Personal Loan

[Anonymous]

Hi Guys I'm currently looking to get approved for a personal loan for around 4k

My scores are Ex 610 Equ 581 Trans 569

I was wondering if you guys knew someone that my approve me with these scores or should I continue to build before applying?

Capital One Platium $300 Fingerhut $200 MyJewelry Club $5000

[Anonymous]

At those scores any personal loans are going to be issued by guys with Italian names and bad reputations in the neighborhood.

Keep building. Apply for a second Cap One card, and when each Cap One card has three statements, go online and request a CLI.

[Anonymous]

Thanks! 

[braznyc]

I think you should continue to rebuild because the best you'll do is Avant and their interest rates (IMHO) are insanely high; I've read someone say they paid like 30%. There are topics on Avant. I only mentioned because you asked, but if you can hold off and continue to build I would do that. Loans like Prosper won't qualify you with your current scores. Upstart might be something to look into but I still think your scores will be the issue. I have a friend who took an Upstart loan and she got good rates, but they use your college education, etc. You might want to join a credit union as you're rebuilding and look into their loans when your scores are better.

[Anonymous]

i dont understand the logic in looking at education/background for personal loans?

i have a degree from a foreign university and only took some vocational/occupational classes here in US. 

Promise financial (a non educational) loan issuer offered me the following

Loan Amount: $8000

Origination Fee: 5%

Loan Proceeds: $7600

APR : 26.83%

Int Rate: 22.97%

Monthly Payment: $309.56 for 36 months

Atleast the good thing was it was a SOFT PULL. I fell off my chair just reading that, thought of making a note of how they view different loan candidates & vow.

I have a pre-approved mailer from Lending Tree, One Main Financial, Avant & I m now scared to apply/think i would take the loan at these terms.

Besides i just recently like 2 mos ago relocated to a different city from where i was living. 

how does having a qualfied degree make the offer any better is BEYOND ME. 

i get the impression here from board members that AVANT/LendingTree/Prosper offers competitive/good rate loans? i dont feel that is true.

what am i misreading here? 

[Anonymous]

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@Anonymous wrote:

i dont understand the logic in looking at education/background for personal loans?

i have a degree from a foreign university and only took some vocational/occupational classes here in US. 

Promise financial (a non educational) loan issuer offered me the following

Loan Amount: $8000

Origination Fee: 5%

Loan Proceeds: $7600

APR : 26.83%

Int Rate: 22.97%

Monthly Payment: $309.56 for 36 months

Atleast the good thing was it was a SOFT PULL. I fell off my chair just reading that, thought of making a note of how they view different loan candidates & vow.

I have a pre-approved mailer from Lending Tree, One Main Financial, Avant & I m now scared to apply/think i would take the loan at these terms.

Besides i just recently like 2 mos ago relocated to a different city from where i was living. 

how does having a qualfied degree make the offer any better is BEYOND ME. 

i get the impression here from board members that AVANT/LendingTree/Prosper offers competitive/good rate loans? i dont feel that is true.

what am i misreading here? 

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Nobody here that I've ever seen has said that Avant and Lending Tree offer good rate loans. They don't. Prosper does, though. But like any lender it depends on profile. BTW, I have a loan with Promise Financial. My rate is 6.2%.

[Anonymous]

do these personal loan companies think

An Educated man has potential of paying back loan on time versus defaulting on the loan?

An Educated man is somehow capable of coming up with the money for monthly payment and makes it versus non-educated guy/gal

An Educated man has an EDGE OVER the other

thats what bothers me. i guess they call that PROFILING? 

[Anonymous]

---

@Anonymous wrote:

do these personal loan companies think

An Educated man has potential of paying back loan on time versus defaulting on the loan?

An Educated man is somehow capable of coming up with the money for monthly payment and makes it versus non-educated guy/gal

An Educated man has an EDGE OVER the other

thats what bothers me. i guess they call that PROFILING? 

---

The rates they offered you have nothing to do with education level. I don't have a college degree and, as I noted, my loan is at 6.2%.

[Anonymous]

that makes you wonder if its not relevant/important why have it as a QUESTIONNAIRE for  loan approval? why not exclude education relevant questions from ?

i can understand someone applying to re-finance student loans and get those questions?

i m convinced its profiling. 

its only the beginning.