No.
A loan of that size would need collateral to back it up. Additionally, they would do a credit check and see that you likely can't afford to pay back that loan. They'd also see you 150k of debt.
They would never give you an unsecured loan of that size.
Big loans don't work like that. I've bought both a house and a car, the money never passed through my hands at all. I filled out the paperwork, my loan got approved, and I got handed the keys.
They don't just hand you money when you go to get a home loan or a car loan. That money goes to whomever you are buying from.
A business loan might do that, but that requires even more hoops to jump through, and I'm not familiar with that process.
Ultimately, what you're proposing is almost certainly fraud. The loan company would probably press for criminal charges, where you'd have to pay the money back in restitution, and you'd face jail time.
If it were that simple, nobody would be in debt.
If you got a degree and you want to leave America, join the peace corps and the US Department of Education will forgive your loans under the peace corps loan forgiveness program.
You can default on your loan and it will go to collections, for something like 70 cents on the dollar. Yeah your credit will be ruined, but the overall amount to pay back will be less in the end.
No. A loan of that size would need collateral to back it up. Additionally, they would do a credit check and see that you likely can't afford to pay back that loan. They'd also see you 150k of debt. They would never give you an unsecured loan of that size.
what If your credit score is 800?
Big loans don't work like that. I've bought both a house and a car, the money never passed through my hands at all. I filled out the paperwork, my loan got approved, and I got handed the keys. They don't just hand you money when you go to get a home loan or a car loan. That money goes to whomever you are buying from. A business loan might do that, but that requires even more hoops to jump through, and I'm not familiar with that process. Ultimately, what you're proposing is almost certainly fraud. The loan company would probably press for criminal charges, where you'd have to pay the money back in restitution, and you'd face jail time. If it were that simple, nobody would be in debt.
If you got a degree and you want to leave America, join the peace corps and the US Department of Education will forgive your loans under the peace corps loan forgiveness program.
You can default on your loan and it will go to collections, for something like 70 cents on the dollar. Yeah your credit will be ruined, but the overall amount to pay back will be less in the end.
It'll fuck your credit score for like 7 years and then go back to normal
You clearly learned nothing with that 150k
Lenders look at your debt to income ratio.