LOAN QUESTIONS/ BASICS OF A LOAN?

hey everyone! I am now impoverished but need a loan to cover losses whilst i am in in between jobs. My questions are:

If I have a cosigner, does which meant i will not have to have a monthly income, or compensate stubs to validate for the loan?
What is the most appropriate approach for an impoverished chairman to get a loan of 1500.00 at MOST?

I would severely conclude your assistance 🙂 appreciate you!
UPDATE: Paying off this loan will be figured out by me. All I need to know is how to get the loan. Thanks so much!

( btw ” Top Contributors” on this site have turn useless. Hopefully there have been still great people out there with beneficial answers! )

{ 3 comments }

Huntsman February 8, 2014 at 10:10 pm

You do not need to have a job to have a co-signer
But how do you plan to pay the loan back if you have no income?
? The first payment will be due in 30 days
That co-signer is going to have to make payments for you or it will destory their credit if you are late
I feel sorry for that co-signer

Lele McLaren February 8, 2014 at 10:44 pm

Loans aren’t usually given out to people who don’t have a job or aren’t going to purchase anything with it that is going to have value and can be resold for cash (like a house, car, etc.). Having a cosigner means that if you don’t pay for the loan, than they will accept the responsibility to pay for it and the loan will be based on their credit scores. So, I can’t see why anyone (no offense) would cosign a loan for you when you have no income… You probably can’t get a loan if you have no income, even if you have a cosigner. (You can get student loans, however, if you are a student, and you don’t have a job).

An option you have, if you need the cash, is to go to some kind of quick loan place. The interest rates can be ridiculous and very dangerous for you if you can’t pay it back quickly. You might not be able to get a loan from a place like that if you don’t have a source of income… it depends on the place.

You could use credit cards… or take a personal loan from your parents or a friend or something… Those are probably your only options. Be cautious with credit cards, however, as those can get out of control very quickly if you are not careful.

I hope things work out for you! Good luck 🙂

SumDude February 8, 2014 at 10:57 pm

If you have someone who trusts you enough to cosign, they may as well loan you the $1500. They can offer you a longer payback period with a lower interest rate.

The best way is from your parents.

$1500 will barely cover one month’s expenses*, so I hope that means you have a job lined up already. The usual time to get another job now is 6 – 12 months. *Hopefully you are getting unemployment insurance.

BTW: do not ask for our help and then insult us. We do the best we can with the limited information given to us by people who are already behind the eight ball, instead of having kept their finances in order and having an emergency fund of some sort. – even if it is just available credit on a credit card.

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