What To Do When Denied A Loan?

[Jayce]

lololol

Ironically enough I just got approved for a 7,000 dollar unsecured loan, despite me having 6k in credit card debt, 45k in school loans, and zero collateral (no house, car is too old to be collateral, etc).

I know it's not 80k, but still... Kinda surprised me.

 

[Harper]

It really comes down to what it's for. Like if it's car loan, then the bank still have some thing to grab onto if you can not pay. But if it's for credit card debt, then that is another problem all together.

 

[Jayce]

It really comes down to what it's for. Like if it's car loan, then the bank still have some thing to grab onto if you can not pay. But if it's for credit card debt, then that is another problem all together.

That's what it's for. I was approved for 7k to get rid of my 6k credit card debt.

I think the big reason they allowed me was my student loans + car are from the same bank. My checking however, is not, and I need to get it there ASAP cause my current bank has been pretty thick in the we suck department.

 

[oldskool]

"zomg the econ0my is so bad"

eff banks.

Well any banks I know of here in the US, as sucky as the economy is, if you have 190 grand and ask for 80 grand, you wont have a problem ususally. But these days, its different for sure. I just got a 15 grand loan for house, me and wife, etc., home improvement /consolidation loan and at half the interest rate that I had for an average. So it depends I guess where you are, what the loan is, credit rating, and so on.

 

[Kharn]

Well the banks over here really got screwed by the American sub prime, in the UK the property market the prices are REALLY high and most of the bankers owned a lot of property and when they tried to invest in the US market the stuck with what they knew from the UK market and when they found out things where about to hit the fan they didn't have any back up plans. We seem to be recovering faster than most of the EU but it's slow an steady more and more start up's are opening there door's few have turned a proffit yet but it's a good sign that investers are no longer as scared about taking a punt.

 

[Jayce]

Anarchy is the answer.

 

[oldskool]

Anarchy is the answer.

Is is as you say, Mr. Rotten

 

[wafflehammer]

yea seriously why couldn't he get an 80k loan when he had 190k in cash? ...and people wonder why the economy is failing. Banks to busy giving out bonuses to the CEO's that drive them into the ground to give out loans lol

I wonder what the conversation was like when he asked for his withdraw. "sir, are you sure you want it in all $20 notes?"

 

[oldskool]

yea seriously why couldn't he get an 80k loan when he had 190k in cash? ...and people wonder why the economy is failing. Banks to busy giving out bonuses to the CEO's that drive them into the ground to give out loans lol

^ +1, agreed.

I wonder what the conversation was like when he asked for his withdraw. "sir, are you sure you want it in all $20 notes?"

Yup, would have been nice to be the proverbial fly on the wall