I know the topic of loans comes up a lot, but I couldn't find what I was looking for in the other threads.

As of right now I have absolutely no credit. I have a car and make payments, but that is under my parents name still. I pay all of my own expenses which I guess is why I am in this predicament. I am moving at the end of the month and will basically be paying a few rents this month between the place I am living now, the security deposit for the new place, and then first month's rent at the new place. This stretches me ultra thin with finances for the next month or so and I could use a little help.

I was wondering how small of a loan a bank will issue. I just need a couple hundred bucks, maybe $500 max to get me through the next month. I attempted to get a credit card through my bank (Wachovia) and was denied, which I think is a combination of my non-existent credit as well as the lending market.

Is this something that would work, or am I looking at a $1000 minimum or so? Or am I even going to be able to get a loan at this point?

7/9/2008 9:11:37 AM

at that rate can you not just borrow money from a friend or parents or combination of the above at possibly no interest??

7/9/2008 9:12:49 AM

I could, I just absolutely hate borrowing money from the 'rents and friends. My parents supported me through school and I do my best to stay as completely independent of them as possible. If I could take care of this without having to ask friends for money I would prefer that.

[Edited on July 9, 2008 at 9:15 AM. Reason : .]

7/9/2008 9:15:04 AM

I know my bank won't give a personal loan for less than $5k. Anything less than $5k, they require you to apply for a credit card.

7/9/2008 9:20:26 AM

if you cant get a loan from the bank you can try prosper.com

7/9/2008 9:22:30 AM

^^^ I can understand that, but for $500 I wouldnt be ashamed to ask my parents. Also, you should have no problem getting a credit card if you dont go through your bank...not that I think it is the best option but if you can find one that doesnt have setup fees or annual fees associated with it and are very certain you will be able to pay it off when the pay date comes around that is an option but your rates will be terrible even though you can get a card easily so you wouldnt want to carry a balance.

[Edited on July 9, 2008 at 9:27 AM. Reason : ]

7/9/2008 9:24:00 AM

Quote :

"try prosper.com"

7/9/2008 9:24:51 AM

Prosper is $1000+

I guess that's as low as it's going to get

7/9/2008 9:26:22 AM

yeah

anything lower than $1000, it's too much hassle for the lender for the amount of $texas they're going to get

7/9/2008 10:29:45 AM

^^

so get $1000, and use what you don't need to start paying it back.

7/9/2008 10:37:54 AM

I'll loan you $500 but at an interest rate of %yourknees

7/9/2008 11:21:05 AM

just get a credit card and don't be a dumbass. easy.

7/9/2008 11:27:24 AM

^

Quote :

"As of right now I have absolutely no credit."

It will be hard getting a credit card with no credit. I know that my first credit card was American Express with no limit, but I had to pay the entire balance off every month. If you don't pay the entire balance, the interest is rediculous. I am not sure if they still do that, but it's worth looking into. I just used it to buy groceries and shit, and paid the entire balance each month. It only took about 2 months before all the credit card companies were sending me pre-approved shit.

7/9/2008 11:36:13 AM

Yea that's what I think I'm gonna do, I signed up for a Chase card so hopefully that works out

7/9/2008 11:36:53 AM

Oh, dear.

Record any and all phone conversations with them.
Anything mailed in needs to be sent certified.
If your bank offers electonic checks for billpay (don't they all?), use that.
Open and READ every. single. thing. they send you - immediately - they'll do shit like use a promotional mailer to insert a notice that the terms of your account are changing, and that you have, oh, 15 days to respond in writing to keep said changes from occurring. They have been known to change bill due dates without any warning.
Keep an eye on your credit report.

Chase is notorious for 'losing' payments, adding late/overlimit fees willynilly, reporting false info to the credit bureaus, lying and/or incompetent CSRs - anything skeezy a card company can think of, they will. Their rate is now 32.4% - if you're late on anything that they know about, they can, and will, change your interest rate to this.

http://consumerist.com/search/chase/

Of all the cards on which to never, ever carry a balance, chase is it.

[Edited on July 9, 2008 at 12:02 PM. Reason : lsdjk]

7/9/2008 12:01:44 PM

There are plenty of credit card companies that will lend to anyone with a pulse. Of course the rates are horrible but you need to do something to establish your credit anyway.

I would say go to capitalone.com or to the citi financial off of creedmoor rd. They can probably help you out with a card or personal loan.

7/9/2008 1:24:19 PM