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Discussion in 'Business Operations' started by GLC, Feb 25, 2003.

  1. GLC

    GLC LawnSite Member
    from Alabama
    Posts: 175

    Would it b hard for an 18 yr old college student to get a loan for about 2 grand? I don't have a job but I do have a checking account. What else would I need? Thank you!!
  2. heygrassman

    heygrassman LawnSite Senior Member
    Posts: 509

    What are you going to secure the loan with? No job, you would prob need a co-signer.
  3. nu83

    nu83 LawnSite Member
    from omaha
    Posts: 238

    Probably, but it all depends on your (taxed) income the previous year and what your credit history is. You will most likely have to get a cosigner for an unsecured loan. Try the bank you have the checking account with first, but be prepared to apply at a few banks. All banks have different policy's and some banks just want to loan money more than others so they will take bigger risks. If you have a newer model car some banks will take it as collateral.
  4. Kent Lawns

    Kent Lawns LawnSite Senior Member
    from Midwest
    Posts: 870

    Loans are simple, answer these 3 questions:

    What's your credit score?
    This is a number between 400-900 that everyone has and you should know it.

    What's your reported, verifiable income?

    What's your collateral?
  5. philk17088

    philk17088 LawnSite Fanatic
    Posts: 17,386

    This may be dicey if your not careful and diligent, but you probably can get this amount on a credit card. The interest rates will be almost criminal but you may be eligible. If you can structure yourself to pay it back asap, with out being late or missing a payment, this is the start of developing good credit.
    Good Luck
  6. GraZZmaZter

    GraZZmaZter LawnSite Senior Member
    Posts: 740

    My brother, now 20, got a loan last year ( when he was 19 ) for just around that amount. However, he has a good job.

    Whenever Ive applied for credit, or a loan, it seems that more than once they have asked if i have a job, and how long. If memory serves me correctly, 2 years was the minimum for them to even consider doing business with me.
  7. Doburf@cs.com

    Doburf@cs.com LawnSite Member
    from WV
    Posts: 6

    If you are trying for a personal loan it would be hard, but you can always check with your school to see if they have any loan arrangements with a financial institution in your area for its students.

    If you are trying to secure a loan for your business... you can use your business plan to show how you will spend the money and how you will repay. ;)

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