Will I get approved for a 5000$ loan? I dont have any credit but I have collateral of 1000$. I also have a job, I make around 1000$ a month.?

Best Answer:

Mikey: You can give it a shot. While not having a credit score does act as a deterrent for lenders, but it is not equivalent to having a bad score. So if you are able to provide comfort to your lenders on other parameters then you could apply for a loan.

Other answer:

No. Personal loans are very difficult to obtain. You have nowhere near the collateral required (which would be, for example, a CD with a minimum of about $7000 – they will lend about 80% of the value of the CD). Your income is pathetic, and unlikely to pay your most essential living expenses, no less repay a loan. And you have NO credit!
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No credit = no loan.
I'm afraid not.