Alicia
Lv 4
Alicia asked in Business & FinanceCredit · 8 years ago

I was denied a personal loan from my bank. Should I try for a signature loan through credit union for less?

I have an emergency that needs taken care of as soon as possible. I was denied a personal loan for $5k with my bank, due to my income and debt to credit ratio. I gross about $1100/mo on my own income, so I understand why I was denied, as I was unable to find a cosigner who made much more than me. I can't use my husband because he has a small medical bill in collections. Although I am paying it off soon, obviously it does us no good right now.

My credit is fair, as I don't have any accounts in default/late payments/etc. I considered trying to go through a local credit union for a lesser amount - possibly $4k. I know that this specific credit union will do signature loans up to 30% of your income.

Do I stand any chance of getting a loan of that size based on my own income? My husband grosses about $1500/mo, and I've already sat down and figured up payments. We can afford it, and pay it off well before it need to be, but they obviously can't consider his income. I have already considered (and in some cases already have) asking family for help, but most of those close to us are in a pinch themselves, and it just isn't going to happen. This is more or less my last resort.

I wouldn't even consider this if I didn't feel that we could pay it back in a reasonable amount of time, and I don't want to worsen my credit either. That is why I am asking before moving forward too much.

Any input is much appreciated.

Update:

This is a REAL emergency, otherwise I wouldn't be going to these lengths.

4 Answers

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  • 8 years ago
    Favorite Answer

    While credit unions tend to give more leeway for less than perfect credit, they STILL look closely at debt to income ratio. It's likely the credit union will turn you down for the same reason as your bank.

    Source(s): BD
  • 3 years ago

    1

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  • Audy
    Lv 6
    3 years ago

    For Credit and finance solutions I recommend this website where you can find all the solutions. http://INSURANCEANDFINANCETIPS.INFO/index.html?src...

    RE :I was denied a personal loan from my bank. Should I try for a signature loan through credit union for less?

    I have an emergency that needs taken care of as soon as possible. I was denied a personal loan for $5k with my bank, due to my income and debt to credit ratio. I gross about $1100/mo on my own income, so I understand why I was denied, as I was unable to find a cosigner who made much more than me. I can't use my husband because he has a small medical bill in collections. Although I am paying it off soon, obviously it does us no good right now.

    My credit is fair, as I don't have any accounts in default/late payments/etc. I considered trying to go through a local credit union for a lesser amount - possibly $4k. I know that this specific credit union will do signature loans up to 30% of your income.

    Do I stand any chance of getting a loan of that size based on my own income? My husband grosses about $1500/mo, and I've already sat down and figured up payments. We can afford it, and pay it off well before it need to be, but they obviously can't consider his income. I have already considered (and in some cases already have) asking family for help, but most of those close to us are in a pinch themselves, and it just isn't going to happen. This is more or less my last resort.

    I wouldn't even consider this if I didn't feel that we could pay it back in a reasonable amount of time, and I don't want to worsen my credit either. That is why I am asking before moving forward too much.

    Any input is much appreciated.

    Update: This is a REAL emergency, otherwise I wouldn't be going to these lengths.

    1 following 1 answer

    Source(s): For Credit and finance solutions I recommend this website where you can find all the solutions. http://INSURANCEANDFINANCETIPS.INFO/index.html?src...
  • 8 years ago

    the credit union will *probably* deny you, unless you are a long term account holder.

    possibly might approve if you set up an account with an automatic payroll deposit into their facility, which will cover the repayment of the loan.

    do yourself a favor and at the same time, set up a separate savings account and deposit 25 bucks a week for an emergency account. then don't touch it unless you have a REAL emergency.

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