Reasonable APR Personal Loans

[Anonymous]

I have a personal loan through One Main Financial (I know, I know, huge mistake).  At the time, my scores were not all that great (about 650).  I have since worked very hard to get my scores up.  TU is now about 725, EQ 705, EX 713.  I have a mortgage, this one main loan, a line of credit through my bank and one credit card.  I have never missed a payment on any of them, my cc and line of credit have more than 70% of the credit available.  My DTI ratio is 24%.  I want to take out a personal loan to refinance the One Main loan and be done with them and their 26.9% APR.  Any suggestions?  I applied through SoFi because I was "pre-qualified" and was denied, so I am hesitant now because I don't want another hard pull to bring my scores back down after I've worked so hard to pull them up.

[Anonymous]

Yea one main is not good. A consumer finance company. Almost all personal loans do a prequalify soft pull to see what rate you might get. Don’t forget to check banks too. See what interest rates they offer and what credit score is needed.

what are your FICO credit scores now? Thin file? Thick file? Average age of accounts? All info that can be useful for people on here to help stear you to a better loan. Getting into a better rate loan would be advisable. 

[Anonymous]

My current scores are TU 725, EX 713 and EQ 710.  Average age of accounts is about 3 years, with my mortgage being the oldest at 5 years 6 months.  But, my mortgage company only reports to TU, which is why my TU is higher than the others. My file is fairly thin and includes only my mortgage, line of credit, the one main loan and the one credit card, that's it, nothing else.  I just want to be rid of One Main, I feel like I've been paying them forever and the balance is still ridiculous.  

[Anonymous]

Is the One Main loan a personal loan as well or is it secured by something? How much do you owe on it? Maybe you have a paid off vehicle that you can finance in order to pay off the One Main loan at a much better rate on a secured loan.

[Anonymous]

The One Main loan is an unsecured personal loan. My balance is like $8300, obviously the payoff would be less but I haven't called lately to ask what it is.  I don't think anyone would finance an 03 Taurus or an 00 Lincoln TownCar.  I mean, both are priceless to me and are in impeccable shape, thanks to my mechanic husband, but I doubt anyone else would see them as holding very much value, especially since the Taurus has an R title. 

I do have equity in my home and could probably get a HELOC or a home equity loan but I'm not sure I am comfortable doing that because we plan to put the house on the market this summer.  I'm not sure how the process works when you sell the home and whether the loan has to be paid prior to closing.  That's in my "unknown zone" and makes me uncomfortable.  I've thought about just keeping the One Main loan and paying it off when we sell the house, but my concern is that if it takes 6 months or a year to sell, I'm still stuck paying this crazy interest rate.

[Anonymous]

With your credit score a credit union should give you out a personal loan to pay one main I had a loan with regions fincanes at %35!!!! interest and I went to a credit union and got a loan for 5k at 5% to pay them off it was horrible!! 35% crazy how they get people that need money. My score at the time was 702 with TS only score the credit union pulled.

[Anonymous]

It's so insane!  I was desperate because our pickup truck was stolen from our driveway and we only had basic liability on it, so we were burned.  My husband HAS to have a truck for work and the cheapest one we could find was private sale so ... here we are.

[Anonymous]

---

wrote:

It's so insane!  I was desperate because our pickup truck was stolen from our driveway and we only had basic liability on it, so we were burned.  My husband HAS to have a truck for work and the cheapest one we could find was private sale so ... here we are.

---

I’d go to a bank of your choice and refinance that loan as a car loan. Use the new truck to secure it. You could get much lower rates than an unsecured loan. And full coverage insurance this time please. Pay off that high rate loan. Your scores are high enough to do this without much of a problem.

[Dalmus]

Worst case scenario, with those scores, under 30% util, and a good payment history for the past 24 months, you should be able to get a Prosper or Lending club loan for 5-10%.

Idealy, though, if you can get your Credit Union or personal bank to convert the One Main into a secured auto loan, that would be the lowest interest rate.  I'd hate to see you use your home's equity to pay it off...