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Personal Loan Help

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Established Contributor

Re: Personal Loan Help

Good luck! These are some good data points for anyone who may be in a similar situation. Let us know how it turns out.

November 2019:

Message 11 of 19
New Member

Re: Personal Loan Help

Have you approached Lending Club or Prosper about consolidating all or the highest APR loans?  I am new to this forum so I am missing some proper nuances and attack methods. But to give you an example, I did 1 Lending Club loan for 13.49% APR (including their origination fee) and about to pay that off after 24 months on a 36 months term. They recently offered me a higher loan amount for 7.14% APR. You have higher FICO than me, but I do have an impeccable payment history. The key is to have gone through a loan with them first and satisfy their algorithm, and the next offer will really help us out.



Message 12 of 19

Re: Personal Loan Help

I tried the Prequalifiers for several of the online loan companies a month ago. The common theme was 17-19% APR or flat out couldnt be pre approved. 

I will check with them again after my statements cut 

Message 13 of 19

Re: Personal Loan Help

Well I my score jumped up to 684 after the last statements cut.

I went ahead and applied online for a loan at the local credit union on Wednesday afternoon. I haven’t heard back from them yet which makes it feel like they probably denied it. Hope not though, I’ll report back when I hear from them.
Message 14 of 19

Re: Personal Loan Help

Well here we are 8 business days after the application and still no decision. It took 5 business days for them to send me an email asking for pay statements and info on what i wanted to consolidate. I sent them that info on Tuesday the 3rd and have heard nothing back since.  When i used them in the past their decisions good or bad were practically instant so this has me scratching my head a bit. 

Message 15 of 19
Valued Contributor

Re: Personal Loan Help

Good Luck!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Smiley Happy

Message 16 of 19

Re: Personal Loan Help

Finally got a response 


Application was denied due to high DTI 

so back to the original question of where to go from here. 

I have roughly 7.5k in CC debt and a little over 9 on that loan all of this is subprime in the 20-30% range.

my main objective is to get this all paid off as soon as possible at as low of a rate as possible


not sure if i mentioned it earlier but the loan is secured with a boat that now has major mechanical issues that i will not be fixing at this time. The boat is still worth 3-4k as it sits. So it would be very beneficial to me get rid of the loan and sell the boat. 

any suggestions are welcomed

​​​​​​​thank you for all your help  so far. 

Message 17 of 19
Super Contributor

Re: Personal Loan Help

Ouch.  Sorry for the denial, but thank you for the update!


Do you know your current TU 8 score?  You might try the preapproval tool at Discover to see if you qualify for a new Discover card that might come with a 12 or 18 month zero percent BT offer....


On some accounts, Discover will allow a cash deposit to your checking account AS A BALANCE TRANSFER that qualifies for the zero percent APR.


That'd be my next idea...

12/01/19 Fico 8: EX 732, EQ 732, TU 755.
11/08/19 Fico 9: EX 733, EQ 740, TU no idea...
Zero percent financing is where the devil lives...

Firmly in the garden until the next pre-approval arrives!
Message 18 of 19

Re: Personal Loan Help

I’ll know the current score in a few days once my current disco updates it. My current disco has a crap limit so I doubt i can get that kind of a limit from them right now.

If the pre approvals from places like Marcus, lending club etc are halfway accurate I should be able to get a loan from them at around 15-16%

I know that’s not ideal but a heck of a lot better than 25% plus it would allow me to sell the boat.

I was hoping to find a 0% BT within the next 6 months for my credit card debt. I figure I could easily pay that off in a 18 month at 0% probably closer to a year.
Message 19 of 19
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