topic Re: Personal Loan in General Credit Topics

Personal Loan

Anonymous — Mon, 14 Jul 2008 04:44:25 GMT

I'm not sure where to post this. There is not a forum for personal loans. Recently I just purchased a new home. Thank Jesus. I now am wanting a new kitchen set, and I want to pay off some credit cards, and my automobile is in need of repair. I was wondering if anyone knew of a company that has great rates on Personal Loans. I have pretty good credit history, I purchased a home in March of this year and have always made the payment on time. My credit is in the 650+ range. WHat kind of rate am I looking at getting? How much can I borrow so my payments won't be over $250 a month? Thanks for your help!!!

Re: Personal Loan

Anonymous — Mon, 14 Jul 2008 13:37:45 GMT

CU's are going to have the best rates on unsecured personal loans-

$6K 3 years 12% apr is a $200 a month payment

Christianboy_83 wrote:
I'm not sure where to post this. There is not a forum for personal loans. Recently I just purchased a new home. Thank Jesus. I now am wanting a new kitchen set, and I want to pay off some credit cards, and my automobile is in need of repair. I was wondering if anyone knew of a company that has great rates on Personal Loans. I have pretty good credit history, I purchased a home in March of this year and have always made the payment on time. My credit is in the 650+ range. WHat kind of rate am I looking at getting? How much can I borrow so my payments won't be over $250 a month? Thanks for your help!!!

Re: Personal Loan

Anonymous — Mon, 14 Jul 2008 13:42:25 GMT

What is a good Credit Union? Do I try one that is local or do they have them online? Also what is this Prosper.com I read about? What does it do?

Re: Personal Loan

llecs — Mon, 14 Jul 2008 13:48:44 GMT

vgentry83 wrote:
What is a good Credit Union? Do I try one that is local or do they have them online? Also what is this Prosper.com I read about? What does it do?

Many here endorse CU's like Pentagon FCU, Navy FCU, Patelco, Digital CU, Justice FCU, NASA FCU, Christian Community CU, and others. But I'm sure you have a CU near you. You don't need to visit the branch with any of these listed.

Prosper = peer-to-peer lending. IMO, stick with the traditional route, but I'm sure others would chime in to counter.

Re: Personal Loan

Anonymous — Mon, 14 Jul 2008 14:54:15 GMT

So basically stay away from P2P lenders and find a Credit union in my area. Is that my best solution? How do I find Credit Unions ratings?

Re: Personal Loan

Anonymous — Mon, 14 Jul 2008 15:01:15 GMT

www.penfed.org

Re: Personal Loan

Anonymous — Mon, 14 Jul 2008 15:10:15 GMT

I live in Tennessee, so do I have to get a credit union in Tennessee? That

www.penfed.org does not have a branch in Tennessee.

Re: Personal Loan

llecs — Mon, 14 Jul 2008 15:32:01 GMT

vgentry83 wrote:
I live in Tennessee, so do I have to get a credit union in Tennessee? That
www.penfed.org does not have a branch in Tennessee.

Choosing a bank or CU would depend on what your goals are. If your goal is to get a loan, Penfed is great for that. You can do everything online - no trips to the branch necessary. They like EQ with no recent accounts.

Re: Personal Loan

Anonymous — Mon, 14 Jul 2008 16:47:27 GMT

How much would my payments be for a $10k loan? What kind of intrest would I expect to get with a score of 645-675. Should I do it for 5 years or 3?

Re: Personal Loan

haulingthescoreup — Mon, 14 Jul 2008 17:00:58 GMT

@Anonymous wrote:

I live in Tennessee, so do I have to get a credit union in Tennessee? That
www.penfed.org does not have a branch in Tennessee.
I'm in East Tennessee, and I'm with PenFed. As the others said, just about everything is online these days.

Where in Tennessee are you? (East, Middle, West.) In the Knoxville/ Oak Ridge area, CU's are falling over one another, looking for new business. UTFCU has gone public as well, and I'm pretty sure that they have branches wherever there's a UT campus.

PenFed can be pretty tough to get in with, and your scores might not be quite there yet.

One idea is to just hit your Yellow Pages, or the Yellow Pages of the nearest big city (Memphis, Nashville, Knoxville, Chattanooga, maybe Jackson) if you don't live in one.

Re: Personal Loan

Anonymous — Mon, 14 Jul 2008 17:12:24 GMT

I am in middle Tennessee (Nashville).

So PenFed is a pretty good C.U. I called some other places and they said for their lowest rates, 9.99% I would have to have a rating of 700+. They said that was their "A" class bracket. WHat class bracket would I fall in?

Also with a current loan I have now, I can't pay down on the principle because it was pre-calculated at the start of the loan. I don't want it to be that way because if one month I have a extra hundred bucks, or if I get a bonus at work I would like to put that on the principle. Do PenFed have a way of doing that?

Re: Personal Loan

Anonymous — Tue, 15 Jul 2008 21:33:26 GMT

Hey guys I did it. PenFed was great! I got a low rate of 8.99% on a 10K personal loan. It is a lot cheaper than my 27.33% I am paying on my current loan. I financed it for 5 years; though I plan on paying it off in 3. My payment is $208.88. I plan on paying off a couple of credit cards and my personal loan from citifinancial. Citifinancial is a big scam, I personally think they are preditory lendors and that they pry on the poor! Thanks a lot for all of you guys help.

