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Question on Personal Loan

Established Contributor

Question on Personal Loan

 

Does any one have suggestions about personal loans? Is going through the bank the best option? What are the typical interest rates like?

 

I have recently got approved for a auto loan from my bank, hence I am not sure if they would consider me for a personal loan.

 

 


Starting Score: EQ=665,TU=618 on Oct 9,2010
EQ=702,TU=725 on Apr 11, 2012 EQ=705 on Oct 31, 2012 Current Score: EQ=702, TU=714 on Dec 8, 2012
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Re: Question on Personal Loan


tennisfan78 wrote:

 

Does any one have suggestions about personal loans? Is going through the bank the best option? What are the typical interest rates like?

 

I have recently got approved for a auto loan from my bank, hence I am not sure if they would consider me for a personal loan.

 

 


Bank or more likely credit unions, though APR's are not nearly so favorable as auto or any other secured loans for that matter.  Having an auto loan may not disqualify you for a personal loan depending on your bank, though CU's tend to be more favorable these days for personal loans as some of the national banks have gotten out of doing personal loans altogether.  Think Wells is one of the few left standing after BOFA/Chase stopped.

 

Financially speaking, usually there's cheaper money available unless you're talking about consolidating credit card debt or similar.  Of course if you can do the family loan route, that's in all ways better financially with the mandated guidelines.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Re: Question on Personal Loan


Revelate wrote:

Financially speaking, usually there's cheaper money available unless you're talking about consolidating credit card debt or similar.  Of course if you can do the family loan route, that's in all ways better financially with the mandated guidelines.


Sorry to bump this oldie, but I was wondering what cheaper money was out there.


TU 759, EX 744, EQ 779
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Goals: 800 Club, pay off auto loan in 2 years
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