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Posted in Auto Loans
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Irish1894

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Should I apply for a personal loan with my bank with a FICO of 645
I need it to help family about 5000 dollars. I plan on applying with my bank that i have checking and savings with. I have a steady income of about 600 dollars every two weeks so around 1000 dollars net. Im full time retail. My bank has all this on record should I apply with a banker or is it not worth risking it.

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I think you have an OK chance of being approved, especially if you're applying with an institution with whom you have a good history with. Not sure what your rate would be like, though.

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My question might be " what kind of help for what members of family?"  Is it because they can't get a loan themselves due to their poor credit?  If so, you are not responsible for their mistakes and they should have to live with the consequences of their errors.  If it is something like medical assistance, they can possibly get reduced rates through a hospital or clinic.  If it is something else, can you gather family members together to pitch in to help, possibly making it a loan that should be repaid?

I've seen here where friends and/or family cosigned a loan, only to have to  pay it off themselves, so I'm asking you to think hard before risking your financial future if it might not work out well.

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