How hard is it to get a small personal loan from the bank?

5 Responses to “How hard is it to get a small personal loan from the bank?”

1. 

   knowitall 18. Jun, 2010 at 7:21 pm #

   Banks do not like to make small personal loans – it costs them more in the paperwork than they make on the loan.
2. 

   MVD34 18. Jun, 2010 at 8:18 pm #

   A credit union is a much better choice. That is not the kind of business that banks like to do…with such a small amount and less than excellent credit all you are going to hear is “no,” especially at the bigger banks.
3. 

   NICE 18. Jun, 2010 at 8:49 pm #

   Yes banks do not give loans that small. However, if you have a local credit union, they are more prone to give lend small loans. I have done it in the past.
4. 

   Ken 18. Jun, 2010 at 9:42 pm #

   These days it’s rather tough. Banks are cutting back on risk. For instance I work for Chase Bank, and they no longer offer unsecured personal loans (which seems to be what you are looking for), so if you don’t have a savings account/CD with the balance to cover the loan, you can’t get the loan.

   I’d shop around, but it likely won’t be easy without stellar credit.
5. 

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