, how much money should I expect to get in a personal loan? I don't have any credit, but I've worked at my job for 6 months, I have pay stubs to prove that I make on average $1,200 (after taxes) every 2 weeks, and my only bills are my car insurance which is $150 and my phone bill which is $50. How much of a personal loan would you think I could get?
Casey Y
Secured or unsecured? If secured, what is the debt to value ratio? If you don't know what I am talking about, that's why you aren't getting any real answers here.
Judy
zero
Anonymous
I'd be surprised if you could get any kind of personal loan. A few of years ago, I needed a personal loan. My salary was around $180,000, I had a credit score in the 830s and my only debt was a $1300 a month mortgage. The most I could get approved for was $10,000.
?
$0 - no credit history, only 6 month job history. You will not qualify for an unsecured loan,
Wayne Z
$0
Most banks either don't do personal loans or don't do them for under $5000 and, for $5000, they want to make sure that they will get paid back so they normally reserve personal loans for their best customers with the best credit scores.
If your credit is good, you may be able to get a credit card with a $500 credit line but I wouldn't expect any lender to give you any sort of personal loan.