Chances of personal loan approval in a few months?

[Anonymous]

I’m looking to do some debt consolidation on a couple personal loans I’ve recently take out. My debt:

Lending club: currently at $15200 owed
Upstart: currently at $8000 owed
Recently paid off Avant loan with the loans above
Barclaycard: $1600/$3650
Best Buy: $1800/$3500
Capital One: $0/$1500
Chase: $1500/$4500
Credit One: $0/$850
Car loan: approx $38000 owed (opened in February)

FICO 9: EQ 676 TU 674 EX 689

Income: $62000/yr

Only negative on credit is a paid off medical collection from a couple years ago

Planning to refinance in August/September
Also may be taking out a student loan in August

[tcbofade]

First, yes... you'll probably get approved.

Secondly, if you can pay off one more credit card, you'll get TWO score boosts...  (less than half of your revolving accounts with a balance, and 28.9% utilization...)

I know it's easy to say when it's not my money, but paying off that smallest credit card would help you a LOT!

[Anonymous]

I think you will get a loan but with predatory interest, and interest accruing daily, you will end up paying $14,000 to borrow the $28k needed to consolidate the loans you have.  I am sure you are seeing that now with the Upstart loan.   If you are refinancing, maybe look into a cash out HELOC as the interest rate will be much lower  and the payments amoritized over 20 years, instead of 5, giving you the opportunity to make higher payments and pay off quicker.  Or, when you refi, consider refi'ingfor the amout of the home, plust the debt, to pay it off.  Again, this will result in lower payments and a much better quality of life than having all this debt, or all of it combined into one predatroy loan.  JMHO

[Remedios]

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@Anonymous wrote:
I’m looking to do some debt consolidation on a couple personal loans I’ve recently take out. My debt:

Lending club: currently at $15200 owed
Upstart: currently at $8000 owed
Recently paid off Avant loan with the loans above
Barclaycard: $1600/$3650
Best Buy: $1800/$3500
Capital One: $0/$1500
Chase: $1500/$4500
Credit One: $0/$850
Car loan: approx $38000 owed (opened in February)

FICO 9: EQ 676 TU 674 EX 689

Income: $62000/yr

Only negative on credit is a paid off medical collection from a couple years ago

Planning to refinance in August/September
Also may be taking out a student loan in August

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OP, I am a bit confused here. You got two personal loans to pay off one loan, and now you're looking for a fourth personal loan to pay the other two?  Then, there is car loan (if you refinance that will be yet another loan). 

Am I misunderstanding the part where you're taking loans to pay loans approved under poor terms? 

[Anonymous]

I hate to say it, but the solution lies in budgeting and not more loans. That's a lot of debt and a lot of car for that income, and considering even more debt is quite scary.

[FicoGuy2019]

Do you have savings?  I'd start paying down those cards before applying for anything.  If you do decide to apply, you definitely will need a loan with low interest, otherwise the money you'd be paying in interest, you could have used to just pay down the credit cards or other debt.

Lightstream offers low interest personal loans but I am not sure you'd get approved with your current debt/income and amount you would need.