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Getting a personal loan for helping a family member

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Getting a personal loan for helping a family member

Hi all,

I am looking to get a personal loan to help a family member,

but since most lenders need a reason such as credit card debt refinance, or consolidate existing debt, and such others,

can someone tell me if there is any way around this?

and which lenders are easy to work with.

I tried Avant, upstart, upgrade, but they all denied.

 

My current fico is 730

and following are CCs I have - Oldest CC BofA 4000/2000 used.

Amex 14100/0

Discover 3200/0

BofA 2900/0

Average credit age is 2yr 5m

 

1 Can Installment loan closed after 1yr 9m.

 

I would appreciate any response,

Thanks

5 REPLIES 5
Regular Contributor

Re: Getting a personal loan for helping a family member

Try a local credit union?

PenFed might offer the loan (they either love you or hate you from what I've seen... I grew on them after about 9 months and $35 in savings account).

Your primary checking bank might give you a loan too.

Vacations seem to be something banks like to lend for, and often offer better rates than credit cards.

All this also depends on how much you want to borrow, and how fast YOU can pay it back. From personal experience, it's never a good idea to borrow money to lend to someone else-- 99% of the time you get stuck with the bill.
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Message 2 of 6
Moderator

Re: Getting a personal loan for helping a family member

What are the reasons for denials at other lenders as they should of given you AA reasons.. You can try alot of pre-quals through NerdWallet as a centrain hub for various lenders.  my favorite was lightstream a division of suntrust, but fairly conservative, but had great rates starting around 4% depending on term of loan.  Also tons of other as mentioned being CU's but lowest rates are lightstream, sofi and the likes, but certainly harder ones to get as they usually like higher incomes and scores... Your scores are not bad though in the 730 range...  As stated curious why other places turned you down being DTI, to many recent inquiries, etc?  Also the personal loan places you mentioned are more predatory lenders which kinda suprises me why they denied you as their rates tend to be higher being avant, upstart, etc...

Message 3 of 6
Established Contributor

Re: Getting a personal loan for helping a family member

With your profile I am surprised Avant turned you down. Usually as long as your income shows you can pay the loan they will apporve with much lower scores than yours. Do you have the income to support the loan you are looking to borrow? As suggested try the loan marketplace sites like Nerdwallet and Credit Karma.

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Message 4 of 6
Frequent Contributor

Re: Getting a personal loan for helping a family member

As noted, more data is needed

 

but I got an Avant at High Int% with low scores, (building credit in a new country) so I think you might have a tough time getting this loan from anywhere.  

You may need to tell your friend/family that you can't help

 

even if you are able to get a loan, this may stop you from managing your own credit score with a new account that is likely to be tagged as a consumer finance loan as well.  This may have a long term impact to you.  

all the best.  

 

 

July 31/2019. EX-712. EQ-704. TU-726
Aug 23/2019. EX-709 EQ-710 TU-731
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Message 5 of 6
Established Contributor

Re: Getting a personal loan for helping a family member

Try sofi, they have a pre-qual.

Message 6 of 6
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