topic Personal Loan in General Credit Topics

Personal Loan

clewis122 — Sun, 06 Mar 2016 22:30:38 GMT

Hi!

I was researching a few different personal loans today, came across Lendingtree.com & got an "offer" from First Midwest Bank. $2000 @7.70% APR, 1-5 year terms & estimated monthly payments. Is this a solid "offer"? Is that a decent APR?

Thanks in advance!!

Re: Personal Loan

Anonymous — Mon, 07 Mar 2016 17:26:37 GMT

Don't know anything about that bank, but the APR is excellent for an unsecured personal loan. Is there an origination fee?

Re: Personal Loan

clewis122 — Mon, 07 Mar 2016 20:05:27 GMT

Origination fee?

Re: Personal Loan

Anonymous — Mon, 07 Mar 2016 20:30:00 GMT

@clewis122 wrote:
Origination fee?

Up-front money they take. If there is one, it will be noted in the loan disclosure documents.

Re: Personal Loan

clewis122 — Mon, 07 Mar 2016 20:40:20 GMT

I'm not sure. I haven't done the actual application yet. This was a pre-qualification offer. I didn't see anything about an upfront fee. I'll give them a call tomorrow morning..

Re: Personal Loan

Appleman — Tue, 08 Mar 2016 02:21:53 GMT

Yes, companies like Lendingclub and Prosper take an immdeiate cut of any loan they fund. I cannot remember the % but it can quickly add up.

No fee, you get the full $2000, which is what you would like.

Re: Personal Loan

Anonymous — Tue, 08 Mar 2016 03:12:14 GMT

OP, before using one of those companies I would go to your local banks and see what apr they could give on an unsecured personal loan. The reason I say this is a few years back I took out a $15,000 unsecured personal loan and got a 5% apr on the loan. My origination fee was $150.