About Joe Montgomery Expertise I can answer most any question in this area, unless they are seeking legal advice.
Experience I have worked in the lending industry for over 15 years, and worked in consumer lending, (Personal loans, and small collateral loans) as well as mortgage lending during the first 6 years of my career
Publications Currently an all experts expert for mortgage loans.
Question I am wondering if you think I would get approved for a 15,000 personal loan. I am getting married in a few months and with all the costs we need to consolidate our debts and we need some extra money for the wedding. We have a car loan for $8,400 and another open line of credit with a tool company for about$2,000 we want to pay those two off with the loan. Together those payments we would be taking away add up to $500 a month. We make good money monthly and could definitely make the payments, we also both have great employment history. The only bad thing is neither of us have good credit, I have a pretty bad credit rating at 580 and my fiance does not have a better score. Do you think it is possible for us to get approved for this type of loan?
Answer The straight answer is most likely no. With scores below 600, I have never known any lender to make any type of personal loan. There are a lot of shady companies that may offer to lend you a few thousand at slightly higher rates, but when all is said and done the fees and interest are 3 to 4 times higher than what you borrowed.
You may want to try and use a cosigner at a local bank, if that's an option, and see if that helps- but the amount you are talking about is still probably out of the range you can qualify for until your credit scores come back up a bit.
The one positive I can give you is that marriages are a big adjustment, and having a large debt to deal with just adds a little more stress--- use what you have and try to make the best of it!!! Good luck and congratulations.
