Can my friend get a loan?
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He has a 640 beacon score and his student loans are in repayment and he just began working in his field of study. He went to his bank and they told him to get a years worth of experience and pay off some of his smaller student loan bills. He would be doing a no money down deal. His income last year was only 11,000, this year will be 31,000. Should he leave it alone and do what they say or, try other lenders.
Can my friend get a loan?no, do not get a loan to pay off a loan. that is foolish, don't sign up for something like that, because if the banks know how much money he makes, 11,000, then the banks might offer him a huge interest loans only. only if he made more money, then he probably can get a low interest rate loan.
since he makes only 11,000, why doesn't he contact the loan center that gave him that student loan. if it is in fact is a student loan, there are options for low income people to repay their loans. either the place that gave him the student loan will lower the interest rates or give him low payment options. if it is a student loan, he can find a way to repay it back through the people that gave him the loan. remember they want him to pay them back, and only way for that to happen is if he bargains with them.
bargain for a lower payment for student loans. this option is something they tell you when you first start your student loan. the people who you borrow from lets you know you have an option to pay a lower payment due to financial difficulties.
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