Sep
30
Bad credit–need personal loan–will my bank foot it?
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I am 25 yrs. old and looking to take out a 6,500 dollar loan. I have poor credit and can’t seem to get this loan anywhere through online. However, I earn 1600 dollars per month with secure job and would be able to pay off the loan no problem. Is it possible that by me going in and speaking with a representative, my bank could foot me the loan? My only other collateral is a 401k which is less than 500 dollars so far because it just started the beginning of last January (07′).
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6 Comments
October 3rd, 2009 at 5:17 am
You won’t know until you try. Go and try to talk to a loan represenative with your bank.
October 4th, 2009 at 2:34 pm
Banks usually do not make personal loans. They especially do not make “unsecured” personal loans to people with bad credit.
October 6th, 2009 at 11:12 am
They might, go into the bank and speak with a banker.
October 6th, 2009 at 4:11 pm
nope, no matter how long you been with your bank or how much money you have…trust me i know….but go ahead
October 7th, 2009 at 11:55 am
A bank will not give you a loan without collateral (like a CD, car, or home). Banks almost never lend unsecured–the only exception would be if you have great credit, are a valued business customer, and had lots of current business with the bank. Even then it would be a huge exception to bank policy and many banks won’t ever consider it.
Retirement plans don’t count as collateral (even if they did you could only borrow around 80% of the value).
Banks are much more conservative than other lenders–like credit card companies, car dealers and retailers. They are the lender of first resort, not last. If you can’t get what you want elsewhere, you’re probably not going to have much luck at a bank.
October 7th, 2009 at 10:44 pm
If you plan to pay back the money , you can ask for a loan at Prosper. More information at . You can also try your luck at online charities, people may send donations. More information at