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Author Topic: Can my fiancee borrow for me?  (Read 2371 times)

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Can my fiancee borrow for me?
« on: April 22, 2005, 04:42:51 PM »
I want to take out a loan for 1-2k. My fiancee has a credit rating in the high 700's. Mine is is in the low 600's. I want to find a private loan that would allow him to take out the money for me without having to have me sign,that way we could take advantage of the super low interest rates.

jacy85

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Re: Can my fiancee borrow for me?
« Reply #1 on: April 22, 2005, 06:26:19 PM »
I vaguely remember someone posting about some lenders doing this, and I think it was on one of these fin aid. threads, but that's about as helpful as I can get.  Maybe just skim through a couple of the "longer" threads in this section and see if you can spot it.

Good luck!

St. Shaun

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Re: Can my fiancee borrow for me?
« Reply #2 on: April 23, 2005, 01:25:01 AM »
Can I borrow money through my wife (she has low 700, I have mid 600s)?
You can't make everyone happy...
but you can sure piss everyone off.

Xony

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Re: Can my fiancee borrow for me?
« Reply #3 on: April 23, 2005, 02:43:11 AM »
Just go to your tax collector's office and do an informal wedding.. and then borrow away in your new spose's name

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Re: Can my fiancee borrow for me?
« Reply #4 on: April 23, 2005, 11:37:57 AM »
Just go to your tax collector's office and do an informal wedding.. and then borrow away in your new spose's name

Ha,I wish it were that simple. He wants an actual wedding.  :(

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Re: Can my fiancee borrow for me?
« Reply #5 on: April 23, 2005, 11:48:48 AM »
As a former loan officer, let me say this:

If you need only 1-2k, the easiest way to do this is by having your fiance take out a personal loan. 

It will be unsecured, so the interest rates will be a little higher than with an educational loan, but the bank won't ask why he wants it, and you don't have to be involved.

The down side?  Beware of hefty hidden fees and pre-payment penalties... This is better than a payday loan, but depending on the lender you choose, you can still get screwed.  So make sure to shop around.

Best case scenario (I say): Given that you only need 1-2k, if your fiance has a credit card through MBNA, he can have "balance transfer" money direct deposited to his checking account.  They allow this, and it gets balance transfer promotional rates (if any), and DOES NOT get categorized as a Cash Advance... Or at least they have done this for me.

This way, you are never involved, and the interest rate is likely to be better than a personal loan, at least temporarily, depending on the card he has.  Check it out.

(BTW, your fiance will not be able to take out ANY educational loans for you without you being involved.  The student must be the primary borrower; anyone else can only be a co-signer.  Also, one cannot take out a loan in someone else's name--even if it is their spouse. That's actually both identity theft and fraud--and illegal.)

GOOD LUCK!

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Re: Can my fiancee borrow for me?
« Reply #6 on: April 23, 2005, 05:30:35 PM »
In MA, there's a program called MEFA that allows the spouse of a student to borrow for them. But I haven't found anything like that for FL residents.


Anod-Thanks for the advice. I actually talked to my MIL and I'm just going to borrow it from her. Whew.

HippieLawChick

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Re: Can my fiancee borrow for me?
« Reply #7 on: April 23, 2005, 08:37:20 PM »
Get a part time job! 

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Re: Can my fiancee borrow for me?
« Reply #8 on: April 23, 2005, 09:11:06 PM »
Get a part time job! 

I havetwo jobs. I've also have a number of family related expenses to take care of before law school.