May
6
fashionista asked:
Where can I apply for private student loan that does not require good credit?
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Where can I apply for private student loan that does not require good credit?
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2 Responses to “What private company offere student loans no credit require?”
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You have to look at loans this way. You come to me and ask me to give you money and you promise to pay me back. To protect myself not just from you but everyone that comes to me and ask me for money I have to use something that tells me that you will pay me back. Your word is not used in the loan industry. Most if not all lenders will use a credit report to grade you on how your repayment habits are. The only loan that I know of that does not require a credit check is a govt loan like a perkins or stafford loan. This is because the govt is telling those same lenders, hey if you skip the credit check and give that person a loan and they dont pay it, I (the govt)guarantee that we (the govt) will give you the money back so there is no risk to you. Then the govt takes on the risk and tries to collect from you.
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To be honest with you, I don’t think there is ANY private lender that will loan anybody money without doing a credit check. Like the above poster said, that is the only way they can protect themselves from people who have a history of not paying back debt that they owe. With a stafford or perkins loan, the government will back the lender up in the event that you do not pay, BUT if you think that the goverment will not get their money back, you are wrong. They will garnish your wages, withold your income taxes, and take you to court. It’s not just a mark on your credit report like private lenders would do. And filing for bankruptcy will not erase a federal student loan.