Personal loan

**Meya** · May 9th, 2009, 02:26 PM

Right about now, banks are going to consider that risky. I am glad you posted this question because I went into my local bank to get a personal loan and was told to wait until my last baddie fall off, and do NOT be late at all. So I am waiting til Aug 09 turn around for my last baddie to fall off.
Since your debt is only $3k, I would try and pay that down myself through snowballing or some other pay down express.....lol. You have pretty good scores, hopefully no baddies are involved

. What is your highest loan trade on your cc or installment accounts? Sometimes banks look at who gave you the most money and how well you handled it. Since you only want $3k, you might want to start with our local branch, I believe you might come up with some type of luck. But I hate to say that they might ask you to bring in a co-signer because your income is pretty low. By the time they figure out how income - bills + current debt, they may come up with a red flag for cosigner.

If you want to give it a shot, go into your local branch where you bank, and sit down and speak with someone at the desk. If you have a credit monitoring service, download a copy and take your Cr in there with so you don't have to get any hard pulls from them. That is when you will get a better chance of a yes or no.

**smcc** · May 9th, 2009, 02:39 PM

How about collaterizing the loan ? Personal loan of that amount Meya and I'm thinking they are going to make her apply for a credit card because the bank isn't going to make enough profit off that small a loan, Credit Union might be different though.

Its been so long Meya, are banks still doing signature loans ?

**Meya** · May 9th, 2009, 10:29 PM

Hey, I have to take your word for it, because my bank told me themselves that their guidelines has been stricter because of the economic downturn. I have not heard anyone say they even applied for a personal loan. The only blessing I to receive one was because it was for school purpose (and they actually have it on my report as an unsecured personal loan), so I really hate to tell someone to go for it.

I know this is off the subject but could you take a look at this thread, lindlau needs some advice about Bofa airmiles vs Barclay's airmiles, I am not for sure which bank purchased the airmiles, but i do believe Bofa did. Please help! Thanks!
http://www.financeglobe.com/SocialNe...0209#post20209

**cce** · August 3rd, 2010, 10:45 AM

A couple of years ago I searched for a normal personal loan, and there were numerous legitamate loans being advertised. It looks like payday loans are now dominating this market. Has anyone had any luck with their local bank or FCU for a loan more than $5,000?

Thanks

**JoeArg29** · August 12th, 2010, 09:49 AM

Originally Posted by cce

A couple of years ago I searched for a normal personal loan, and there were numerous legitamate loans being advertised. It looks like payday loans are now dominating this market. Has anyone had any luck with their local bank or FCU for a loan more than $5,000?

Thanks

Try Prosper or LendingClub they are legit...I invest all the time prosper is easy

**cce** · August 16th, 2010, 09:19 PM

I went to prosper and it looks pretty neat. However, I like traditional loans for whatever reason. Credit building, documentation that I'm familiar with, etc.

Thanks

**richhall62** · January 21st, 2011, 01:14 PM

Originally Posted by delci06

Hello,

I need a personal loan to pay off some payday loans. My credit score has gone down a lot. It is now in the mid 550's. I have 3 things in colletions and everything else I pay on time(car, credit cards etc). My step mother has offered to co sign on a loan for me, her score is a 780. I have called my credit union and several other banks and they said that I would more than likely be turned down b/c of my credit report(collections & low score). Is this true for all banks? I really need to pay off these payday loans(1200 a month for interest only) and I am getting married in 4 weeks and need to finish paying off my dress, shoes etc.

Thanks

Try to find an Unsecured Personal Loan Lender that accepts collateral in addition to your credit. If you have any assets, they will most likely accept you at a normal interest rate with collateral

**kforbes86** · January 4th, 2012, 11:49 AM

I just got a personal unsecured loan through my credit union at the beginning of december to pay off 2 credit cards.... My credit union has been great to deal with... i have a credit card with the same credit union, but not my checking or savings. i had sent my application to them and a branch manager called me the same day to ask about why so many inquaries on my credit report, and to explain 2 old charged off accounts. what i thought was great was he asked me how much i needed, and what i wanted my payment to be. they caterd to me and gave me exactly the payment amount i asked for, and 9.5% interest to boot. if you are looking for a personal loan definitley go with a credit union. they are a lot more personal and more willing to work with you, at least in my experience.

**kforbes86** · January 4th, 2012, 12:09 PM

I pulled my credit report from experian today... and my new personal loan just showed up on experian today. and there is missing information for it in my credit report. here is how it looks on my credit report, as you can see it doesnt show anything for terms, high balance, or limit. is it normal for an installment loan to not show these?

Account Name:	OKLAHOMA EMPLOYEES CR
Account Number:	200225XXXX
Acct Type:	Unsecured Loan
Acct Status:	Open
Monthly Payment:	$100.00
Date Open:	12/1/2011
Balance:	$805.00
Terms:	Unknown
High Balance:
Limit:
Past Due:
Payment Status:	Current
Comments:

**patrick12** · January 4th, 2012, 04:01 PM

I would suggest giving them a call and get that installment line reporting correctly, that can really mess with your utilization and if in the future any other creditor sees that, they may not have a clue on how much debt you have been able to handle with past creditors, all of my installment loans have always reported the original credit limit, never the high balance, or just the current balance. Also, make sure to check all 3 of your bureaus to make sure that its not just reporting like that on Experian, I have noticed in some situations where certain creditors will report the original credit balance on two seperate reports but not always across all three.

**kuhren** · October 6th, 2012, 11:47 AM

Originally Posted by jeepy1983

A finance company usually deals with customer with not so hot credit (anywhere from 500 score and up), and borrow their money from a bank. Which is why the interest rates are around 25 or 26%. An example of a finance company would be (depending on your area) a citifinancial (they get their money from citi bank), and American General. A finance company also does not deal with any sort of banking. Just the lending portion Also, most finance companies do their own collections in the same office.

hjm331 no money down would be required. Depending on the amount of the loan they may require some sort of security (car title, motorcycle, dirtbike, atv, etc....) usually any amount under 5k, and depending on your credit, you can do unsecured with just a personal property listing.

hey i am trying to get a big loan over 5k with a 550 credit score i have my car as collateral what should i do please help thanks....