 sapoCruising Down Memory LanePremium
join:2002-09-16
Sacramento, CA
kudos:1
1 edit | Getting a unsecured loan Hello, well I need a loan for something I want to do.
My requirements are $10k to $20k
I only need 12 months and I can offer to pay back double.
My credit score is fine but I am young and there is nothing real big on it and I have less than 1 year of credit history on there. My reported income is nothing special at the moment due to me working with family but I know how to make a buck.
The source of the money doesn't matter to me, it doesn't need to be a big bank. I can't offer any collateral either but I can have someone respectable cosign if that is necessary.
I would prefer to get this money within 1 or 2 months so can anyone give me some pointers? I don't expect this to be easy but you never know until you try. |
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| Re: Getting a uninsured loan Did you mean to say you're looking for an unsecured loan?
If the answer to that is "yes," is there any reason this can't wait a while (like, a year or three)? No kidding.
I say this because anyone looking for a loan right now (even those with excellent credit) is facing the one of the most hostile lending climates in years. 
But of course, you already knew that.
Someone else on the boards may have a useful answer for you, but the only assistance I can render is to try to get you started off with the right term for the type of loan you're looking for. |
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 ·Frontier FiOS
| reply to sapo
there is a site called prosper that a friend of mine lends cash on... usually to high risk borrowers and for low amounts, but you may be able to take out a bunch of loans. might want to check it out or something similar- try google.
other than that, with little (or no) reported income, no collateral and no credit history (one year might as well be none)..... good luck
either way--let us know how it turns out. |
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 KLH
join:2001-09-24
Vincennes, IN | reply to sapo
You might have to open up several credit cards and take out cash advances. |
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| reply to sapo
»www.virginmoneyus.com/ |
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 beckPremium,MVM
join:2002-01-29
On The Road
kudos:1
 ·Stablehost.com
·AllureHost
| reply to sapo
If you can pay it back in a year, why couldn't you save for the year and not need a loan? And if you saved really hard, you might be able to save enough in 9 months for example.
If you haven't borrowed this much before and think it will be easy to pay back in a year, then I wonder if you really thought this out. Because thinking you can pay 1-2k a month back is a lot of money when you are actually doing it.
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Some people are like slinkies - not really good for much.
But they bring a smile to your face when pushed down the stairs. |
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tcopePremium
join:2003-05-07
Sandy, UT
kudos:1 | said by beck:If you can pay it back in a year, why couldn't you save for the year and not need a loan? And if you saved really hard, you might be able to save enough in 9 months for example. If you haven't borrowed this much before and think it will be easy to pay back in a year, then I wonder if you really thought this out. Because thinking you can pay 1-2k a month back is a lot of money when you are actually doing it. Agreed... if the OP cannot pay back the loan without the loan then obviously the loaned money is going to be "making" the money used to pay back the loan. A venture that will easily more then double your money in 12 months... from a person with no credit history or security?
My recommendation... family members. They won't (?) break your legs when you don't pay it back and if they don't think that you can more then double your money in 12 months then I'd listen to them. |
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 MickeymeYou might be right, but, I don't carePremium
join:2008-09-05
Carson City, NV | reply to sapo
Good Luck!
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 CatSnakRIP Splashy - We miss youPremium
join:2001-05-06
Lakeside, CA | reply to sapo
Try a local bank or credit union. You might be surprised. |
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 tburke
join:2005-11-09
Trumbull, CT | reply to sapo
Try Prosper: Prosper.com |
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 KilroyPremium,MVM
join:2002-11-21
Ann Arbor, MI | reply to sapo
$10k to 20k unsecured is excessive, even for someone with excellent credit and plenty of spare income.
The easiest way would be to have someone who has established credit borrow the money and you pay it back, for example getting the cash from an equity line. Then it becomes an issue of convincing someone you know to borrow the money on your behalf.
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When will the people realize that with DRM they aren't purchasing anything? |
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 ptrowskiGot Helix?Premium
join:2005-03-14
Putnam, CT
kudos:4
 ·VOIPo
| reply to KLH
said by KLH:You might have to open up several credit cards and take out cash advances. I would never recommend that route.
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"A religious war is like children fighting over who has the strongest imaginary friend."
Have you been touched by his noodly appendage? »www.venganza.org |
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MickeymeYou might be right, but, I don't carePremium
join:2008-09-05
Carson City, NV | reply to sapo
Before you drive yourself nuts looking, what do you have for Collateral?
You have to have something they can take from you if you default on the loan. |
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| reply to sapo
You may want to try starting a relationship with a Credit Union that serves your area. They are often more likely to make loans to less-than-A-plus applicants if the person joins, arranges for autodeposit of any paychecks, and agrees to an autodeduction for loan payments. They will want collateral to make the loan less risky for them, but they may not require it. If you have a car, a boat, a trailer, a home, or something of value, you can put that up.
But to be honest, if you are young, have little credit history and have little documented income, you will have trouble getting a loan anywhere. Credit Unions are not being as picky about applicants right now as banks, but they still have to protect themselves from excessive risk and answer to their members.
Someone already said that, if you can pay the loan back in a year, you should wait and save the money first. That is the best advice. If you are in a situation that demands the money now, you need to think very carefully about whether you can really afford to pay this loan back in a reasonable amount of time.
If you are looking to start a business, you may want to look into local groups that advise young business people. We have a group called SCORE in my area, and they are good about helping out.
Good luck to you. |
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 KibblesPremium
join:1999-07-31
Mission Viejo, CA | reply to sapo
What are you going to use the money for? 
You should be able to get a 5-7.5k loan...but 10-20k...without any collateral...highly unlikely.
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»www.angryrenter.com/ |
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 drslashGoya AsmaPremium
join:2002-02-18
Marion, IA | reply to sapo
To get a loan you have to first prove that you don't need one.
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Save water...drink beer! |
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| reply to sapo
In 12 months you're going to pay back $40k on a $20k loan? I'm guessing you are buying a business that will generate a huge income. Be very careful sinking money into anything you see on tv, spam email, or radio.
I love the commercials where people make thousands each week working in their spare time from their home. It's really funny to me that you would have to advertise a job like that over and over.  |
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| reply to Kilroy
said by Kilroy:$10k to 20k unsecured is excessive, even for someone with excellent credit and plenty of spare income. One of my credit cards has a $20k credit line and the interest rate is 4.25%. |
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Airwolf7Premium
join:2004-12-12
Franklin, KY
kudos:1 Reviews:
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·AT&T Southeast
| reply to sapo
Are you f**king kidding me? 
That's an awful tall order fellow. You want fries and a shake with that too? 
You could always lobby your Congressmen while they are in a giving mood. I'm sure he could slip $20,000 into the $700,000,000,000 Wall Street bailout without anyone noticing as long as you cut him in for some of the profits if you succeed in your endeavors. |
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KilroyPremium,MVM
join:2002-11-21
Ann Arbor, MI | reply to Bobcat
said by Bobcat:said by Kilroy:$10k to 20k unsecured is excessive, even for someone with excellent credit and plenty of spare income. One of my credit cards has a $20k credit line and the interest rate is 4.25%. Yes, but I'm more than willing to bet that you have a lot more than one year of credit history. I too have cards that I can buy a car on if I so desired, but then again I have over two decades of credit history.
Then again you won't get 4.25% on a cash advance, will you?
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When will the people realize that with DRM they aren't purchasing anything? |
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