SoFi and General personal loan question

[vtguy25]

so I am seriously considering asking my grandmother to take out a 20-39k personal loan for me so I can refi my personal loan and also pay my car off. I know she will qualify for the best term no matter where we decide to do this her scores are all 840+ with a good 500k in assets and no mortgage and over 100k in credit lines with little to no balances. I have been looking at SoFi and thinking about doing a 7 year 30000 loan and I think the rate would be 5.5 ish what are your thoughts, best place to do this kind of loan.'I can't get this much cash in my name as I do have a bk7 24 months old but have come a long ways in rebuilding score is right around 690. Credit lines are 17500 personal loan 11500 and car loan 10500 and own my home outright. So by taking this loan it will pay off those two payments giving me only one payment of roughly 430 right now I am paying 414 for the personal loan and 302 for my car and it would also put 10k in the bank. Just wanted to see what people's thoughts were. 

[Anonymous]

Didn't the bk clear your debts?

[Anonymous]

If she has 500k in assets, why not have her loan it to you directly at 5%? Then she is getting the interest instead of the bank.

[vtguy25]

Yes but I still have a car loan and the other money has been used for remodeling the house I own I can't take a heloc or mortgage because I won't qualify so I have about 70k in equity in my house and 20k invested.

[vtguy25]

I'd love to and if it were just up to her she would do that in a minute but my grampa wouldn't be ok with the idea even though it's just going to save me money I don't need to do this I can afford everything I have just makes more sense to save money on interest. Most of their assets are all in retirement acconts and not very easy to get at except all the money my grandfather has tucked away

[Anonymous]

Why did you pay for home remodeling you can't afford, or at least not without exorbitant interest? It sounds like you are only two years out of bk and have already run up high interest debt again. Now you are eyeballing your grandparents retirement savings as the solution to your problems.

This rubs me the wrong way. Your grandparents need that money to fund their retirement and you getting them to take out a loan and handing you the money puts their retirement at risk.

Does grandpa know about your scheme to borrow 30g's from his wife or are you hiding it from him?

[Creditaddict]

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@vtguy25 wrote:
Yes but I still have a car loan and the other money has been used for remodeling the house I own I can't take a heloc or mortgage because I won't qualify so I have about 70k in equity in my house and 20k invested.

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Not understanding why you won't qualify for a heloc if you are 2 years out of bk and 690 that should get you heloc?

BUT if you are going to do a personal loan, Sofi is the way to go hands down with the best rates around.

Takes some time to go through process but if you get her permission, you can check rate and how much she qualifies for with just a sp... if you move forward with a loan offer they will pull credit and require all documents to be uploaded. they will verify every piece of income so you can't fudge the numbers and assets won't matter if no income for them!