Applied at Citi Financial

[Anonymous]

I just applied for a personal loan with Citi Financial for 5000 to pay off some small stuff. Since I applied on the weekend the rep is suppose to call me on Monday. They pulled EQ here in Indiana. I may have to put my car title up for it though. I am going to see what kind of rate they offer me first. I am not putting my title up for a loan with a high rate. I will just try somewhere else.

[Anonymous]

I would not risk your car title for a high interest loan. It would be better for you to save the money you would pay in interest on the loan and apply it to your debt.

[Anonymous]

No, I am not going to give my title up unless I get a good rate. I don't need the money that bad.

[Anonymous]

if i put my car title. Can I get a loan?

[Anonymous]

From what I read on the Citi Financial site they almost always require collateral for a personal loan. BoA has personal loans also. I applied with BoA first and got turned down because a CA that I had just DV'd reported the CA as a new account on EX. I didn't know this CA had done this when I applied. I didn't have to put up any collateral with BoA though.

Message Edited by onmyway3161 on 07-15-2007 05:20 PM

[smallfry]

Join a credit union. Google credit unions. Navy Federal Pentagon Federal. Start there.

[Anonymous]

Credit Unions are getting stricter...they used to be there to help, but now it is all about the scores.

[Anonymous]

I just found out about a medical expense that is not covered by insurance.  I applied for $2,500 and the claim rep was pressuring me into taking double because of my "pre-approval" rate.  No issues and no collateral.

However, the loan sharks want 30% interest and would not write the loan for the lower amount, plus they required some type of insurance premium on the $5,000 making the total expenses over $2,000 when all was said and done.

I decided to take the "tax penalty" breaking out a CD early. 

I also applied through American General to compare rates, those loan sharks wanted to charge 30% interest as well as use my car as collateral and they wanted to get pre-bills and cut checks to the pharmacy, the surgeon, the anesthesiologist, and anyone else to monitor where the money was going. 

The idea of taking a quick loan was to avoid the tax penalties.  Tax penalties are a lot less than the loan shark business. 

And by the way, my scores are between 680 and 700 with two inaccuracies I have validating info on.  I would hate to see what they do to someone who doesn't have a good credit history.

[demi]

I did a loan thru Citifinancial, did give over title - I had no problem with the loan, and the interest was reasonable.  However, one of the reasons I did it was to help my credit....It counts as a ding on my reports, personal finance loans do not help your scores.

If you need it, you need it.  But, have you tried working out a payment plan ?  I have had some major, major medical bills and never had any problem setting up plans, the important thing is to not wait, do it right away.

[George2037]

"personal finance loans"

It's not so much the Personal Finance Loan, actually if you don't have a mortgage it's a great way to add an Installment Loan without buying another car or large ticket item.

Citifinancial codes their loans as "Consumer Finance Loans" which are used mainly by people that get deep in the hole and want to consolidate their CC's or other debts.  FICO puts a red flag on it because the majority of Cosumers who Obtain Consumer Finance loans are in the lower score range.

A personal loan through a CU or Reputable bank should be a nice boost after 3-6 months.  They code it as a "Loan" and many many people in the higher FICO range get these.  A large portion of business (assumed in the Higher FICO range) owners obtain these to cover payroll or off-set large expenses until they can move money where it needs to be.

I would stay away from Citifinancial (not affiliated with CitiBank) or any High intrest loans unless that is your only option.  They are bad for FICO scores, expensive, and hard to deal with.