getting a personal loan

[TheVerticalHour]

I truly apologize if there's already a topic about this but I couldn't find one.

I am seeking information and advice on taking out a personal loan of something in the ballpark of 5,000 to 10,000 dollars.

-I have reasonably good credit (no bad history, never missed a payment, etc., but I've only been using a credit card for about a year - I'm 23 yrs old btw)

-I have no real 'job' and very little assets - I'm a small-stakes grinder who basically lives 'paycheck' to 'paycheck' - I presume it would not be wise to tell them I gamble for a living when they want employment information

I want this loan because

A) obviously, due to the scenario I just described, life is stressful for me and I want to alleviate that

B) I think I've reached a psychological point where it's time to look for a 'real' job - but to do this is going to take time and effort for me, as I lack job-finding skills in the first place, in order to invest this time and energy that means either no or significantly decreased playing and so I need money to hold me over and pay the bills.

I guess the major questions I have are:

1) given my described situation will it be easy to get this loan?

2) should I go through my bank, or a credit union?

Thanks so much in advance - this was hard for me to post, as I feel like I've 'failed' in deciding to play poker full-time, but what can you do. Anyway, would really appreciate some insight before just walking into a bank completely blind. Any and all tips appreciated.

[emon87]

You're probably not going to be approved for any kind of a loan like this.

Bank Officer: "What do you want it for?"
You: "Just to pay bills while unemployed and looking for a new job."

Bank officer: "LOL, sorry".

[vassk1]

I think its time to get a job, even if its only part time to help get rid of your stress. You can still play poker but you need some regular income to pay bills. Without a job or any collateral you have zero chance of getting money from any bank. A lot of people who decent paying jobs can't get loans for 5 - 10k.

[TheVerticalHour]

oh it's definitely time to get a job - I just...don't know what to do; I'm worried I'm not going to be able to pay my bills in the interim

this is distressing - I thought it was possible to get a loan just on virtue of not having bad credit? Also, what if it was more in the neighborhood of 2,000 ?

[vassk1]

Banks need to be absolutely sure they are going to be paid back. If you don't have a job then you can't guarantee that.

Your best bet is to have somebody in your family (mom or dad) to co-sign for a loan. When I was 21 my father got a 10k line of credit in both our names. Basically it was a checkbook worth up to 10k and anywhere in between. This way you build up your own credit at the same time.

It sucks when you are young. People say that the only ones who get approved for loans are those who don't need them and its really true, unfortunately.

Good luck and get a co-signer!

[TheVerticalHour]

Ack, I have no one to co-sign. Okay, so it looks like I have to tell them I have a job. What if I was straight with them about poker? Or, what if I just told them I ran/worked for a small business that operated via internet, kept it vague. Alternatively, what if I said that I just waited tables or something, or just kept a vague thing like I have a job as someone's personal assistant and got paid off the books.

And is there any bank or credit union or something that would still give me a loan without proof of my ability to pay it back, but simply charge me a higher interest rate?

appreciate the feedback; I guess the hopes of this is grim. I'm a little down because I thought that such a small amount of money for a loan wouldn't be that hard to come by as my credit is pretty good...ugh, last ditch effort - if anyone has any ideas on institutions or stories that would procure such a thing, you don't know how big of a favor you'd be doing me. thanks again all

[vassk1]

If all else fails, try to get a no documents loan. Basically they use your credit score to justify the loan. So if your credit score is in the 720 range you prob can get it. If not, then get a job ASAP

[emon87]

you're not going to be able to get a loan, but if you REALLY need money to pay NECESSITIES just put it on a credit card and pay as much as you can per month. Then when you get a job pay the rest off.

Just make sure to live EXTREMELY cheaply during this time or you will be in debt for the rest of your life.

[TheVerticalHour]

thanks for the idea vaskk1 - do you or anyone happen to know how likely it is I have a 720 credit rating? My history: have used a CC for a year, no huge purchases or anything but I've used it extensively, in total spent somewhere around 20k I would imagine. Never missed any payments or anything.

emon: I wish I could, but I'm nervous about next month's rent and I can't use CC for that...or wait, or can I? A CC check perhaps?

p.s. - I know letting myself get to this kind of unstable financial position is horrible..which is a whole other thing...just admitting it so that you don't need to tell me; I know, believe me I know. I spent so extravagantly and didn't save a dime, and kicking myself so hard now.

once again thanks for all the insight

[emon87]

you can get a cash advance. At a higher rate than purchases. can you really not scrape up enough cash to pay rent? You REALLY need to cut back ALLLLLL Unecessary expenses, such as bottled beverage anything