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InvisibleMOTH
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How do I take out a loan? (never done it before; semi-sorry credit though)
    #8806747 - 08/21/08 07:10 PM (9 years, 9 months ago)

I need a loan.  I've never gotten one before and my credit is shaky.  How do I go about doing this?  Where do I go? 

Help, direction?


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Offlinerick0909
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: MOTH]
    #8806758 - 08/21/08 07:13 PM (9 years, 9 months ago)

Your bank would be a start.  If you belong to a credit-union, maybe through your work, you can try them.  Usually get better rates that way.


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Invisiblethemange
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: MOTH]
    #8806764 - 08/21/08 07:13 PM (9 years, 9 months ago)

with shitty credit you probably wont get a loan from anywhere except a pawnshop. and then you need collateral.


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Offlinerick0909
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: themange]
    #8806772 - 08/21/08 07:14 PM (9 years, 9 months ago)

Pawn shops give loans?  What size loan are you trying to get MOTH?


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Invisiblethemange
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: rick0909]
    #8806781 - 08/21/08 07:15 PM (9 years, 9 months ago)

with collateral.


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InvisibleMOTH
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: rick0909]
    #8806791 - 08/21/08 07:17 PM (9 years, 9 months ago)

Like $2000

If it's not possible I'm gonna have to get a second job.  :frown:

I'll do what I have to do, though.


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OfflineBoneMan
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: themange]
    #8806807 - 08/21/08 07:19 PM (9 years, 9 months ago)

Depends on what you need the money for.


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Offlinerick0909
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: MOTH]
    #8806808 - 08/21/08 07:19 PM (9 years, 9 months ago)

For such a small amount you would be better off just saving up.  Not worth the interest.  Unless you are trying to improve your credit.


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InvisibleMOTH
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: rick0909]
    #8806827 - 08/21/08 07:23 PM (9 years, 9 months ago)

My credit does need improving; I've NEVER had a line of credit before and I'm 25.  I need to start somewhere.


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OfflineBig Red
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: MOTH]
    #8806873 - 08/21/08 07:30 PM (9 years, 9 months ago)

Because the US credit market is totally screwed up (due to the massive failures with a variety of marketed debt obligations totaling over 1 trillion US) all credit from all US institutions is very, very tight. If you already have a 'shaky' credit report the only way any US institution is going to loan you money will be if you can securitize the loan with collateral. Since shrooms aren't a valid source of collateral (unfortunately) you can obtain a VISA drawn on a savings deposit with the issuing bank. Not all banks do this but a simple internet search will identify those banks that have this program.

The credit limit will be the amount of savings on deposit. You then use the VISA and proceed to pay each monthly statement in order to build up a successful track record of payment history. This payment history is recorded monthly with the credit bureau's and after a year of prompt payment you can apply for an unsecuritized credit card, cancel the securitized account, and be refunded your money on deposit (or use that money to pay off the balance, your choice).

I sense though that you don't have the time to implement this kind of approach so I wish you luck. Perhaps the information I offered up will help you in the future. Good luck and if you're going to hold down two jobs for God's sake watch your health, don't get run-down and sick.


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Offlinerick0909
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: MOTH]
    #8806886 - 08/21/08 07:32 PM (9 years, 9 months ago)

Pick and choose carefully.  I have seen some outrageous rates for small loans.  One lenders agreement for a $1000 loan stated that the payback amount was 30 bi-weekly payments of $92.53, that equals $2775.6. 

Credit card may even be a better choice since you have the option to make small payments if things get tight.  Many credit cards have special offers for first timers.  I got one that was 0% APR for 1 yr.  I bought a lot of stuff and then paid it off in that year.  Improving and building my credit in the meantime.  You might have trouble getting a $2000 limit on your first card though.


Edited by rick0909 (08/21/08 07:34 PM)


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InvisibleMOTH
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: rick0909]
    #8806918 - 08/21/08 07:36 PM (9 years, 9 months ago)

You know, I might go the credit card route.  Everytime I try to get one though, I've been turned down.  :frown:

It's so hard to start over in this country.  I'm getting my shit together and I know I could pay back a loan.


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Offlinerick0909
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: MOTH]
    #8806933 - 08/21/08 07:39 PM (9 years, 9 months ago)

That's all you need.  Have you been at the same job and residence for more than 2 years?  If so you should be able to get a credit card.  I got the one I was talking about with no credit whatsoever while living with my mom.  I had been at the same job for 4 years though which may have helped.  Shows security.


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Invisibleblewmeanie
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: rick0909]
    #8807050 - 08/21/08 08:02 PM (9 years, 9 months ago)

You say your credit is shaky, buy you've never had an open line of credit? Then how do you have a credit rating at all?


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InvisibleMOTH
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: blewmeanie]
    #8807230 - 08/21/08 08:29 PM (9 years, 9 months ago)

Well, I'm legally married still (but separated) and I think our credit is still shared?  Maybe I'm wrong or don't know what I'm talking about.  I'm really naive when it comes to this type of thing. 

I have gotten bills for stuff (phone bills, mostly) and not paid for them; so the unpaid bills got sent to the creditors.


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Invisibleblewmeanie
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: MOTH]
    #8807353 - 08/21/08 08:50 PM (9 years, 9 months ago)

Ah, I see....well thats better than no credit at all. Whats the loan for?

If for instance if its for a car, many banks/credit unions will loan you the money, if you can provide a certain portion of the cost.


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InvisibleMOTH
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: blewmeanie]
    #8807359 - 08/21/08 08:51 PM (9 years, 9 months ago)

It's for a plane ticket + relocating expenses.


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Invisiblethemange
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: MOTH]
    #8807387 - 08/21/08 08:58 PM (9 years, 9 months ago)

time to put on your hooker boots and hit the corner :wink:


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InvisibleMOTH
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: themange]
    #8807495 - 08/21/08 09:19 PM (9 years, 9 months ago)

Dude...don't tempt me. 

"Killer blow jobs!  $25 bucks a pop!" 

(how much money would you pay to be blown for an hour by someone who is hot?)


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Invisibleblewmeanie
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Re: How do I take out a loan? (never done it before; semi-sorry credit though) [Re: MOTH]
    #8807514 - 08/21/08 09:23 PM (9 years, 9 months ago)

Quote:

MOTH said:

(how much money would you pay to be blown for an hour by someone who is hot?)




What so now your getting someone else to dish out the BJ's for you....:smirk:


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