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Could i get a loan?
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
8 Answers
- troLv 74 years ago
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 OneLv 74 years ago
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.
- Anonymous4 years ago
They'd want 2 years employment, not 6 months. Just make extra payments to the car loan.
- 4 years ago
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.
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- Anonymous4 years ago
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.
- SumDudeLv 74 years ago
The personal loan might be close to or even more than the car loan you have now. Try a credit union, but if worse comes to worse, just keep paying every month. [The other option is the bank of Mom and dad.]
- Ryan MLv 74 years ago
You do not have a chance in hell to get an unsecured personal loan for $5000 at 18 and no credit.