Where can i get bigger student loan?

Where can I get a student loan if I have bad credit? My score is 550!!! HELP. What do I do?

• My Credit Score is 550! Where can I get a student loan for about $5,000? I have bad credit.? I'm aware that there are places or many that do so, but I was just rejected by a company called Sun Trust. I was told by a representative that they were more lenient than the others. I just have a credit card charge-off. I was asked by my parents to get a loan b/c they will not cosign. I need about $5,000. May I add that we are already getting stafford loans b/c they don't require credit checks. Just need to know of something else that will give me money. What places/institutions give out students loans to students with bad credit? Please help and give your thoughts and links to where I CAN GET A LOAN!!! Thank you.

• Answer:

  I'm sorry to be the bearer of bad news, but the answer is that you can't borrow money from a legitimate lender when you have insufficient income and a poor credit history. Lenders will only lend to applicants who present significant evidence that they are highly likely to repay the loan. Remember, you're a stranger to the lender, and you're asking for $5000. I wouldn't lend you $5000 as a total stranger, and neither would any legitimate bank. How do banks get to "know" you? By reviewing your income and your credit history. Your current income tells the bank whether or not you have the money to pay the loan PLUS all of your other monthly bills. No matter how well intentioned you are, if you have no income, you obviously can't pay the loan. As for your credit history - this is a record of how well you've paid back loans in the past. (A credit card balance is the equivalent of a loan). By your own admission, you have very little credit history, and even that limited credit history is unfortunate - you had a credit card charge-off. There is nothing in your credit file to show the prospective lender that you're a good credit risk - the kind of borrower that borrows and then pays the loan back in a timely manner. With neither the income to demonstrate how you might ever repay the loan or a credit history that shows that you are a reliable borrower, you're still a "stranger" to the bank, and they're not going to give you a loan. If you can not find a cosigner (who must be able to qualify for the loan independently), you will not find a reputable lender who will loan you $5000. Do yourself the favor of steering well clear of the people who post here, asking you to look at a website where you can find amazing no-credit loans for students just like you. There is a reason that Yahoo! removes those answers as quickly as they can be reported, and it's not because Yahoo! doesn't want to see these nice respectable businessmen make money. I'm sorry, but you're one of the many anxious students who are facing the prospect that a college education is a very expensive luxury item, that not everyone can afford. You may need to take some time off from school, or cut back to part time attendance, so that you can work and put aside more money for your educational expenses. I know that't not what you want to hear, but in the long run, it's a far, far better option than borrowing heavily, especially from sub-prime lenders whose loans will continue to haunt you and your family for many many years to come.