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What are the chances of getting a $50,000 student loan?

No credit history or proof of income, chances of getting a loan?

  • I'm an undergrad student living at home with my parents, and my car is slowly dieing so I've decided to buy a new one before my MOT expires next month and I have to pay hundreds to get it to pass. I don't have any credit cards/loans/contracts, but I do have an overdraft on my student bank account. I also work part-time in a pub, but I'm paid cash in hand there. So I was wondering, what are my chances of getting a £2000/£3000 loan? I know that I can afford to repay this, but I don't have proof of income because of how I'm paid, and I don't have a credit history (unless my overdraft classes as credit). Thanks

  • Answer:

    In the states that would never happen without proof of income, I imagine it would be similar in the UK.

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ೋღSomeRandomNameღೋ

No chance you have to have a regular income that can be proven as no company will take a risk on you without collateral Why not ask your parents to chip in something and save the rest from your p/t job or buy a cheaper car at a car auction

Jan409

I don't think so!

The Count

Your overdraft status will form part of your credit rating. If you are overdrawn and not paying it back your credit rating will drop. If you use your overdraft/credit cards but pay them back on time every month your credit rating will get better. Strangely a person with no credit cards/overdraft history can often be refused a loan where as someone who has had a credit card from 18 and used it sensibly (i.e. repayed every month) will get one...because the first person cannot prove they are capable of managing their debts where as the second person can. In answer to your question, the chances are very unlikely. Your best bet is to try your current bank, if they cannot provide the loan amount you want they will work with you to offer alternatives. However, always remember, bank advisor's are also salesmen.

ufo_josh

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