Personal Loans-Do I go local or online?

[Anonymous]

I have never applied for a personal loan before and would like to now. I am wanting to pay off my CC's and have only one payment. Right now all the different dates and interest rates are driving me nuts! One CC is a high interest at 24%, one is 19%, the others are 8.99%-9.99%. Total CC count is 10.

I would need $7000 and that would take care of it.

I am self-employeed, have 2 years of tax returns, gross income is $20,000 for 2008, $28,000 for 2009.

In addition to the CC debt I have 2 student loans, undergrad and grad school, totaling $60,000 ($650 month payment). Not touching that as the rate is like 4%!

My FICo scores are 737 for EQ and 724 for TU.

My question is do I try to get it locally, (a local bank is advertising 6.99% right now) or do I try Lending Tree?

Any help is appreciated! Thank you in advance!

[MarineVietVet]

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@Anonymous wrote:

I have never applied for a personal loan before and would like to now. I am wanting to pay off my CC's and have only one payment. Right now all the different dates and interest rates are driving me nuts! One CC is a high interest at 24%, one is 19%, the others are 8.99%-9.99%. Total CC count is 10.

I would need $7000 and that would take care of it.

I am self-employeed, have 2 years of tax returns, gross income is $20,000 for 2008, $28,000 for 2009.

In addition to the CC debt I have 2 student loans, undergrad and grad school, totaling $60,000 ($650 month payment). Not touching that as the rate is like 4%!

My FICo scores are 737 for EQ and 724 for TU.

My question is do I try to get it locally, (a local bank is advertising 6.99% right now) or do I try Lending Tree?

Any help is appreciated! Thank you in advance!

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Hello and welcome.

I personally think it's better to work with someone locally. I like the idea of being able to walk into an office and talk to a LO face to face. You might also consider a local credit union. Go in and explain your situation and you will probably get some sense of what might be possible just from a conversation. Of course eventually a credit pull would have to be done if you decide to apply but you could know ahead of time what scores, income, job history, etc. are needed for the best rates

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

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[RobertEG]

I agree with marinevet.

If you are seeking personal credit, in my opinion, I would always start with a credit union.

They listen.  You may not like all that you hear, but you hear nothing on a web site.

You have to go in the door with at least an initial deposit of $100 to open an account.

I would nol iniitially mention your need for a loan.  Get an account activated with them,andt then pursue your personal loan request, as an established CU mermber, in a later visit.

[farmgirljen]

Are you self  employed?  if so, be aware that you will be severely scrutinized, and they will want your tax returns and they use your NET not your gross income- I have no debt, scores in mid 600's and can not get a $3000 loan from my CU that I have been with for years, because of the net  income thing-