topic Re: Term Loans / Personal Loans - Any experience? in Personal Finance

Term Loans / Personal Loans - Any experience?

Anonymous — Fri, 26 Aug 2016 06:24:56 GMT

I know this is a credit forum but with some of the credit unions offering term / personal loans, any idea on how they work approval wise? Are any no doc for people w/ solid credit? What kind of score are they looking for and income if they need docs? Any experience with amounts and where from? Rates?

I know this is really general but I'm sure some of you guys have taken out personal loans in addition to or instead of credit lines. I tried searching but maybe I'm not using the right terms?

Any input is MUCH appreciated! Thanks!

Re: Term Loans / Personal Loans - Any experience?

Burned2manybridgesB4 — Fri, 26 Aug 2016 22:11:18 GMT

Last time I dealt with a Sig loan....

Bank 1 was still alive

$3500 preapproval in mail.

Set terms, and interest. Payment book included.

Costed me $4800 over four years, but I didn't care as I was young, and dumb.

Jumping ahead twenty years...

Shop around for rates.

Expect docs requests from all lenders, since they're skittish now.

Re: Term Loans / Personal Loans - Any experience?

Appleman — Sat, 27 Aug 2016 21:17:53 GMT

I would say most will require POI (proof of income) to proceed. If you are slef employed some even want 2 years worth of taxes.

The good news is that there are plenty of places to pre-qualify to see if you can get a personal loan.

SoFi.com, Lending Club, Prosper etc. These allow you to pre-apply via a soft pull.

PenFed is a great option, apply for membership and have one Equifax HP. You have a 90 day window to apply for some of their other products.

Good luck..

Re: Term Loans / Personal Loans - Any experience?

greent — Tue, 30 Aug 2016 03:51:09 GMT

The only experience I have about this is that I sometimes get a mailer offering Me a personal loan for 5200. The rate is 36% The monthly payment is set at 250. I have TU 702 EX 707. I forgot the name of the bank that sends the mailer to me.