how easy/difficult is it to borrow money from financial institutions? do they usually slap you with really high interest rates and/or really short payment periods if you're a first-time borrower? where's the best place to loan money?
Third Gear
borrowing money from a bank/financial institution
how easy/difficult is it to borrow money from financial institutions? do they usually slap you with really high interest rates and/or really short payment periods if you're a first-time borrower? where's the best place to loan money?
FKA: rlde.us
goto the bank and find out. not sure where else you would go
i dont think interest rates are very high right now, probably not a bad time to borrow. it doesnt take them long to do a credit check to see if they want to borrow you money or not
Registered User
It all depends on a few things
1)Your Income
2)Your previous lending history
3)Your employment status/history
Most banks are willing to lend you money, as long as you have the ablility to repay them the money.
The 3 things that I mentioned above are the basic requirements
your TDSR(total debt service ratio) has to be within 32-34%. Meaning that your Loan payment cannot be higher than 32-34% of your income
IF youve had bad payment history in the past, you'll have a "harder time" getting a loan/better interest rate
As well most banks will be more willing to loan you money if you have a fulltime job, as working part-time is a very voliatile work status.
If you run into any obstacles, you can always as a Parent to CO-Sign......
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