There has been much confusion over the past few years when it comes student loans and cosigners and within this short article I want to quickly clear up such confusion. Students keep asking me about no cosigner student loans and how they can go about finding lenders that can provide such loans. The majority of the time the student is wondering about private student loans and whether they could ever get approved for one if they don’t have a cosigner. The answer I tell them is that they can get approved as long as they have a substantial credit history as well as a consistent and demonstrable income. Most students look at me funny when I tell them this and they then say to me that they already knew this.
I then tell them that there are only two ways to get approved for private student loans-you can one apply with a credit worthy cosigner so that the lender can use that individual’s credit and income information in place of yours, or you can two try and apply yourself if you think that your credit and income is good enough. The lender needs to see that either the borrower or the cosigner have an established credit history or they won’t end up making the loan and in reality there are few exceptions to this. Many students then ask me about no cosigner student loans and how their friends applied for these no cosigner student loans and got approved without having to use a cosigner เครดิตฟรี กดรับเอง.
I then tell them that there are no such thing as no cosigner student loans and that they must have heard wrong. All private student loan lenders require that their applicants to have either a credit history or a cosigner or they simply will not make the loan. Some lenders can be negotiated with if your credit is on the border but the majority of the time the student has pretty-much no credit and this immediately disqualifies them if they can’t produce a credit worthy cosigner.
If you find yourself in this situation then you should first get a copy of your free credit report so that you can see where you stand in terms of credit before you apply. There are numerous websites that can provide you with a free credit report even if you don’t have a credit card, and you can identify these types of sites quite easily as many of them advertise using statements such as free credit report no credit card required, or free credit report no credit card. Once you have looked over your credit report you should then decide on whether you need to apply with a cosigner and if you can’t come up with a cosigner then you should just continue to build your credit up over time and then see later on down the road where you stand in terms of credit. If your credit increased by a wide enough margin then you may be able to apply for a private student loan yourself without a cosigner, so improve that credit score and you will eventually come out a winner.