What are the general requirements to get a loan?
I would like to consolidate my car loan, credit card and student loan. I’m sure each institution has different requirements, but I am wondering what the likely hood of me getting one is. A lender recently said they could approve me based on my credit for the required amount. However I have just started a new job, and the one I had before didn’t work out, so my recent employment history looks like this: Most recent job held for one month. Previous job held for 2 months, Previous job held for 1 year. Will this affect my application?
Tags: general, loan, requirements, Student Loan
It will certainly cause them to worry a little about your ability to repay any loan. The biggest factor that they look for is the ability to repay the loan. If you don’t have a steady job, your ability to repay is limited. You must convince them that you have no problem staying employed.
It shouldn’t hurt you too much. One reason banks look more at credit score than at job history is that they know job changes happen. The credit score is a good indicator of whether you’ll use a job change as an excuse of why you can’t pay, or whether you’ll find a way to pay regardless of what it takes.
If I loaned you money, I wouldn’t care where you got the money to make the payments. I’d want to know that you were willing to do whatever it takes to honor your promise to repay, even if it means flipping burgers and cleaning toilets.
You can probably get approved if your income will allow you to meet the combined payment. However, these are all very different type loans with different lengths of repayment periods, and probably different interest rates. Plus, a student loan has some tax consequences (you get a tax deduction) that you will give up if you consolidate the loan.
You may want to repost your question, showing the interest rates, amounts owed, and payments due, to see if the consolidation you are considering is in your best financial interest. My guess is that probably only the credit cards are worth re-financing to save money.
As long as you are currently employed, you should be fine. Your credit is good which means you didn’t miss payments when you were switching jobs. That is all the banks will care about. Or if you have trouble getting the loan from the bank here is an article from yahoo about places to borrow money from, http://finance.yahoo.com/loans/article/104653/Borrowing-Options-That-Offer-a-Lifeline?mod=oneclick . One of the best options they give is social, or P2P lending. Here is the social lending site that I use, http://join.lendingclub.com/borrowing.php?src=67555®_referrer=samoan3d . It is free to sign up and get a rate quote, so you don’t have to worry about a catch. If you sign up, let me know your username and I will try to help fund your loan.
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