At the risk of sounding stupid card personal loan vs credit union

[Tiersha]

Why have people taken large personal loans out via Discover, Propsper, Upgrade etc when their credit scores are decent as per their discosure?  If their credit score is good, wouldn[t going to a bank/credit union provide a better rate?  What am I missing?

I ask because I am taking a loan out for my septic tank.  My CU has offered me the full amt at 12.99 (36 months) or 17.24 (60 months).  I can see where others would fall in the same cs category.  MY CS is 720+ depending on the bureau.

[ptatohed]

When you say card personal loan, do you mean a cash advance?

[FlaDude]

I had three loans from Prosper, Marcus, and Lending club, 2 at 5.99%, one at 7.5. This was a few years ago, but better than my CU was offering at the time. The main downside is that they apparently code as consumer finance accounts, which causes a small FICO score ding.

[cjesser15]

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@FlaDude wrote:

I had three loans from Prosper, Marcus, and Lending club, 2 at 5.99%, one at 7.5. This was a few years ago, but better than my CU was offering at the time. The main downside is that they apparently code as consumer finance accounts, which causes a small FICO score ding.

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Ditto. It's been years since I shopped personal loans and I didn't end up taking one out.  However, at the time, Discover's rate was better enough than anything I could find at a local bank or credit union that it's probably what I would have gone with.  

[Tiersha]

Yeah thos einterest rates have probably doubled from then to now.  I know my CU will give to me at 12.99 -17.24 depending on which  term I take.  Was hoping for less than the 12.99.  I'll check who you've mentioned, just to see.

[GreatLife]

I used AMEX personal loan because competitive rate with no hard credit pull. 

[FlaDude]

I used the CK prequalification tool, it listed a bunch of loans. I chose the one with the best rates and the prequal was correct every time.

[FicoMike0]

I think disco offers pretty good rates and isn't a dreaded cfl.