Loan without a cosigner?
September 14, 2010 2:14 PM   Subscribe

This might be a waste of a question but where can I go to get a small loan (3000) where I don't need to find a cosigner?

I applied for a loan at my credit union and was pretty much told yes except that I don't have enough credit history. My credit is fine but just not enough of it. I was asked if I could find a cosigner and I can't at all. I've already asked around and I don't know anyone. The loan is 3000. I need 2,999.85 to be exact in a small amount of time. Preferably as soon as possible.

Is there a place I can look into that would accept my credit score (I don't have numbers but to be approved by the union's rating system and with the woman mentioning the amount I could go up to, my score is at least a B on a scale of A to E) and would allow me to get this sized loan without a cosigner? Is that even possible?

posted by grablife365 to Work & Money (12 answers total) 1 user marked this as a favorite
3k is generally credit card territory for most people... is that possible?
posted by Brent Parker at 2:21 PM on September 14, 2010

Sounds possible credit score wise but I would need the majority of it in cash. I'm not too sure how that would work with a credit card. Thanks.
posted by grablife365 at 2:30 PM on September 14, 2010

How fast do you need it? Credit companies will usually send you checks every month or every other month.
posted by Brent Parker at 2:46 PM on September 14, 2010

I need it before the end of the month. What kind of credit companies are you talking about?
posted by grablife365 at 2:54 PM on September 14, 2010

Citi will generally give you a balance transfer to your checking account just like a cash advance but at the BT rate, although I don't know how keen they'd be on that with a brand new account.
posted by wierdo at 2:58 PM on September 14, 2010

Have you tried other local banks? I know it seems like waste, but don't just visit one shop and stop. Because here's the deal: credit scores already factor in length of credit history. If a place is rejecting you on that grounds, it's an institutional thing, and maybe look for other institutions with a better appetite for risk. There's bound to be more than one bank / CU in town.

Worst case scenario, this is in the range of credit card cash advances. The interest rate though is REALLY high, so investigate whether cash is the only option, and how fast you really need the money. Time frame is something that can be negotiated, assuming you don't already have a binding agreement.
posted by pwnguin at 3:08 PM on September 14, 2010

Do you own the title to a car/boat/house or other piece of property worth $3000 or more? If so, you could probably get a secured loan (in which the bank gets the right to take the car if you don't pay). The credit requirements for these are much lower than for an unsecured loan, because you're offering something as collateral.

If that's not an option, try a couple of different credit unions and a couple of different local (i.e. not Bank of Amerifargo) banks. $3000 is not much, so one of them might be willing to work with you.
posted by vorfeed at 3:09 PM on September 14, 2010

Can I suggest better wording of the question? A loan of $3000 doesn't normally require a co-signatory. So a question like "How do I get a loan of $3000 without a co-signatory given my credit score is not great?". That makes a much more direct approach to what you're looking for.
posted by Biru at 3:40 PM on September 14, 2010

A cash advance on a credit card will be costly. I once took a cash advance for $1K on my Chase Visa and paid it off the next day. Even so, the service charge was $54. Never again.

I have "just in case" overdraft protection on my citi checking account. There is no charge unless I use it. The few times it has kicked in, the interest was high, but not as high as most credit cards. Perhaps you could approach your bank for the service (without, I think, mentioning that it's really a loan).
posted by Short Attention Sp at 4:11 PM on September 14, 2010

If you can pay it off soon, this is exactly what check cashing/cash advance places are for. Make sure you know exactly when you need to pay it off and be able to do so, otherwise it will be quite costly.
posted by stoneweaver at 8:40 PM on September 14, 2010

Most cash advance/payday loan places have a limit of $1000 or so, so you'd have to go to more than one... and multiple payday loans are a great way to touch off a snowball of debt, as it's too easy to get behind and take out another loan to pay off the first one. This is only an option if you are 100% certain that you can pay the entire loan back (plus interest) after one month.

The interest on these things is at least 400% APR -- they're OK as a last-ditch option, but anything else will be a lot cheaper.
posted by vorfeed at 9:15 PM on September 14, 2010

Thanks for all the information! Payday loan places are a little too risky for me so I think I'll stick to credit cards and/or a different bank loan. Thanks!
posted by grablife365 at 11:08 AM on September 15, 2010

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