Posted on: 21st Nov, 2009 09:56 am
I just read what Colammy posted about your expenses cannot be more than your income. I applied for the loan in August and I still have not heard anything. It's taken me this long to get the direct number. I got lucky and had a helpful person. If my expenses weren't more than my income I wouldn't be in this spot. I'm I going to be denied?
sorry, jj, but i cannot follow your query because i don't have any notion of the post you referred to in which "Colammy" noted expenses vis a vis income. can you provide a link or something?
JJ - what sort of loan are you looking for? Debt Consolidation would make the best sense.
If you're looking at a Debt consolidation Loan, the lender will probably look at work income, assets and expenses, then take out the repayments on the debts you are looking to consolidate.
Lets say you have a credit card, unsecured personal loan and an auto loan that you are looking to consolidate. currently these are costing say $600/month with is more than you can afford. What you can actually afford is $400/month, and the lender may look at this and then offer you the consolidation loan with a $400/month repayment for the next however many years.
If your expenses are currently more than your income, a debt consolidation loan is not out of the question, but any other additional borrowing is pretty much out of the question imho.
If you're looking at a Debt consolidation Loan, the lender will probably look at work income, assets and expenses, then take out the repayments on the debts you are looking to consolidate.
Lets say you have a credit card, unsecured personal loan and an auto loan that you are looking to consolidate. currently these are costing say $600/month with is more than you can afford. What you can actually afford is $400/month, and the lender may look at this and then offer you the consolidation loan with a $400/month repayment for the next however many years.
If your expenses are currently more than your income, a debt consolidation loan is not out of the question, but any other additional borrowing is pretty much out of the question imho.
