Imagine being a loan officer evaluating extending a 60k loan to someone. Do they have any collateral? No. Do they have any credit worthiness? No. Do they even have a job? No.
You wouldn't even meet with this person, the computer would probably turn down the application automatically because OF COURSE this person is a massive credit risk, in fact only a sucker would extend credit to a person like this - even with a massively inflated interest rate! Even with a co-signer you'd turn this person down.
Imagine being a loan officer evaluating extending a 60k loan to someone. Do they have any collateral? No. Do they have any credit worthiness? No. Do they even have a job? No.
You wouldn't even meet with this person, the computer would probably turn down the application automatically because OF COURSE this person is a massive credit risk, in fact only a sucker would extend credit to a person like this - even with a massively inflated interest rate! Even with a co-signer you'd turn this person down.