AboutFinance Guy Expertise 1. All questions relating to finance
2. All practical aspects of mergers and acquisitions
3. Many general business questions
Experience Considerable experience in the area consisting of 25 years in both consumer and commercial finance and business management, including 15 years specializing in international Mergers and Acquisitions with over $100 billion in assets acquired
Education/Credentials Business administration undergrad
Wharton post grad in finance
Awards and Honors numerous corporate awards
Past/Present clients range from small enterprenurial companies to large multinationals
I am a 19 year old male trying to acquire a $5,000 personal loan. I believe I am in great financial shape, but I am wondering what the likelyhood of me being able to secure a loan from a bank would be.
Below are some details on my financial situation.
I just went on freecreditreport.com to get some of this information.
The only liabilities i currently have is a $2,972.00 auto loan. (Paid down from ~$5,500). This account has been open for 10 months.
My credit score is 712 according to Experian, I didn't use equifax or transunion because i would be charged to view those.
My combined monthly payments are ~$230
My asset-to-liability ratio is 8:1
I don't have any collateral to put down on the loan. (unless stock can be used as collateral)
Thank you for taking the time to answer this question.
Answer You sound like a very credit worthy young man and have a great credit score.
You should qualify for a loan of some kind.
You did not say what you wanted to buy with the $5,000, hopefully it is something of lasting value and can be used as collateral to secure the loan.
If you just want money as a personal loan, you may or may not get approved.
Also, banks usually do not take stock as collateral.
If the first bank fails to approve you, try, try again.
