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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Need Personal Loan from my CU

Does anyone know how much I could possibly get for $50 per month payment as a personal loan? $1000? $5000?

What are the typical options for repayment of personal loans from a bank or a CU? 5 years? 10 years?

I don't have a credit card with my CU so do you think applying for a CC would be better or worse?

I KNOW!!! I'm supposed to be in the garden but an semi-expected emergency came up and I need the extra money in a day or two. I plan to put in a hardship request through my 401K but it will be at least a week before that arrives if they approve it. And I'm on the fence regarding whether or not I want to pull from my retirement account. This is extremely URGENT and I NEED the money.

What do you all think I should do?

Please help!

Once this is done, I will be back in the garden probably until January or July of next year because this will be my 6th or 7th inquiry depending on report.

Again please help ASAP. I need to apply in a few hours. Thanks.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Contributor
thankfulheart
Posts: 619
Registered: ‎09-26-2011

Re: Need Personal Loan from my CU

I can only share my experience...I took out a personal loan from my CU last year for $7500. Scores were the low 700s at the time and I got a 10.9% interest rate. My payment is $167/mo/60 months.

 

Good luck!

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Need Personal Loan from my CU

That's not bad at all! Thanks so much for sharing. :smileyhappy:
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Frequent Contributor
dddfresh
Posts: 391
Registered: ‎01-11-2013

Re: Need Personal Loan from my CU

Are you in california by any chance? How mich do you need? I've had two personal loans. One from nfcu was 3300 at 18% and $80/month and the other was progress financial (progreso financeria) for $1600 and $140/month for 13 months but that's only if you are in CA

9/2013: Fico EQ 676, EXP 686, Fico TU 686.
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Valued Contributor
jsickz32
Posts: 1,987
Registered: ‎06-25-2012

Re: Need Personal Loan from my CU

I was approved for a 8k personal loan with 8.9% apr for 36 months. My monthly payments are 255.
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Valued Contributor
thom02099
Posts: 1,317
Registered: ‎08-30-2011

Re: Need Personal Loan from my CU


MovingForward_2012 wrote:
Does anyone know how much I could possibly get for $50 per month payment as a personal loan? $1000? $5000?

What are the typical options for repayment of personal loans from a bank or a CU? 5 years? 10 years?

I don't have a credit card with my CU so do you think applying for a CC would be better or worse?

I KNOW!!! I'm supposed to be in the garden but an semi-expected emergency came up and I need the extra money in a day or two. I plan to put in a hardship request through my 401K but it will be at least a week before that arrives if they approve it. And I'm on the fence regarding whether or not I want to pull from my retirement account. This is extremely URGENT and I NEED the money.

What do you all think I should do?

Please help!

Once this is done, I will be back in the garden probably until January or July of next year because this will be my 6th or 7th inquiry depending on report.

Again please help ASAP. I need to apply in a few hours. Thanks.


As for the numbers and a comparison....my partner just took out a personal loan...$2k....loan for 36months at 8.99%, payments are $61/month. 

 

Given the scores in your signature, I'm thinking that $1000-$1500 may be tops for a payment of $50/month, since you'll likely not get the most favourable APR on the loan.  There's mixed opinions about a 401(k) loan, but if they can expedite it, for just a small amount, it could be worthwhile, depending on how quickly you plan to pay  (yourself) back. 

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 768 EQ = 828 TU = 834 - June/2014
Established Contributor
Cdnewmanpac
Posts: 767
Registered: ‎01-16-2012

Re: Need Personal Loan from my CU

1. with your scores, an unsecured personal loan may be difficult. If you can get approved, it will likely be with a high interest rate. Unsecured personal loans typically are paid back over 3-5 years, although there are some 10 year products out there. My guess is that with a max payment of 50 spread over 5 years, you will get somewhere between 2000 and 2500, depending on interest rate.

 

2. If you put down 20% or more on your home, you could look at a HELOC or home equity loan. These will have better rates, a longer repayment schedule and you are more likely to qualify as it is secured with your home.

 

3. Pay attention to the interest rates. For high risk borrowers, you may be better off putting the charge on a credit card for a few months (even 6-12) and looking for other sources of money than tying yourself to a high interest loan for years.

 

4. This is why I think everyone on this forum should have at least one low interest non-rewards card. Emergencies happen and that is the worst time to be looking for loans. You might even check with your CU now. The rate they offer on a credit card might be better than what they offer you on a loan. 

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Valued Contributor
thom02099
Posts: 1,317
Registered: ‎08-30-2011

Re: Need Personal Loan from my CU


Cdnewmanpac wrote:

1. with your scores, an unsecured personal loan may be difficult. If you can get approved, it will likely be with a high interest rate. Unsecured personal loans typically are paid back over 3-5 years, although there are some 10 year products out there. My guess is that with a max payment of 50 spread over 5 years, you will get somewhere between 2000 and 2500, depending on interest rate.

 

2. If you put down 20% or more on your home, you could look at a HELOC or home equity loan. These will have better rates, a longer repayment schedule and you are more likely to qualify as it is secured with your home.

 

3. Pay attention to the interest rates. For high risk borrowers, you may be better off putting the charge on a credit card for a few months (even 6-12) and looking for other sources of money than tying yourself to a high interest loan for years.

 

4. This is why I think everyone on this forum should have at least one low interest non-rewards card. Emergencies happen and that is the worst time to be looking for loans. You might even check with your CU now. The rate they offer on a credit card might be better than what they offer you on a loan. 


AMEN to that!  Better to have something like a Slate, or regional bank like IberiaBank or Zions for lower interest cards.

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 768 EQ = 828 TU = 834 - June/2014
Established Contributor
Pilotdude
Posts: 955
Registered: ‎02-02-2013

Re: Need Personal Loan from my CU

+1 always keep an emergency card stashed away.

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Valued Contributor
improvingmycredit
Posts: 1,384
Registered: ‎07-12-2011

Re: Need Personal Loan from my CU


MovingForward_2012 wrote:
Does anyone know how much I could possibly get for $50 per month payment as a personal loan? $1000? $5000?

What are the typical options for repayment of personal loans from a bank or a CU? 5 years? 10 years?

I don't have a credit card with my CU so do you think applying for a CC would be better or worse?

I KNOW!!! I'm supposed to be in the garden but an semi-expected emergency came up and I need the extra money in a day or two. I plan to put in a hardship request through my 401K but it will be at least a week before that arrives if they approve it. And I'm on the fence regarding whether or not I want to pull from my retirement account. This is extremely URGENT and I NEED the money.

What do you all think I should do?

Please help!

Once this is done, I will be back in the garden probably until January or July of next year because this will be my 6th or 7th inquiry depending on report.

Again please help ASAP. I need to apply in a few hours. Thanks.

Hey MovingForward_2012!

Have you thought of getting a LOC through your credit union?  It's an open line and easily paid back.  I like it because it gives you easy access to credit without having to apply all the time if you need money.  Just a thought!

 


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