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emorris25's avatar

How to apply for a loan?

Asked by emorris25 (78points) 1 month ago

Ok so I tried to research this online but I would like to get opinions from regular people who may have once been in my position. My monthly income is as follows: I make $803 from SSI, $2,860 from a full time job, I make a guaranteed $2,000+ commission over a 9 day/126 hour period selling fireworks, and then $500/month over a 3 month period. It may be per week I’m not sure. Can anyone give me an idea of how to calculate this into an annual income? I did everything the internet said and it told me I make $3,171/month and $38,052/year.

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7 Answers

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Inspired_2write's avatar

$803 monthly income times 12 months for annual total = $9636
$2860 monthly income times 12 months for annual total= $34320
$2000 multiplied by approx 3 times a month (30 Divided by 9 = 33.33) approx $ 6000
$500 per 3 month period = 12 divided by 3 periods = 4 per year times $500 = $2000
—————
Total annual approx = $51956.00

One has to factor in Expenses ( debts)
Income minus Expenses = Actual Annual income
Depends on If you can carry this loan as well and successfully get through this pandemic crises unscathed?

zenvelo's avatar

The difficult thing may be that you have seasonal work (fireworks sales) that canno t be annualized.

You don’t mention what monthly obligations you have (rent, car payment, insurance, food, commute costs), a lender wants to know if you have enough left over after expenses to payback the loan.

Darth_Algar's avatar

This is something you should go down to the bank and talk to a loan officer about. They’ll be the ones approving/declining your loan application, so they’d know better than we do.

As an aside, I’m wondering how the hell you’re drawing SSI with that much income. But that’s another topic.

KNOWITALL's avatar

@Darth_Algar I was wondering the same thing. Here you can only make so much to retain your SSI and benefits.

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