Promise Financial personal loan

[TheConductor]

---

@Anonymous wrote:

I didn't get the most ideal APR but I knew that upon accepting. For me, it's a cost I'm willing to accept while my credit has a chance to age. 

---

It may not even have to age very long.  For example, one year later my APR on my new Prosper loan is less than half of what it was on my first one. I went from B rating to AA in their system.  I imagine most of these peer lenders will likewise significantly boost your rating after a period of consistent perfect payments.

[Anonymous]

Good to know, TheConductor, thanks!

[Gotagoal]

So based on your luck with Promise I just tried it (as I'm waiting for LC to get back to me as it's been over a week on their preapproval). Anyways, I'm bummed because I asked for $13.5 to check their rates I had to fill out a lot on their website and the reply was they couldn't help me because "Excesisive obligations in relation to income".  They pulled TU.  I am just trying to get a loan with a lower % than a lot of my CC so I can pay them down. I have good credit just using too much and either I pay minimums or get a loan to help. Either way they will get paid so I don't understand when we get denied.

[StartingOver10]

---

@Gotagoal wrote:

So based on your luck with Promise I just tried it (as I'm waiting for LC to get back to me as it's been over a week on their preapproval). Anyways, I'm bummed because I asked for $13.5 to check their rates I had to fill out a lot on their website and the reply was they couldn't help me because "Excesisive obligations in relation to income".  They pulled TU.  I am just trying to get a loan with a lower % than a lot of my CC so I can pay them down. I have good credit just using too much and either I pay minimums or get a loan to help. Either way they will get paid so I don't understand when we get denied.

---

^^^I just want to respond to your question about not understanding the "Excessive obiligations in relation to income" denial.

This is a sign that you are in a very precarious position right now. Your debt is so high relative to your income that you are making minimum payments (a bad sign) and looking for loans to help you make those payments (a really, really bad sign).

For the short term I suggest not getting any loans at all. Focus on putting together a budget so you can snowball the payment of your debt. It is very possible you may need to pick up another job or sell things around the house so you can build up a savings and pay down your debt. Stop applying for cards. Stop using your cards. You can turn this around if you take proactive steps now.

Visit the rebuilding forum and post your debt and payments so they can help you with a plan/budget.

[Gotagoal]

Ok thank you. I've pulled myself out before and not sure why I got myself back into this situation as I chip away at my debt.  My hope was to get a loan to pay off the retail cards with higher % and never use them again as I pay off other bills. I know I can do this and I am working a second job now so I will stay focused.  I do think a HELOC would be a good idea so we'll see.  This forum has been so helpful to me since 2007. Thanks again.

[StartingOver10]

---

@Gotagoal wrote:

Ok thank you. I've pulled myself out before and not sure why I got myself back into this situation as I chip away at my debt.  My hope was to get a loan to pay off the retail cards with higher % and never use them again as I pay off other bills. I know I can do this and I am working a second job now so I will stay focused.  I do think a HELOC would be a good idea so we'll see.  This forum has been so helpful to me since 2007. Thanks again.

---

I would be careful with a HELOC too. All you are doing is converting unsecured debt into secured (by your house) type debt. It has its benefits with the low interest rate, but that can be a trap too especially if you are using it to pay off unsecured cc debt that essentially is from store purchases (wants, not needs).  Try first to get rid of it with a good budget and sock drawer the cards. Look up snowball method - it might be just the thing for you. Try daveramsey.com if you need help with your budget.

Glad to see you already recognized you needed another income. You can get through this, it just takes planning and control.

[Gotagoal]

Thanks "Starting Over".. it's people like you on this forum that really help. Since 2007 I have learned a lot (and forgotten a lot apparently) from this Forum. I felt in control and now I need to pull in the reigns.  I'll stick to it as I know it's possible. Slow and steady. Thanks for this forum I went from bad credit to good credit and bought my first condo. Feels good. But this is a good reminder (to me) that bad habits / old habits can and will repeat themselves if not watched carefully. I just got in from my part time job and thought of my goal/s. I just have to work hard. Thanks for ALL of your support!

[Anonymous]

hi

Just recently as of dec 24, 2015 i applied and was offered the following

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

What gives? 

[Anonymous]

---

@Anonymous wrote:

hi

Just recently as of dec 24, 2015 i applied and was offered the following

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

What gives? 

---

What gives is that they perceive a high level of risk based on your profile.

[Anonymous]

I have 4 unsecure credit cards and 1 student loan

Cap1Platinum : $ 1443/$1500 (98% util)

Kohls charge $79/$300 (39% Util)

merrick secure $25/$315 (8% util)

Chevron Texaco $497/$500 (99% util)

Lowes Consumer CC $2049/$5000 (46% util)

Nelnet Student Loan $5200/Deferred until July 2016.

All util % are guess-timates.

VERY MANY INSTALLMENT LOANS PAID UP excluding a recent Auto loan (june 2015;$279,20/mo payment). 6-payments made on time. 

Irrespective of interest on each cc, if borrowing at  26%APR then might as well not get a personal loan? my CC's are not even in the 20%-25% APR range. 

$3100/mo gross income

TO EACH ITS OWN (PROFILE)..

maybe i should apply after utilization is down to 30% or less ; i suppose rates get better then