topic Re: Have a few questions about personal loans. in Personal Finance

Have a few questions about personal loans.

Anonymous — Fri, 03 Jan 2020 18:07:14 GMT

I have a credit score of 732 currently. It fluctuates depending on where I look. The last report was done with $750 on my Credit Cards I have since paid it off. I notice that it has a decent effect on credit. I can likely bump it up to 750.

Here's my question. I need approximately $15,000-20,000 for a wedding. My wedding.

I make $58,000 a year before taxes. I have been banking with the same bank for the past 8 years and working at the same place. They can see my auto deposits for at least 5 years (probably more. Not exactly sure when I signed up for auto deposit).

I have tried to see what I can find online. Everything but upstart offers me maximum $10,000 with my credit and income. Upstart offered me as much as $50,000 which I thought was really high.

How much can I realistically apply for? I'm looking for a longer term. It wouldn't be hard for me to make $400-500 monthly payments. My car is paid off I used to pay $400 a month for it.

Someone also suggested just getting a few credit cards. But I'm worried about trying to apply for several credit cards at once. And I'm not sure I'd be able to make $20,000 worth of limits like that. Usually when I get pre approved for cards they only have about $1100 as the credit line with an option to double in 6 months or something.

My wedding is going to be somewhere around the end of March or the beginning of April.

Thank you ahead of time for your help.

Re: Have a few questions about personal loans.

Anonymous — Fri, 03 Jan 2020 21:13:05 GMT

It's hard to say what you could be approved for, especially without knowing more about your credit profile, but I can offer my experience

My scores are lower than yours my income is not too much more than yours, I have a good amount of open credit and I had (at the time) around 35% utilization. I wanted to get a personal loan to consolidate my balances. I had applied before but had always been denied.

I tried again in October. I app'd with Navy Federal, Discover, with PenFed, and with USAA. Shockingly., all 4 approved me instantly for amounts anywhere from $15k - $35kThe rates were not the lowest but I had some promo balances expiring so they were lower than what the rates would have been. I accepted one of the offers for $25k for 60 months. I plan to pay it off way before the 72 months but I just wanted a lower payment. I actually already have nearly $10k paid off. I am going to try and refi the balance for a lower rate in a month or two.
I believe anyone can join PenFed, anyone can app with Discover, and you can join USAA through another member if you don't qualify yourself.
I would try these lenders, or maybe another credit union.
You could also try Prosper or Avant. A lot of these lenders will give you offers without any credit impact or HP.
Good Luck!

Re: Have a few questions about personal loans.

Anonymous — Fri, 03 Jan 2020 21:24:43 GMT

Thank you so much for your reply.

Did they have to do a hard ping on your credit every time for you to apply for those loans?

That is one of my concerns with going to several banking institutions.

I know you can get "pre-approved" offers online without a hard ping. But I also know that once you apply for those they have to do a real inquiry. I was somewhat worried that I could then be rejected at that point. I had pre-approved offers for as high as $50,000 but granted with pretty bad APR.

Re: Have a few questions about personal loans.

FlaDude — Sat, 04 Jan 2020 15:51:40 GMT

Sign up for Credit Karma or Nerdwallet if you are not already. They both have pages where you can shop for loans. Enter what you are looking for and they will shop a bunch of lenders with a soft pull. I've gotten three loans that way (Marcus, Prosper, and Lending club) and been happy with the experience and results every time. You will have a hard inquiry if you actually apply for one of the offers.

Re: Have a few questions about personal loans.

SouthJamaica — Sat, 04 Jan 2020 17:31:24 GMT

@Anonymous wrote:
I have a credit score of 732 currently. It fluctuates depending on where I look. The last report was done with $750 on my Credit Cards I have since paid it off. I notice that it has a decent effect on credit. I can likely bump it up to 750.

Here's my question. I need approximately $15,000-20,000 for a wedding. My wedding.

I make $58,000 a year before taxes. I have been banking with the same bank for the past 8 years and working at the same place. They can see my auto deposits for at least 5 years (probably more. Not exactly sure when I signed up for auto deposit).

I have tried to see what I can find online. Everything but upstart offers me maximum $10,000 with my credit and income. Upstart offered me as much as $50,000 which I thought was really high.

How much can I realistically apply for? I'm looking for a longer term. It wouldn't be hard for me to make $400-500 monthly payments. My car is paid off I used to pay $400 a month for it.

Someone also suggested just getting a few credit cards. But I'm worried about trying to apply for several credit cards at once. And I'm not sure I'd be able to make $20,000 worth of limits like that. Usually when I get pre approved for cards they only have about $1100 as the credit line with an option to double in 6 months or something.

My wedding is going to be somewhere around the end of March or the beginning of April.

Thank you ahead of time for your help.

I think you should join a credit union and apply with them.

Re: Have a few questions about personal loans.

Anonymous — Sun, 05 Jan 2020 02:11:15 GMT

Make sure you check your Amex account for personal loan invitations.

You cannot apply unless invited, but the terms can be very good if invited.

