New Visitor
Posts: 1
Registered: ‎10-11-2012

Likelihood of getting approved for a 10K personal loan?

So here's the deal...


Credit Scores: 689, 693, 701


Within the next few weeks, I'm going to pay off all my debts, thereby potentially increasing my score about 20 points, give or take. I'm really wanting to take out a personal loan for about 10K, just wondering what the likelihood of my getting approved for one would be? Or what the key factors for determining such are? Or what the interest rate on it would be? I don't really know what I need to do in the meantime to improve my chances, or where I should even apply for one, I was considering with Discover, but I have an incredibly high interest rate on that card, so I couldn't imagine what it'd be for a loan...

Regular Contributor
Posts: 177
Registered: ‎12-16-2011

Re: Likelihood of getting approved for a 10K personal loan?

[ Edited ]

I would suggest going through a credit union for a personal loan. The fees are lower and the customer service is better.


They will look at your income, and credit worthiness. The interest rate (with a credit union) should be somewhere around 10%.


You can work with the rep to decide how quickly you want to pay back. The longer you choose, the more interest you will pay, but the lower your payments will be.


A lot of the CU websites have handy payment calculators.


good luck!

In my wallet:
Discover More / Chase Amazon / Chase Freedom /Chase Business Ink / Chase Slate / Capital One Cash Rewards / Walmart Discover / Kohls / JCPenny / Home Depot / Art Van

Experian Direct PLUS scores: Experian 744/ Equifax 763/ TU 744

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+