what is the best reason to give when asking for a loan from a bank and any tips?
I am a student but I won’t tell them that because I know banks are scared of students but I do work part time, more than 20 hours, So what reason can I tell them, I’m getting married or. . . . .
what other tips can you give me, I want to get it right the first time
February 28th, 2010 at 11:13 am
The reasons you give them have nothing to do with them giving you the loan, If you have credit and you have a job then it really doesn’t matter. Tell them the truth. I will suggest you instead of paying the loan back to the bank with interests of 18%, why don’t you put the money away for a couple of years and get a return on it of about 3 -4% in this scenario you are the one earning interest and not paying it out. Don’t be normal, normal is broke, be different, be debt free.
February 28th, 2010 at 12:02 pm
Tell the truth.
February 28th, 2010 at 12:41 pm
They don’t ask for any reasons; it doesn’t matter – unless you’re getting a collateraized loan, but just personal signature loans don’t require any reason at all – as long as you qualify based on your debt to income ratio and your credit.
September 30th, 2010 at 8:43 am
That is not true! They do ask what the loan is for. Im in the process of getting a signature loan and the first 2 questions are how much what for. So I guess depending on the bank then. But I heard that if you tell them its for school or pay bills/debt then your chances are slim. Im still trying to think of a good reason myself hence why im on here. Hope This helps!
January 26th, 2011 at 6:42 pm
I am a banker and I can tell you that the reason that a bank or credit union asks what it is for is not because they do not want to give it to you to help you get through a tight spot or pay for a vacation, it is to make sure that you are not going to do something illegal with it. The financial institution cannot legally give you money if they know it is for something illegal. For most insured financial institutions it is the law for them to ask what it is for. Therefore, tell the truth, unless it’s for something illegal in which case, find the money elsewhere.