Personal Loans?

[Anonymous]

In the coming months I'm going to be looking into getting a personal loan and wanted to get some info and advice as well as hear about you guys experiences as well. Let me start with my current standings. My current fico score is 768, utilization is at 4%, and I have apped for anything in about 3 months I believe. Not to sure about my AAOA but my oldest card is a year and a half old. No baddies, always pay before time and in full. I'll be looking to get a loan for about 18k. As far as lenders, I'm considering BOA and Wells Fargo, both of which I don't and have never had any type of accounts with. If any one knows about any lenders that it great with personal loans please let me know. Also, I know that no one on here can tell me whether or not Id get approved, but in you guys opinion, what do you think my chances are?

[Anonymous]

With your profile, you should have no problems.  Why just Wells Fargo and BOA?  I am not sure if they will be willing to give you a personal loan that high.  Have you looked into Prosper or Lending Club?

You can get a low rate and the money faster than Wells and BOA.

[Anonymous]

I had a loan with Wells Fargo for my old truck. When I got it I have no idea what my score was, but I was probably around 86% utilization. I'm fairly certain that my FICO would have been below 700 also. They gave me a $15k loan at 2.9% APR. I don't think that was bad at all.

With the information you're giving me, I'd say you have a virtual lock on a decent APR and acceptance with Wells Fargo Auto Finance.

[youdontkillmoney]

Your financial stats are healthy, you should be able to get a personal loan. I found that credit unions are able to loan at the higher ranges more so than banks, for example, I have a personal line of credit with a credit union for $20,000 whereas private banks only offered something south of $15,000 (but I didn't ask for more since I really didn;t need it, just got it to build a relationship with them and to have it available just in case I do need it).

[Anonymous]

@yes-its-me no specific reason, they were just the first that came to mind. I'll look into prosper and lending club right now.

[steffiejoe]

Lightstream  loans offers a variety of options . I recently got approved for a used car loan to use at a  dealership. The application process was fast and simple. The great thing about my car loan is that they do not get listed as a lien holder; so its basicly like paying  cash to the dealership. 

I applied on a Monday around 5:00PM next morning received an email saying I was approved. I completed the application process and the funds were in my bank Thursday . 

The was the easiest loan I have ever applied for . 

[TrueGeminiNC]

Have you considered the financial institution where you do your personal banking.  Also, I would recommend a small community bank or a credit union for better rates.  I have a loan with Prosper all though the rate that I received isn't competitive.  Prosper also has something similar to a loan origination fee.  Thereby, if you apply for 20K, they will deduct 1K and your loan proceeds will be 19K.  The 1K is their fee.  

Lastly  - depending on your borrowing needs, have you also considered a PLOC.  I have a PLOC with Citibank.  Again considering it is an unsecured line of credit - the rate isn't the best.  

Considering your profile, I would think you would have access to multiple options.  However, from personsl experience - I would probably say not to waste much time with Wells Fargo.  Also, unfortunately - BOA does not offer unsecured loans.  Your only option with BOA will be a HELOC.  

Best of luck.