topic Re: Jumbo Personal Loan? in Personal Finance

Jumbo Personal Loan?

vladrad — Sun, 15 Feb 2015 02:20:10 GMT

Hello,

I have 730+ credit score.

I have a lot of credit cards always PIF and no any bad thing on report.

I have huge income combined with my wife ~300k a year.

I am looking for big personal loan without collateral. Is there any way to do it without company?

I am thinking just to start some bussines so I can be able to take that loan but that is way too much trouble for that.

Is there any way to take huge unsecured loan? Or maybe 100k+ on our BofA credit card and just cash in? Any ideas?

I found those guys?

https://www.cnb.com/lending/loans-lines-credit/individual/

I am not sure if they are reliable ? or if this is for real?

Re: Jumbo Personal Loan?

Anonymous — Sun, 18 Jan 2015 06:55:41 GMT

Might want to post this in the Personal Finance forum

Re: Jumbo Personal Loan?

Anonymous — Sun, 18 Jan 2015 07:00:44 GMT

If you are clearing 300K a year and you have no debts I would assume that you have a bank or a credit union. I would probably talk to a banker that you already have a relationship with. It will save you a ton of time when a bank asks you for all of your financial documents for a 100K+ unsecured loan, they will already have them.

Re: Jumbo Personal Loan?

vladrad — Sun, 18 Jan 2015 07:08:55 GMT

I've already tried that. They told me 35k is maximum.

Re: Jumbo Personal Loan?

Anonymous — Sun, 18 Jan 2015 07:13:32 GMT

Do you live in a real city? If you do, you could try to get 100K from a private capital group, normally they would only fund business ventures but it is worth a shot. I don't know that it would be totally unsecured. If you don't have any debts and the only things on your credit report are the cards in your signature, you will be hard pressed to get an unsecured loan of 100K+. It will appear to the creditor that you don't have any experience with a loan of that size and I doubt they will be comfortable without placing a lien on something of value.

Re: Jumbo Personal Loan?

Revelate — Sun, 18 Jan 2015 08:18:03 GMT

25-35K is the max for all the common loans I've seen.

What's it to be used for? Personal loans have been a dying breed for at least the last decade, most major banks won't do them at all, and others don't advertise them if they do. I think it's unlikely you'd be able to get it from a single bank short of having effectively the assets on file to secure it anyway... typically loans of that size are secured somehow.

Re: Jumbo Personal Loan?

slickshoes182 — Wed, 21 Jan 2015 09:12:25 GMT

Sure, the "bank to the stars," City National Bank is real.. check out https://www.cnb.com/sitecollectiondocuments/media-reprints/lat-20120805.pdf for some of their interesting stories. There are a few branches around here in Southern California.

First Republic https://www.firstrepublic.com/ is another "mass affluent" bank for large loans and lines of credit around here.

I talked to both banks a year or two ago and my impression was that their rates were fantastic, better than credit unions even. Since I never pulled the trigger I don't have first hand experience, however.

Let us know how it goes! Not too many people on the myFICO boards have experience with City National Bank or First Republic so anything you can find out about their processes, policies, requirements, etc would be useful.

Re: Jumbo Personal Loan?

Anonymous — Fri, 23 Jan 2015 22:42:02 GMT

Only option I would say in addition to what has been mentioned is going to a wealth management firm/division of a bank - rules are different than what you find in the branch. While your income is high typically you do need to have 1+mil in investable assets though.

If its for business purposes I would look for VC/private capital.