How was my sister able to get a signature loan with bad credit, but I can’t get unsecured with fair?
August 23, 2011 by sigmi
Filed under Signature loans
I’m a little bit confused. I was just denied a small unsecured personal loan (even with a co-signer), because my income is a bit low. My credit is fair, I’ve never defaulted on anything, and don’t carry a ton of debt. However, my sister was able to get a signature loan with bad credit no problem. Does it have everything to do with my income, or am I missing something here?
Interesting… I guess I didn’t realize it made THAT much difference, although I knew going into it that I might not get it for that reason. Thanks Ryan.
It might have to do with your income. No one is going to give you a low if they do not think you can reasonably pay it back. Without seeing every detail of your loan and your sister’s loan….no one here can tell you an EXACT reason, but YES income is a huge factor.
I always thought income was the main factor, but apparently I must be missing what you are missing because I am in a similar situation. I work part-time retail, make too much money for the loans I applied for through the school but do not make enough money for a loan through the bank even with a co-signer! I have great credit, never late on bills, money in the bank, etc. However, I know someone that does not work, is behind on rent, has utilities shut off, and is living on student grant money every semester, while being several thousands of dollars in debt. We have the same bank, so we both applied for a small loan at the same time without co-signers and guess what? She was approved and I was denied! It doen’t make sense to me either.