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 need a personal loan but my credit is not that great... i have only been reported to the bureau for a little over a year. i have a perfectly paid auto for over a year and my credit score is 530... what are my chances of getting a personal loan for $5000?
Answer Dwayne,
Unfortunately my answer is "not good". Lenders like credit scores to be 600 or more. If you have no negative credit, and have paid on your car for a year, it seems odd that your score would be so low. I would recommend you request a copy of your credit report from the credit agencies themselves and see why your scores are so low.
That being said, there is nothing you can do right away that will improve your chances of getting a loan. Make sure and avoid the companies that offer you loans regardless of credit because they usually charge an arm and a leg, and you sometimes end up with worse credit.
Use the following link to get your credit report.
https://www.annualcreditreport.com/cra/index.jsp
