can the bank loan me money for toys?

[noob with an RS 10+ year member]

i know this is a silly question but i've never got a loan from the bank or had the need to. the thing is i have a buddy who's selling a pioneer avic n1 for 500 dollars and i really want to jump on it but i'm absolutely broke and paycheck doesn't come for another two weeks!!! ahhhHhhhhHhHHhH.. anyway i dont know if the bank asks what i need the money for and i don't know if it even matters so im hoping you grown folks can shed some light //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif thanks

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[saywhat? 5,000+ posts]

believe they do ask, and you cant lie....

 

[yne721 10+ year member]

as long as you have good credit it doesn't matter what the reason is, as long as it's not illegal

edit: but they will ask. just tell them you're pursuing a hobbie or something, if you have good credit they'll give you the loan

 

[noob with an RS 10+ year member]

crap, i don't have good credit //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif i was hoping to get an answer like, "500 dollars isn't anything to the bank, they'll give u the loan" .. ahhhhhhhhhh no sweet deal on avic-n1 for me?//content.invisioncic.com/y282845/emoticons/crying.gif.ec0ebefe590df0251476573bc49e46d8.gif

PS - how long would it take to find out if they approve of the loan? would it be on the spot?

 

[Ape 10+ year member]

what about one of those places that does "Payday Loans" that just take it from you on pay day, I bet the interest is high though.

 

[Rc 415 10+ year member]

Dont you have a parent or brother/sister/good friend that will loan you what you need?

If he is your buddy just give him what ever you have now and tell you will get paid in 2 weeks when your check comes!

 

[squeak9798 5,000+ posts]

crap, i don't have good credit //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif i was hoping to get an answer like, "500 dollars isn't anything to the bank, they'll give u the loan" .. ahhhhhhhhhh no sweet deal on avic-n1 for me?//content.invisioncic.com/y282845/emoticons/crying.gif.ec0ebefe590df0251476573bc49e46d8.gif
PS - how long would it take to find out if they approve of the loan? would it be on the spot?

For a small loan like $500, should be either instantly or atleast the same day (probably within an hour or two at most, depending on whether or not the person taking your application has any approval limits).

Also, some banks won't even give you that small of an amount....most have a minimum loan amount, and those are typically well over $500. The bank I worked at had a minimum of $1k, but some are as high as $3k.

Also, the bank will give the loan for any reason....as was mentioned, as long as it's not illegal (which is why they ask..they could be help liable if loaning money for illegal activities). But, as was mentioned, you'll need either good enough credit and a low enough debt to income to qualify for an unsecured loan (you'll need good credit and good debt to income either way, but you'll need really good credit and debt to income to qualify for an unsecured loan) or be able to offer some collateral for the loan. If you don't qualify for an unsecured loan (which some people often call a "signature loan"), then you'll need to offer some type of adequate collateral, such as a car, a boat, a seadoo or ATV, motorcycle, etc. Banks typically don't lend off of household/personal goods, such as furniture or electronic equipment.

Don't go to a payday loan place...interest is outrageous. Don't go to a finance company either unless you really want that Pioneer, as most will charge you A LOT more interest than what most credit cards charge.

 

[Digital B 10+ year member]

If you go to a bank for a personal loan.. which is what this is. You'll need collateral(spelling?). Meaning you own something of equal or value of the loan you're requesting to put up for the loan. So if you down pay.. they own whatever you put up. May be different.. buy my bank.. Wachovia.. the least amount you can apply for is $5000. To get 500.. best bet is to try a finace company. Higher intrest rates.. but beggers can't be choosers.

Edit.. what squeak said while I was typing. lol

 

[squeak9798 5,000+ posts]

If you go to a bank for a personal loan.. which is what this is. You'll need collateral(spelling?).

Maybe, maybe not.

Most banks will do smaller loans unsecured, depending on the borrower's credit/D2I.

buy my bank.. Wachovia.. the least amount you can apply for is $5000.

Holy hell. That's the highest I've ever heard of.

To get 500.. best bet is to try a finace company.

If you don't mind 30% interest rates //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif (not joking either....)

 

[squeak9798 5,000+ posts]

On the flip side....if you do get a larger than necessary loan, you can simply reapply any unused proceeds back to the loan.

So, if they loan you $2k, and you only use $500 of it....just walk into the bank in a few days and pay down the loan by the $1,500 that you didn't use.

 

[Digital B 10+ year member]

Maybe, maybe not.
Most banks will do smaller loans unsecured, depending on the borrower's credit/D2I.

Holy hell. That's the highest I've ever heard of.

If you don't mind 30% interest rates //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif (not joking either....)

Yeah.. the 5k caught off guard first time I heard it. Yeah.. finace companys are high as hell.. but sometimes, they're the only one that will loan. Depends on how bad you need it.

 

[squeak9798 5,000+ posts]

Yeah.. finace companys are high as hell.. but sometimes, they're the only one that will loan. Depends on how bad you need it.

It's pretty amazing some of the people that apply and the situation's they're in.