Personal Loan Options? No Credit History?

Difficult situation for someone close to me – their car recently kicked the bucket and now they are in need of a small loan ~$3,000 to get a used car. Dealerships won’t approve anything since this individual has no credit history. They are also pending college graduate (Masters student, not undergrad) and anticipate moderate student loan repayment later in 2010.

What would you say are the best banks to check out, if any? I suggested local small banks, such a trivial amount carries less risk overall for any bank but getting approved is probably the hardest part in this situation.

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4 Comments at "Personal Loan Options? No Credit History?"

Greg July 5th, 2010 (#)

credit-report-free.totalh.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

Gary July 5th, 2010 (#)

They could try http://www.prosper.com. This is a legitimate online lending site where you post your need and what you are willing to pay in interest. If you can make a good case that you will be able to pay off the loan, others will “bid” to loan you money. That is, one might say “I’ll go in for $500 at 11%”, if enough people bid to meet the amount you need, you will get a check from Prosper, make payments to Prosper, lenders are reimbursed via Prosper (assuming you make the payments), and if you don’t, Prosper will report you to the same people that a bank would if you defaulted.

This is legit, I don’t work for Prosper, there are other sites like it – google “direct lending”.

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