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What type of qualifications do you need for a personal loan?

i’m f*ucked asked:

I have about 3 credit cards, 7500 total, almost maxed out, I would like to take on a personal loan but do not want to pull my credit. What kind of debt to income must i have, how much income do i need to make, and what other qualifications would i need to get a 7500 loan? any other information besides the answers to my questions would be appreciated.
and also what kind of credit score would you need
Asked on: 2012-11-09 21:44:15

3 Comments

  1. You will most likely be declined for a personal loan because your available credit is all but utilized. This doesn’t look attractive to lenders. You have to remember personal loans are one of the harder loans to get because they are unsecured.

    To get a personal loan, my guess is you need a score of 700+

  2. Rick says:

    I’m assuming by personal loan, you mean an unsecured loan. Generally, (and I’m not being facetious here), if you actually need it you can’t get it. The lender wants assurance (as best possible) that you will repay the debt, and by having the loan secured with real property (house, car, etc). they are much more likely to see the money repaid.

    Also, keep in mind per your question you are looking for a $7,500 unsecured loan: you have one. The three credit cards loaned you $7,500 on just your word that you would pay it back and it has put you into a position to (apparently) struggle with the debt.

    As to income, these days your income will generally play very little in the application. Face it, lenders would rather have a guy making $40,000/year that pays his debts than a guy that makes $240,000/year with a history of poor repayment practices.

    I’ll also assume you already have been missing some payments (since you don’t want them to pull your credit report), it’s not likely you will be able to move the card balances to lower interest rate loans. So in my opinion (or even if you could move the debt), your best bet is to get on a plan to get out of debt. Do not use a “credit counseling service” as almost all are rip-off scams, and those that aren’t will be telling you things you can learn for free or very near free.

    I would suggest you get a copy (libraries have it) of Dave Ramsey’s “Total Money Makeover” book and follow his baby steps to get out of debt. I don’t follow his principles completely and have no affiliation, but his plan has helped millions move out of a debt struggle. You can then decide if you want to live by the rest of his ideas — but a monthly budget and Ramsey’s first three baby steps will put you in a position to be financially successful and to avoid returning to the position you are in at the present.

    Good luck.

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