Debt Consolidation Loan - Approved!! *Update*

[ibmrad7]

Hi Lexie,

               Yes timing isn't bad. It took 13 days from Application to Bank Deposit but I think they make it bit better. My application was in Approved status for a week out of these 13 days.

[09Lexie]

Glad it worked out for you.

[ibmrad7]

Thanks a lot Lexie

[silverzgirl]

COngrats.

Did not work for me, and with limited options I opted to the Bank of Me aka the 401K. I will be able to pay myself back at 3.25 interest, no fees, and knock off 9 of 12 open accounts.

I would like to add that this is not an ideal plan for everyone.

Most of these debts are old; spent a lot on civilian work clothes and such getting out of the military so current spending is not the issue. My job is secure, my salary is decent and I will be able to knock this loan out quickly. We do have a pension plan (which is about to be wrapped into the 401 unfortunately), and I draw military retirement. I won't retire here for 18 years. My plan charges no fees, and interest is prime rate compared to the 20ish of the cards. Their calculator found I would save around 20K doing this. My credit portfolio as of now will not allow any other option and more than minimum is not knocking them down.

One needs to do homework before taking on this consolidation method.

Good luck to all who are consolidating.

[john398]

---

@ibmrad7 wrote:

---

@SmiDils wrote:

---

@ibmrad7 wrote:

It's high 11% + factor in their loan fee. Its coming around 14 and change.

Your interest rate solely depends on your Score. Higher the score, lower is your interest.

---

what are your repayment terms? does this report to the CB?

---

I'll be paying this off before January but my terms are 36 months 260$ a month. It does report to TU and EX but not EQ. Also there isn't any hard pull on my reports.

The only ding I would get on my report is when this loan hits it in 2 months.

---

Thats good it takes 2 months to hit your report...thanks for posting this information it seems like a nice way to get some intrest rates way down

[ibmrad7]

---

@john398 wrote:

---

@ibmrad7 wrote:

---

@SmiDils wrote:

---

@ibmrad7 wrote:

It's high 11% + factor in their loan fee. Its coming around 14 and change.

Your interest rate solely depends on your Score. Higher the score, lower is your interest.

---

what are your repayment terms? does this report to the CB?

---

I'll be paying this off before January but my terms are 36 months 260$ a month. It does report to TU and EX but not EQ. Also there isn't any hard pull on my reports.

The only ding I would get on my report is when this loan hits it in 2 months.

---

Thats good it takes 2 months to hit your report...thanks for posting this information it seems like a nice way to get some intrest rates way down

---

Silverzgirl posted a really nice suggestion but Bank of Me won't work for all of us : )

LC is really great.. I reffered a friend and he got approved today as well. If your report doesn't have any negatives and you can provide documentation (If asked), it's a real easy process

[silverzgirl]

True, Bank of Me does not apply to all; you need a 401K to do it. In my case it was that or Western Sky because no one would approve me. This gives me the edge of no HPs, no credit check, no reporting. But I also did my homework on whether this was a good call. My ROR for last quarter was pathetic...a paltry .5. Yes, point 5. I figured that taking a loan would not cause much damage. I also am past running up more debt...one was a BML account that I have not used in years but even paying well over the minimum does not move much.

One has to work with what they have. LC is a great option if you can get it. Best of luck to all of us consolidating.

[ibmrad7]

Just looked up Western Sky.. That's a robbery.

[john398]

---

@ibmrad7 wrote:

Just looked up Western Sky.. That's a robbery.

---

Yes but they can get away with it because its a Native American company...I would never borrow from them

[ibmrad7]

On a 5000$ loan, you end up paying close to 500$ for 84 months. WOW!!!

Feel sympathetic for people who got caught with these people.