Re: Have a few questions about personal loans.

satio — Sun, 05 Jan 2020 03:27:26 GMT

Based on its value, one option could be a loan against the car you have paid off depending on its overall age and value you might end up with a favorable rate as compared to interest rate for a personal loan with no collateral.

Re: Have a few questions about personal loans.

krielly — Mon, 06 Jan 2020 20:33:54 GMT

I'm going to be the naysayer here, but 15K - 20K seems like a lot of debt to get into for 1 day. Not sure it's best to start a marriage in debt.

JMHO. Best wishes!

Re: Have a few questions about personal loans.

RSX — Tue, 07 Jan 2020 02:46:08 GMT

Agreed. It is 50% of your net income. To me that seems like a lot.

Re: Have a few questions about personal loans.

Anonymous — Tue, 07 Jan 2020 02:56:58 GMT

I net about $3600 a month after everything is taken out. I don't have a car payment. All in all my bills come out to maybe 1500-2000 a month.

Also the bank I'm with can actually see my payroll coming in on a bi-weekly basis because I have auto deposit.

If $15-20k is too much. What would be a more realistic ask?

Thank you for contributing I really appreciate it.

Re: Have a few questions about personal loans.

RSX — Tue, 07 Jan 2020 03:00:48 GMT

$10k or less should give you a great day.

short list of family and friends. People you see every month or more

photos are worth it

open bar isn't.

have a party, not a wedding.

Re: Have a few questions about personal loans.

Anonymous — Thu, 09 Jan 2020 00:57:11 GMT

I don't want to get off topic, but I agree that on your income, an expensive wedding should not be in the cards. Keep it simple (and invite only those closest to you) and I think you will be happier in the long run. Some of the uninvited may give you a hard time, but they don't pay your bills. My husband and I had a six figure income, but still chose to elope for the ceremony and have an inexpensive reception later. With the elopement/honeymoon and ceremony, we still came in well under $10,000. We've never regretted it, unlike many of our friends who can barely remember their wedding day - other than the stress that came with it. Full disclosure - my husband was married before and had a $30,000 wedding that he hated.

If you can get your fiancee on board, you'll need to borrow less.

Re: Have a few questions about personal loans.

AZEsq — Fri, 24 Jan 2020 16:23:00 GMT

@Anonymous wrote:
I have a credit score of 732 currently. It fluctuates depending on where I look. The last report was done with $750 on my Credit Cards I have since paid it off. I notice that it has a decent effect on credit. I can likely bump it up to 750.

Here's my question. I need approximately $15,000-20,000 for a wedding. My wedding.

I make $58,000 a year before taxes. I have been banking with the same bank for the past 8 years and working at the same place. They can see my auto deposits for at least 5 years (probably more. Not exactly sure when I signed up for auto deposit).

I have tried to see what I can find online. Everything but upstart offers me maximum $10,000 with my credit and income. Upstart offered me as much as $50,000 which I thought was really high.

How much can I realistically apply for? I'm looking for a longer term. It wouldn't be hard for me to make $400-500 monthly payments. My car is paid off I used to pay $400 a month for it.

Someone also suggested just getting a few credit cards. But I'm worried about trying to apply for several credit cards at once. And I'm not sure I'd be able to make $20,000 worth of limits like that. Usually when I get pre approved for cards they only have about $1100 as the credit line with an option to double in 6 months or something.

My wedding is going to be somewhere around the end of March or the beginning of April.

Thank you ahead of time for your help.

Need...that's a funny word. I really, truly, and with all the sincerity in my heart, suggest that you start here:

https://www.thebalance.com/how-much-should-you-spend-on-your-wedding-day-4053100

Then, I suggest that you and your future spouse look at your spending, check out Dave Ramsey and You Need a Budget (ynab.com), and figure out how to best cashflow this.

I don't know how old you are, but starting your life with $15-30K worth of debt for a day--you don't say whether you (or he) financed the ring but if you did, add that to this amount--is generally not worth it.

Yes, you could get a loan, but the terms would likely be unfavorable, the equivalent of putting your wedding on a credit card. I assume you don't have family to lean on based on this request, so I will reiterate that (no matter how you feel about this advice) this is not the best idea. Weddings can be done for less and you should sit down and try to figure out how to cash-flow this wedding. You will feel 150% better going into your wedding without a monthly bill.

Re: Have a few questions about personal loans.

Anonymous — Mon, 03 Feb 2020 16:32:14 GMT

I must agree with most of the members above. If you can’t have a great wedding for under 10K there’s a problem.

To begin with if you’ve got $1600 a month in disposable income, do you have an emergency fund and a savings fund? That’s something you’re going to need especially beginning a marriage.

And if you do, you can borrow against it for almost nothing at a credit union with a secured loan. Secured by your own money.

I apologize if I sound harsh that is not my intent, but had you been managing the money that you have coming in every month you should have some money saved up and you wouldn’t need to finance this or you could do it via a secured loan.

So you really need to think about going into debt when your management skills thus far don’t have you where you need to be IMHO.

I don’t know your housing situation but if you’re going to purchase a house, you’re gonna need to save up a down payment for that as well.