~Be Blessed~

Re: Personal Loan

Anonymous — Wed, 16 Jul 2008 01:59:02 GMT

Nice-

vgentry83 wrote:

Hey guys I did it. PenFed was great! I got a low rate of 8.99% on a 10K personal loan. It is a lot cheaper than my 27.33% I am paying on my current loan. I financed it for 5 years; though I plan on paying it off in 3. My payment is $208.88. I plan on paying off a couple of credit cards and my personal loan from citifinancial. Citifinancial is a big scam, I personally think they are preditory lendors and that they pry on the poor! Thanks a lot for all of you guys help.

~Be Blessed~

Re: Personal Loan

haulingthescoreup — Wed, 16 Jul 2008 03:33:14 GMT

@Anonymous wrote:

Hey guys I did it. PenFed was great! I got a low rate of 8.99% on a 10K personal loan. It is a lot cheaper than my 27.33% I am paying on my current loan. I financed it for 5 years; though I plan on paying it off in 3. My payment is $208.88. I plan on paying off a couple of credit cards and my personal loan from citifinancial. Citifinancial is a big scam, I personally think they are preditory lendors and that they pry on the poor! Thanks a lot for all of you guys help.

~Be Blessed~

Hey, glad it worked out!

Citifinancial, like other spin-offs from mainline banks like Wells Fargo Financial, does hit you with higher APR's, and they're easier to get. That's why CFL's like these don't carry quite as much useful weight in the scoring formula.

Now that you have a Penfed loan, that hard inq is good for 60 (probably 90) days. If you want to try for their Plat Plus Visa card with 5% cash back on gas, 2% on groceries, and 1.25% on everything else, it's a freebie in terms of no new inq. Not sure if you'll qualify, because we're still trying to figure out exactly what they want, but at least you won't be stuck with a wasted inq if you do!

(I don't normally egg people on to app, but the combination of the all-you-can-eat app and great gas rewards makes me break my rule.)

Message Edited by haulingthescoreup on 07-15-2008 08:33 PM

Re: Personal Loan

Anonymous — Wed, 16 Jul 2008 17:35:39 GMT

Yeah I really do believe that Citifinancial and others are I think the term is called preditory lenders. I hate when people try to get over on other people...very un-Christian like!

I did try to get a credit card through them like haulingthescoreup said, but they said that it was under review, basically I didn't get approved without someone taking a closer look at it. I was just going to transfer my balance over with a lower interest rate @ 5.99%. If they say no, oh well. Not that big of a deal. I already have 2 other major credit cards.

Re: Personal Loan

Anonymous — Fri, 26 Sep 2008 19:19:13 GMT

Hey guys,
A few months ago, some of you all may remember, I got a loan with PedFed. The loan went fine, I got my check in less than 3 days. My interest rate is 8.99%. My first payment was $208.88 and due on September 10th 2008. That was no problem. I made a payment of $300 because I wanted the rest to be applied to the principle of the loan. I have an excel file on my computer that calculates payments of loans, and from my calculations, $74.92 should have gone to interest and $225.08 should have gone to the principle, and that should have left me a balance of $9,774.92. on my loan. For some reason, I checked my balance, and PenFed told me that $128.07 went to interest, and that my balance is $9,828.07. My next monthly payment is only $117.76. I thought it was supposed to be $208.88 a month unchanging for 5 years. I asked and asked, but could not get a clear answer of how they calculated this. They said I should only send 208.88 a month, but I want to send more to pay the loan off quicker. Someone please help me understand how they calculated this payment. I have another payment due in a couple of days.

Thanks for everyone’s help.

x

Anonymous — Sat, 20 Apr 2013 05:34:19 GMT

Re: Personal Loan

Anonymous — Fri, 26 Sep 2008 23:16:23 GMT

I called them again, and they said yes I can pay the principle, but I basically would have to send another check. It doesn't automatically take what is left over to the principle. I also didn't notice that the interest was building since July 15th since I got the check, until the 10th when i made the payment. They charged $128.07 the first month. Can anyone help me calculate this?

Re: Personal Loan

Anonymous — Sat, 27 Sep 2008 01:25:49 GMT

I figured the interest out like this-
10k @ 8.99% = 10,000*.0899 = $899 interest per year
$899/365 = $2.46 per day
$128.07 total interest/$2.46 per day = 52 days

I got stuck there because
17 days in July
31 days in August
10 days in Sept

58 days.. even if they didn't count the 15th and the 10th that's 56 days..
Someone please correct me where I'm wrong.

On another note, some loans the extra will be applied to prinicipal only if you write "apply to principal" on the check.

Re: Personal Loan

Bfent1 — Tue, 30 Sep 2008 22:16:20 GMT

I'm also looking for a personal loan without the shopping around and the hard inq. What was your creditscore when you applied and what were they looking for, also what CR did they pull?

Thanks

TU 635 EXP 636 EQ 644