Where to find a high limit personal loan?

[Anonymous]

Does anyone know of a bank or institution that offers personal loans in the $150K range?

Trying to refund contributions I made into a retirement pension fund I had to withdraw to pay some unexpected emergency expenses a few years ago. Once I repay it, I'd get a $70K/year lifetime annuity which I'd completely put towards paying off the loan until paid (I can provide the bank documentation of this). Only problem is finding a bank with a personal loan product that will loan that much. I don't have a house to put up for collateral so a HELOC or mortgage isn't an option and opening checking accounts in 10 banks to be a customer to get a loan for $25k isn't efficient or probably viable. Thanks

[Gunnar419]

I'm sorry to get personal, but what's your income, your credit picture, and do you have any other valuable assets that might serve as collateral?

If you don't already have a strong, well established relationship with a lender and a sterling financial picture, getting a loan like that is going to be tough, as you're already seeing.

[Anonymous]

I bank with Chase and a credit union. Chase does not offer personal loans and the credit union's limit is $50k, which will not help.

This loan would only be for 4-5 years since I would be paying $70k/year towards the loan using the annuity.

My credit is good, all of my bills are up to date, no BK's.

I had a local banker tell me that if they offered a personal loan that large they would write me, so I don't think I would have a problem being approved, it's just finding a bank that will write a loan that large.

[slickshoes182]

City National Bank ( https://www.cnb.com/index.asp ), First Republic, Suntrust, and UnionBank are places I know of that offer unsecured loans & lines of credit in this range. Of course they are usually looking for wealthy people for these products.

Good luck!

[youdontkillmoney]

A loan of $150K is considered out of the ordinary for most consumer loans aimed at 90% of the market.

In addition to the option of tryng at banks such as City National Bank and First Republic, among others as another poster mentioned (though you have to have a lot of free cash flow to qualify, which may not be the case since your assets are tied up), another option to consider is to "sell" the future cash flow streams of your annuity, for example, I see on TV there are loan outfits that advertise that they will give you cash up front but you promise them or sell them the value of your annuity or other assets that will generate cash flow in the future. Basically you give up that annuity and they give you cash today. 

[Anonymous]

I have looked into the pension advance companies, but they won't touch it since it's a government annuity. I would have this paid back between 36-48 months depending on the terms (probably less). Most assets I still have (i.e. deferred comp) can't be touched until I retire. If I file for retirement without repaying the contributions, I won't get the annuity.

I have nothing on my credit that would show I don't pay my debts, I have job offers available that would pay my household expenses while the loan is being paid back with the annuity. The only issue is finding a bank that will loan that much without a house as collateral. I'm not looking to take out $150K and put it on black 13 with no idea how I would pay them back.

I could try to piecemeal it together with 4-8 separate personal loans at $25-$50K. But I also don't see that being viable as after the 3rd application/hard pull, red flags will likely be raised. I'd rather have one or two hard pulls to get this done.

I'll look at a couple of banks mentioned.

[Anonymous]

Slick, Thanks for the suggestions. I live in Chicago, so need to see if they will lend to Chicago residents as they look to be in California (Union has a Chicago office, but for commercial customers). I also sent an email to Northern Trust. Their website is very vague on if they offer loans outside of mortgages. However if they do, with the clientele they cater to, $150k probably wouldn't be above their limit. (Except I don't have $10 Million to put in their bank)

[youdontkillmoney]

City national bank and First Republic bank have very strong west coast presence, Chicago might be out of their territory