@Cory88 wrote:I was looking for some cash to hold me over to I get working as much as I was, the APR was so high and the fees were outragest it made no since getting one as most of my credit cards was 9,9% to 11% and they waned 15 to 17%!! I looked at Alliant FCU and USAA and they was giving out for me 7,50% to 10% APR's. My HSBC LOC was only 7%. I have looked at Lending Club / SOFI / Prosper for years (2010) and always found better deals else were. I think they look for people that don't care the APR or in despite need of money. Has any one found a use for them or know why that charge so much?
They typically (but not always) cater to the subprime market and/or those who have maxed out their revolving lines of credit, and are not usual loan avenues for those with other options. For unsecured personal loans, generally credit unions (and the very CU-like USAA) will offer lower rates. For those with excellent scores, utilization well under control, and limited or no recent credit-seeking, those companies you mentioned do sometimes offer loans in the 5-7% range, but that's usually nothing more than a carrot dangled for most who actually need the loans and find themselves with 9-26% loans.
If you have a decreased income due to the current economy, I am not sure how you will even be approved if not a very high rate. Some personal loan lenders are exiting or have paused personal loan lending now period... AMEX which was always by invitation only has stopped offering for now. BBVA typically has lower rates if your credit is over 725 (mid) as does NFCU... BBVA likes to go by invitation preapproval letters as well. NFCU you need to join... but again, a decrease in current income, current paystubs may be an underwriting issue. The other lenders tend to be higher interest rates always... and even if very high prequal quote may decline you once they look at your income and see a decrease in the current environment. I have a friend that is pretty high up at SOFI... they are even looking closely at the industries folks employment is in right now and heavily revised their credit lending criteria with additional reviews etc.
All of what you are saying is correct for those lenders but based on credit scores ( scores were not posted by the OP) and POI... this poster is looking for cash to hold him over as his income as decreased... which is going to be seen in the underwriting process when he/she needs to provide POI.