Personal Loan Recommendations

[Anonymous]

I'm looking for personal loan recommendations based on my situation. I did a few balance transfers last year to my Chase Sapphire Rewards card and they are coming due (no more 0% APR, 16% APR instead) in the next few months. $39k total. I'm not seeing any balance transfer offers on any of my other cards anymore. Seems like everyone stopped offering them around May this year.

CreditKarma shows my scores as 651 (TU) and 658 (EQ) but I'm seeing 763 (TU) when I check via my Discover card's portal (FICO Score 8) and 749 (EX) when I check via WellsFargo (FICO Score 9).

All my cards are paid off monthly except my CSR card. I have about $15k in cash in my checking account but don't want to use it all to pay Chase next month and then still have $15k due the following month (or go to 16% APR).

I was hoping to find a company that doesn't need too many docs like tax forms or proof of income. Not sure what proof of income entails but if anyone can let me know maybe I can still do it comfortably.

I've gone over some of the other posts and am leaning towards checking out LendingClub, SoFi (pre-selected via CreditKarma) or Prosper.

Any advice is very much appreciated in these stressful times.

I used to have a 775-800 score w/ no debt until things got rough last year and I needed to start racking up debt. Score dropped considerably after maxing out the CSR. I'm currently at 59% utilization after paying my CSR from $54k to $39k (current balance). $66k credit line. My last payment of $5k hasn't reflected on my report yet though.

[Anonymous]

Sorry, I forgot to mention that I'm looking for a personal loan with an APR around 8-9% ideally. I used to get offers pre-approved for these type of personal loans or balance transfers at 3-4% but they seem to have almost completely dried up as soon as I did the balance transfers onto my CSR. I did have some personal loans offers come in after that but at 10-20% APR.

[tcbofade]

When you get that balance reporting under 49%, you'll get better offers.  

DW just took a personal loan from Pen Fed at 12.99%.

Good luck!

[rostrow416]

Sorry to burst your bubble, but anyone handing out personal loans right now is definitely going to want proof of income and/or tax forms.

[Sbrooks1]

I recently got a PL with Pen Fed, I do know they limit the loan amount to 20000, which was what I needed, OK rate around 8 %, no documents needed. I have also a Prosper Loan with no documentation required. In the past I have had Sofi and Lending Club and was never asked for POI. Just my experience. I might add they are my primary bank , so myabe that is the reason for no POI! 

[audioman00]

My advice would be to use the $15k to pay down more of the balance, wait until it reports, then go to nerdwallet to see if you prequal for lightstream. Prequal is not a guarantee, but they offer rates as low as 5.99% on a PL.

[Harvey26]

@Anonymous  Honestly. Not sure how much interest you will be charged but honestly I would just pay 5K a month you would be finish in about 6 months. No HP and no AAoA drop. I would only do the loan if you really need to but you can join penfed for an SP and they have a personal loan prequal app they will give your rate and amount. Does your primary bank offer Personal Loans or Lines?

[Anonymous]

My primary bank is Wells Fargo and I believe they do offer personal loans so was planning to apply with them once my credit score improved, which it looks like it is starting to do. Will also check out PenFed for an SP.

My CSR card just reported the new balance and my CreditKarma scores just shot up 80 points today to 730-740! Gonna pay my card down again next month to $30k and see if it improves any more. Hoping to get a personal loan for $20-30k as that should be manageable.

Thanks for all the help and advice everyone! It is very much appreciated!

[Harvey26]

@AnonymousWells Fargo is a heavily relationship bank. Not sure how long you have been with them and how much you have in the bank with them but my aunt. Who has several late pays in 2019 with a credit card and mortgage got instantly approved for a Visa Siggy for 11K and her income is about 75K a year but she has been with them since 92 and has about 50K in bank with them. I would certianly inquire especially with your Wells Fargo score being so high. I would only rely credit karma for report accuracy not scores. Also penfeds personal loan prequal is an SP also. I mean honestly most personal loans websites offer SP to see what rate and how much you are approved for. You might even want to check discover personal loans also they are an SP

[Anonymous]

@Anonymous I got a $20k PL from Payoff/Happy Money to consolidate CC's. 

All but one or two were >80% util.  Scores were low to mid 600's at the time... after paying off all my cards they are all up 100+ points.

12.75% which is a lot lower than my cards were.  They did require POI, but it was a preapproval and they didn't do a HP until right before the loan is finalized.