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How do loans work?

If I needed 2000 dollars to be able to move across the country, would I be able to get a 2000 dollar loan? How much of an interest rate would I be looking at? How much money per month does one usually have to pay when paying back a loan?

And this is probably a stupid question, but can one get a loan without having a job but has the money to pay back the loan over time? I think that's how it works with student loans, if you need all of your time to dedicate to school, and can't get a job... but.. I don't know.

Answer Question

Asked by Anonymous at 8:49 PM on Aug. 14, 2009 in Money & Work

Answers (6)
  • are you a college student? to get student loans you have prove income tax forms and incomes on them plus your college has to prove to sallie mae that you're a student there.

    personal loans require good credit and income proven to pay them back. if you have 2thou already just use that to move.

    Answer by Anonymous at 8:53 PM on Aug. 14, 2009

  • You may be able to get the money on a credit card....if you don't have a high enough limit, they will ask about your income. It's pretty tough to get a loan without a job.

    Answer by ohwrite at 8:56 PM on Aug. 14, 2009

  • Normally they look at if you have a job and for how long you have worked there. The big thing is your credit score/credit history. Some companies like mine will give you a loan even if you have a lower number but you can't have everything in collections or have it all written off as a bad debt.
    (I work at a bank inputting car loans.)
    I did a loan today for someone that was around $2000 and their monthly payment was around $100.

    Answer by Anonymous at 8:59 PM on Aug. 14, 2009

  • oh and student loans get paid back either during or after college depending on interest paid in college of after with principal. 50 thou students loans we have is about 500 monthly to sallie mae.

    personal loans require payback immediately well within a month or two of receipt for between four to five years time.

    school loans, sorry for jumping between the two not keeping absolute on topic ... school loans can be had for above tuition to include living expenses but sometimes it works out that with proof of loan application and acceptance to a college that the college advances you time and lets you begin classes. lots of times student loans don't come in til after classes begin.

    tuition always paid direct to college amount left over within a few weeks if any refunded to student. Some stu loans even w/sallie mae require good credit or a credit cosigner.

    talk to your college financial aid office. we have 2 kids in colge.

    Answer by Anonymous at 8:59 PM on Aug. 14, 2009

  • also, some student loans through sallie mae have yearly limits per year in college. go to your financial aid office with your income tax forms, maybe grants or scholarships will help. public assistance can be counted too.

    Answer by Anonymous at 9:03 PM on Aug. 14, 2009

  • You will probably be able to get a $2000 loan if you have a co-signer and/or collateral.Collateral meaning, you give them the title to a car... maybe a home if you have one and they give you the cash. Your interest rate will be lower if you do that. But of course, if you don't pay, they can legally take your car or whatever you used...

    If you don't use collateral your interest rate might be a bit higher. Interest rate is determined by your credit score and income.

    What about saving up that money to move? That would be cheaper...

    Answer by Erica_Smerica at 2:02 AM on Aug. 17, 2009

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