topic Re: 13% Interest on an Unsecured Loan in Personal Finance

13% Interest on an Unsecured Loan

Anonymous — Mon, 30 May 2016 15:55:27 GMT

Credit scores are in th high 700s. Is it a good deal, or a bad one? I am new at this, but thought that it is kind of high. Should I shop around for a better lender (this was a Discover loan, I also have a credit card in good standing with them). Help!

Re: 13% Interest on an Unsecured Loan

Anonymous — Mon, 30 May 2016 18:13:56 GMT

Unless there's something in your profile that would scare a lender, that is high for scores in the upper 700's.

Re: 13% Interest on an Unsecured Loan

Anonymous — Mon, 30 May 2016 22:42:51 GMT

US Bank is running a promo for 7.99 % on unsecured personal loans for memorial day

Re: 13% Interest on an Unsecured Loan

RonM21 — Mon, 30 May 2016 23:59:35 GMT

That definitely seems high. With those scores I would think you.would get an awesome rate with a Credit Union. Search the threads for info on PenFed loans for example.

Re: 13% Interest on an Unsecured Loan

Anonymous — Tue, 31 May 2016 13:20:52 GMT

13% is very high for an unsecured loan at your scores. A couple of years back I took out a $12,000 unsecured personal loan and had 5% interest.

Re: 13% Interest on an Unsecured Loan

Turbobuick — Sun, 05 Jun 2016 16:07:37 GMT

A few months ago we decided to car shop. Lightstream gave us $20K at 2.49% fixed unsecured. We still haven't bought a car. Basically, the money is ours to do with whatever....

13% is high for your scores. I have credit cards at 6.15 variable and 7.9 fixed.

Re: 13% Interest on an Unsecured Loan

iv — Thu, 09 Jun 2016 22:38:36 GMT

@Turbobuick wrote:
A few months ago we decided to car shop. Lightstream gave us $20K at 2.49% fixed unsecured. We still haven't bought a car. Basically, the money is ours to do with whatever....

No.

Yeah, LightStream is nice about giving auto loans without the loan being secured by the vehicle... but:

What restrictions are there on how I can use the proceeds of my loan?

You are required to use your loan proceeds for the loan purpose that you selected in your loan application.

In addition, please note that (1) you may not use your loan proceeds to refinance an existing LightStream loan, (2) we are currently unable to provide loans for the funding of college or post-secondary educational expenses or refinance loans that were used for such purposes, and, (3) you may not use your loan for business purposes.

Re: 13% Interest on an Unsecured Loan

Turbobuick — Sat, 11 Jun 2016 12:12:22 GMT

@iv wrote:
@Turbobuick wrote:
A few months ago we decided to car shop. Lightstream gave us $20K at 2.49% fixed unsecured. We still haven't bought a car. Basically, the money is ours to do with whatever....

No.

Yeah, LightStream is nice about giving auto loans without the loan being secured by the vehicle... but:

What restrictions are there on how I can use the proceeds of my loan?

You are required to use your loan proceeds for the loan purpose that you selected in your loan application.

In addition, please note that (1) you may not use your loan proceeds to refinance an existing LightStream loan, (2) we are currently unable to provide loans for the funding of college or post-secondary educational expenses or refinance loans that were used for such purposes, and, (3) you may not use your loan for business purposes.

You can rest easy knowing that at some future point we will be buying a car and, during our extended search, we will continue to make car payments.

Re: 13% Interest on an Unsecured Loan

Anonymous — Wed, 15 Jun 2016 20:26:27 GMT

You're a fool if you take 13% interest with a 700 score, thats mob loan figures.

Re: 13% Interest on an Unsecured Loan

Anonymous — Mon, 20 Jun 2016 21:29:24 GMT

Mine is 12.5% my scores are mid 700 I got a $1500 loan for 36 months