Personal Loans, is it alright?

Me and my husband and little baby girl are moving into a rental house long term (2+ years) until we relocate for my husband to attend Georgia Tech. We really need some help getting the initial process of furnishing our home with its’ utilities and furnishings since this will be the largest move we have made and only 1 out of 3. We were considering a small personal loan of about 1000 dollars to give us a boost, but the issue is that we, being young, do not have as much credit as we might like. We have some, but it isn’t amazing (me at 629 and him probably a bit higher, like 650-670, not sure about him though.) His job does not compensate him largely, he makes 8.50 an hour and works full time. He is the only one with a credit card, which is secured. Due to our lack of credit history and personal finances, is it possible that we could qualify for a small personal loan? What are some suggested loan agencies to look at? What are some to beware of? Will being denied affect our credit score adversely? Any information that you can give us to help is greatly appreciated. Thanks.
My husband made a 28 on his act, graduated in the top of his class, and aspires to be an Aerospace engineer. While he has not been accepted yet, there is no doubt in my mind that he wouldn’t have a chance. If he doesn’t get accepted there, then something is wrong, lol. He’s in a community college with me right now (more affordable), but he never ceases to impress his professors and doesn’t make grades less than a high B EVER :) That’s just where he wants to go and I said it because it is our plan.

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5 Responses to “Personal Loans, is it alright?”

  1. FaisalKhan Says:

    To get home loans visit the site below. They have more than 25 years of experience, have 150 branches across the USA and are licensed to originate and close loans in 49 states. Good luck!
    https://www.tennessee-mortgage-lending.com/

  2. Angry Bird Says:

    GA tech offers federal student loans
    He will have to contact the schools financial aid office and fill out the fafsa.
    You will get extra funds for living expenses.

    Has he been accepted to GA tech?
    This is one of the top 3 colleges in the nation.
    Not a joke to get into that school.
    Forget the loans, and see if he can even get in that school.
    They only take about 5% of their applicants.
    (their applicants have an average ACT score of 25+)
    Has your hubby even taken the ACT test?

  3. maris Says:

    I think it is harder to get a personal loan than applying for a credit card. How is your credit score? Why don’t you try to apply for a credit card as well? I remember back when I was in college, the first credit card I got was a Chase card. They had a table right at my college and I applied there and got accepted.

    Anyway, your credit score would only be affected by a few points when you are applying to various credit cards. The credit score agencies view it as one instance within a 2 week period or something. They know that if your social security # is being pulled up a number of times within a short period of time, then it is because you are shopping around, kind of like when you are searching to buy a car or buy a home. Plus, they will see who is requesting your SS# (various credit card companies) and view it as one.

    The biggest reason to go and get another credit card over a personal loan is that most credit cards start you off with a 0% APR and a grace period of about 6month-1year. That means that you can purchase your items, and then you won’t have any finance charges on your purchases for the specified grace period. That way, you can make small payments each month towards what you purchased and not have to pay any extra fees. I don’t think you have that with any personal loans.

  4. Calvin C Says:

    There is no way you are getting a personal loan your household income with a family is below the poverty level. Not only would it be irresponsible for a lender to loan you money it would be illegal. Sounds like you two have something going for you long term. In 20 years you will miss the old days of being young and poor ;)

  5. Jenny Says:

    Do not need to afraid he can apply for personal loan but before apply at least collect those requirement which are compulsory, i hope he will get the approval if he gets denied then do not disappoint, he can also use another way which is cosigner. He will need to manage his trusted person who also trust him and then that person will be a cosigner.
    https://blog.badcreditwhiz.com/personal-loan-low-income/



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