Personal Loans
09-05-2006, 06:29 PM
#1
Personal Loans
Okay well i currently just graduated and am looking into person loans. What im wondering is if its even going to be possible for me to get a loan such as like $10,000? I am currently employed and my current income is $2692.30 per month (before taxes). Unfortunately i have only had this job for a little over a month and a half so will this also work against me? The only bills i have is insurance $161.27 a month, cell phone, and school savings (200$ a month). I have no idea what to do or try. Also does anyone know about high risk loans?
Regards,
Adam
*note any information whatsoever would be extremely helpful!*
Regards,
Adam
*note any information whatsoever would be extremely helpful!*
09-05-2006, 06:31 PM
#2
Well depends on what it is for. If its a car they will put the car as protection on the loan which makes it easier. As for your job if you have an prior history and you were at another job for a while it will help alot.
09-05-2006, 06:40 PM
#3
0 Watt CAFz'r
Join Date: Mar 2006
Posts: 41
I have been in the bad books with creditors for a while now, but oddly enough I went to citifinancial and got a loan from them, also at the same time i went to royal bank and was also approved for a line of credit, best thing i could have done was get a line of credit from royal bank.
09-05-2006, 11:27 PM
#5
hey, if you need info on personal banking you can feel free to ask me ANYTHING through pm.
as for this case, a liberal bank like royal or perhaps CIBC would be able to recognize your repayment capacity and will. trully that's most of it. if you have no previous delinquent history it should not be hard to do, albeit not easy.
if you don't qualify on your own, you can always get a co-borrower... someone who stays behind the scenes until (if) you default. if you do good, then no-one else gets involved.
as for this case, a liberal bank like royal or perhaps CIBC would be able to recognize your repayment capacity and will. trully that's most of it. if you have no previous delinquent history it should not be hard to do, albeit not easy.
if you don't qualify on your own, you can always get a co-borrower... someone who stays behind the scenes until (if) you default. if you do good, then no-one else gets involved.
09-06-2006, 07:17 AM
#6
0 Watt CAFz'r
Join Date: Jul 2006
Posts: 2
Hey pgmaniac. I know I'm going to sound like an old fogey or something, but have you ever considered saving for school inside an RRSP? In Canada we have a great program called the Life Long Learning program in which you can borrow funds (for any reason, as long as your going to school) from your RRSP, up to 20K total (10K / year) to educate your self. I used mine when my spouse went back to school to pay off the car that was at like 14% . . . ick.
Considering you make 2600 a month (Take home? I'm assuming not) then your making 31200 / year. Assuming you pay around 1/4 in taxes you actually bring home 23400. If you were to say take 500 / month and stash it in an RRSP you would also get a tax break on the 6000 that you put away making your taxable income drop saving you around 1500 in taxes, which you will get back come tax time. You could use this 1500 also for any purpose you want, then borrow from yourself the original 6 grand, leaving you with 7500 for school. This would also give you an interest free loan.
Some things to think about. . . Remember, you can't get out funds that you put in within 90 days of your withdrawl from the RRSP and still get all the benefits, so plan ahead. Also, you do have to pay your RRSP back over a period so it's like a real loan from yourself. You should look at it in the CCRA website.
Traciatim
P.S. These are really rough numbers . . . I know. I assume you don't have an RRSP and hav a smidgen of contribution room already and stuff... but look into it. PM me if you have questions, I'm no financial expert, but I can show you where to find details.
Considering you make 2600 a month (Take home? I'm assuming not) then your making 31200 / year. Assuming you pay around 1/4 in taxes you actually bring home 23400. If you were to say take 500 / month and stash it in an RRSP you would also get a tax break on the 6000 that you put away making your taxable income drop saving you around 1500 in taxes, which you will get back come tax time. You could use this 1500 also for any purpose you want, then borrow from yourself the original 6 grand, leaving you with 7500 for school. This would also give you an interest free loan.
Some things to think about. . . Remember, you can't get out funds that you put in within 90 days of your withdrawl from the RRSP and still get all the benefits, so plan ahead. Also, you do have to pay your RRSP back over a period so it's like a real loan from yourself. You should look at it in the CCRA website.
Traciatim
P.S. These are really rough numbers . . . I know. I assume you don't have an RRSP and hav a smidgen of contribution room already and stuff... but look into it. PM me if you have questions, I'm no financial expert, but I can show you where to find details.
09-06-2006, 08:48 AM
#7
50 Watt CAFz'r
Join Date: Jul 2006
Posts: 80
if at all possible STAY OUT OF DEBT
save your money and pay in cash.
I'm 2 payments away from paying off $35,000 debt that has taken me almost 6 years of headaches trying - to make ends meet the times when money wasnt there - calls from creditors and more loan sharks.
I really only borrowed $28,000, but after service charges, borrowing fees, interest and a few NSF fees (because believe it or not - there will be a day that you are out of work for a little while/or that engine overhaul car repair/or something that's a last minute thing where you have to dump a months salary into.)
Here's the kicker - I HAVE ABSOLUTLY NOTHING TO SHOW FOR MY DEBT. Everything I purchased is obsolete, broken, lost, or sold to make ends meet.
I dont know what your reason for a personal loan is - but you have to ask yourself - is it worth it?
save your money and pay in cash.
I'm 2 payments away from paying off $35,000 debt that has taken me almost 6 years of headaches trying - to make ends meet the times when money wasnt there - calls from creditors and more loan sharks.
I really only borrowed $28,000, but after service charges, borrowing fees, interest and a few NSF fees (because believe it or not - there will be a day that you are out of work for a little while/or that engine overhaul car repair/or something that's a last minute thing where you have to dump a months salary into.)
Here's the kicker - I HAVE ABSOLUTLY NOTHING TO SHOW FOR MY DEBT. Everything I purchased is obsolete, broken, lost, or sold to make ends meet.
I dont know what your reason for a personal loan is - but you have to ask yourself - is it worth it?
09-06-2006, 05:15 PM
#10
i must say, i have a 1000 dollar loan as well as a 1000 dollar line of credit that I use, both of which the BEST thing i have ever done. Being young, with out a credit history, I somehow managed to get both so I can build up credit. I wasnt able to get a co-signer however due to my family being bad with money.
