What are things banks look for when apply for a personal loan?

Hi..I'm 19 years old and I need a fast loan. My credit score is in the 700. Right now I don't work and is currently staying home with parent enjoying the summer. In a couple of weeks I should have a job and should be getting around $800 to $1000 a month. The loan amount that I'm interest is about 15K. I really just need about 12k but just in case. I have Bank of America as my local bank right now.





After telling me what banks look for when applying for a personal loan, can you also recommend suggestions to what banks I should look for to get this fast loan?

What are things banks look for when apply for a personal loan?
A personal loan is unsecured by real estate or another bank account/savings account, etc. Some banks call it a "signature loan", meaning it's your signature alone that backs it up. Therefore, your age may work against you - and also the income you anticipate from your job may not qualify you either. Banks like to have something they can grab onto if you default [fail to pay off, disappear, skip payments, etc.] like a piece of real estate, a handful of diamonds, OR a salary that would make paying off a personal loan of that amount easy-peasy for you. What your credit score is based on [paying off credit cards on time, etc.] will count also. You might want to find out from your bank just what the terms would be--personal loans generally have a shorter allowable pay-off time [not like house mortgages where you have around 20-30 years to pay it off] and thus your payments might be pretty high...which is where your expected salary might discourage them from making you a loan...UNLESS you have a trust fund or investment package somewhere. This is the Ultimate Dark View...would your parents co-sign for you and tie up THEIR real estate for your $15,000?





p.s., bankers are pretty nosy, too...because of your age, they might ask you what you need it for! "A Beautiful New Motorcycle" is not the answer they might be looking for. Inside every banker's heart is a Big Dad With Questions... [sigh].
Reply:Credit score - with a 700+, you are probably good on this





Income - If your income is $1k/month, and you are looking to borrow a minimum of $12k, you are trying to borrow a year's income. It is likely that the bank will decide that your income is insufficient for a personal, unsecured loan of this size.





Job stability - Not currently working, and applying for a loan immediately after you get a job will not help your chances of getting a loan. Banks like to see at least 2 years at the same company.





To get a loan of the size you are thinking of with your anticiapated income, you will likely need more income or a co-signer.
Reply:at 19 you probably have very limited credit and most banks are unwilling to make a loan that large to someone your age like the last poster said you'll need a co-signer
Reply:Good luck...you are going to need a co-signer!!