Bank With Best Personal Loans between USAA, NFCU, SoFi and Ally?

[Jazee]

I've got accounts at all 4.  FICO 8 at time of application should be in the 700-750 range.  I have credit cards at USAA and NFCU and long term relationships with them.  My CC Total UTI is high right now (about 55%).  I want to use the personal loan for balance transfer to lower APR on one of my cards that has a high APR and at the same time lower my total UTI.  Not sure which bank typically offers the most favorable terms with good chance of approval?

[keekers]

In my experience between NFCU and USAA, NFCU has better terms.

[Harvey26]

@Jazee Personally I would look at your local credit union like my local CU has personal rates as low as 7.99. 

[SouthJamaica]

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@Jazee wrote:

I've got accounts at all 4.  FICO 8 at time of application should be in the 700-750 range.  I have credit cards at USAA and NFCU and long term relationships with them.  My CC Total UTI is high right now (about 55%).  I want to use the personal loan for balance transfer to lower APR on one of my cards that has a high APR and at the same time lower my total UTI.  Not sure which bank typically offers the most favorable terms with good chance of approval?

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1. I agree with @Harvey26  that you could probably do better with a local credit union.

2. If you're going to try to proceed with one of the four lenders you enumerated, I don't see why you should be in the dark about it. You should submit a preapproval request to each, and see which loan gives you the lowest APR. And that's the one that's the best (But personally I would stay away from SoFi because they securitize all their credit products).

[Jazee]

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1. I agree with @Harvey26  that you could probably do better with a local credit union.

2. If you're going to try to proceed with one of the four lenders you enumerated, I don't see why you should be in the dark about it. You should submit a preapproval request to each, and see which loan gives you the lowest APR. And that's the one that's the best (But personally I would stay away from SoFi because they securitize all their credit products).

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Duh, I guess that's the main advantage of loans versus cards. At least you can find your rate.  I don't think card prequals give you your rate?  Do the bank personal loan prequals also give you a limit or is that only possible via actual application?

So are you essentially saying in order for SoFi to come close to Navy Federal Credit Union or other credit union rate, they'll require collateral?  Which I'm not putting my car up for collateral and I don't own a home any more.

[AndySoCal]

@Jazee  I would agree with the credit Union suggestion. With the credit union like Navy Federal they tell you the interest rate for loans up to  36 months it is one interest rate range. If it is over 36 months it is another interest  range. With this information you have some idea what to expect if apply with them. I would use a rate somewhere in the middle to figure what the payment might look like. Some credit unions have a prequalify tool as well. The banks are not as upfront with that information

[SouthJamaica]

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@Jazee wrote:

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1. I agree with @Harvey26  that you could probably do better with a local credit union.

2. If you're going to try to proceed with one of the four lenders you enumerated, I don't see why you should be in the dark about it. You should submit a preapproval request to each, and see which loan gives you the lowest APR. And that's the one that's the best (But personally I would stay away from SoFi because they securitize all their credit products).

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Duh, I guess that's the main advantage of loans versus cards. At least you can find your rate.  I don't think card prequals give you your rate?  Do the bank personal loan prequals also give you a limit or is that only possible via actual application?

So are you essentially saying in order for SoFi to come close to Navy Federal Credit Union or other credit union rate, they'll require collateral?  Which I'm not putting my car up for collateral and I don't own a home any more.

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No when I said they securitize the loans, I meant they bundle and sell them.

[Jazee]

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@SouthJamaica wrote:

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No when I said they securitize the loans, I meant they bundle and sell them.

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So what's the downside? Worse customer service from whomever they sell to?  I've had mortgages and auto loans such hands and no issues.