@Anonymous wrote:With your profile you're going to have a very difficult time landing a $25K loan at under 12%. My income is in the same range as yours, my scores are between 75 and 100 points higher, and my utilization is under 2%. I've checked rates with pretty much every web based lender out there, and at $25K the best rate I got was 13.89% plus a $1500 origination fee for an APR of 18.3%. That was from Upstart with a TU score of 815 at the time.
That said, it costs you nothing but time to find out what you can qualify for. Payoff.com, Sofi.com, Prosper.com, LendingClub.com, Avant.com, Upstart.com, BestEgg.com, CircleBackLending.com, Pave.com, LoanDepot.com, and PromiseFinancial.com are all soft pulls to see if you qualify, how much you can get, and at what APR.
Thank you very much. That's good to know... I could do 13.89%. But even then, sounds like it'll be difficult, if not impossible with my profile. Do you think it's more the credit score (not high enough) or the utilization (not low enough), or pretty equally both? It sounds like I won't get denied automatically, though (correct me if I'm wrong)... in these situations are they more likely to just offer less money or offer a higher % rate... or both, I guess?
Also, thanks for all the links -- I will definitely try all of those options, just wanted to see if anyone had any success with (or failure) with what I'm looking for. It's a bit inspirational or motivational, depending. 
@Anonymous wrote:With your profile you're going to have a very difficult time landing a $25K loan at under 12%. My income is in the same range as yours, my scores are between 75 and 100 points higher, and my utilization is under 2%. I've checked rates with pretty much every web based lender out there, and at $25K the best rate I got was 13.89% plus a $1500 origination fee for an APR of 18.3%. That was from Upstart with a TU score of 815 at the time.
That said, it costs you nothing but time to find out what you can qualify for. Payoff.com, Sofi.com, Prosper.com, LendingClub.com, Avant.com, Upstart.com, BestEgg.com, CircleBackLending.com, Pave.com, LoanDepot.com, and PromiseFinancial.com are all soft pulls to see if you qualify, how much you can get, and at what APR.
Thanks very much for your response. I could go a couple points higher on the %, but it sounds like even that might be difficult. Do you have any idea whether the biggest issue is the score (not high enough), the utilization (not low enough), the income, or whether it's kinda just an even combo of it all? I'm hoping I can identify if one piece of the puzzle weighs more than the others.
In any case, you're completely right. I will check out all of those sites. Just thought I'd see if anyone has recent similar experience to share -- it's inspiring and/or motivating, depending on the story.
@Anonymous wrote:
@trnl2016 wrote:Looking for some data points, if possible. Anyone care to share the specifics of their experience with personal loans who have similar profiles as mine? I'm interested in getting a $25k personal loan with < 12% interest to pay off all my revolving debt. If you think I might not have a chance, please let me know which aspect needs most improvement to get what I’m looking for (score, utilization, income, etc)…
- EQ — 664, TU — 684, EX — 712
- $25k revolving debt ($70k student loan debt)
- 70% utilization
- 0 derogs
- ~ 6.5 years AAoA
- $40k income at a brand new job (2 months)
Please note: I appreciate all of the excellent advice on these boards, it's invaluable to me — but I’m not asking for whether or not it’s a good idea to do this. I have read all of the mixed reviews and am aware that it requires a lot of financial responsibility going forward.
To be quite honest, I think getting a $25k personal loan might be very hard to do in this instance. The biggest ponts that are going to play apart of this are:
- 70% utl
- $40k income and at a new job
Most bank when looking to approve or deny a personal loan will look not only at your score but at debt to income ratio. With an income of $40k, your average monthly income is $3,333.33, which means most won't approve the loan if your monthly bills, ones that are on your credit report (mortgage, auto, credit and other debt) if it is over 50% of that income. This means that your monthly payments cannot be more than $1,666.67. Some banks won't go over 40% either, this just depends on the bank and your profile.
When I took out my person loan back in 2010, I believe I asked for and was approve for $19,000. At the time my scores were roughly 720 tp 740 and had roughly $3000 to $3300 per month in expenses that counted towords my debt to income ratio. The interest rate I received was 5%, and my monthly payment came out to around $830 per month on a two year note.
I am not sure what all you have in expenses, savings, collateral, etc... but it might be difficult to get that much.
Thank you for that info. Sounds problematic for me :-P ... I have no savings or collateral. It sucks because on paper it looks risky but, hypothetically speaking, if we had an $830, even $1000 loan payment, even a $1500 loan payment (!), we could easily pay it because right now we are paying about $2,200/mo to our credit cards alone. We pay about $2,900 in non-credit card expenses as well. (Btw, the $40k income is my husband's as we were hoping to get the loan under his name. I have better income but worse credit score, ~600 across the board. Do you think it would help anyway?)
Yes, been digging ourselves out of a deep hole. Was hoping to convert the revolving to installment for several reasons, but it's starting to sound like we may just have to plug away at paying it down the old fashioned way.
