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Refinance Personal Loan

Bkny718
Established Member

Refinance Personal Loan

Hi All,

In April 2018 I was approved for and took out a high interest loan (>24%) for 30K with a 60 Month term from LendingClub.

Insanely high interest I know but it was an emergency and had to be addressed immediately and the 60 month term made the payment ‘palatable’ $915/month.

There is 27.3k left on the principle.

At that time my fico score was appx 640 and my income was appx 80k. No baddies on my report but 6 maxed out CCs abt 13k total cc debt plus a student loan on forbearance for 17k.

In 2019 my financial situation has significantly improved, my income is up 40% and some year end bonuses allowed me to get my total CC UT <28.9% and all my CCs are <28.9 as well except two which are at 68.69 and 30.32 respectively.

My highest limit CC is 4.5k (Chase Simplicity).

Any recommendations to get this high interest personal loan off my back?

I am unable to afford a higher payment for this portion of my debt unfortunately and am struggling to find better 60+ month lenders.

Thanks so much for your advice and opinions.
Starting Score: EQ 681|TU 660|EX 680 Jan 2019
Current Score: EQ 788|TU 772|EX 785 Mar 2019
Goal Score: EQ 800|TU 800|EX 800
Message 1 of 12
11 REPLIES 11
jamesdwi
Valued Contributor

Re: Refinance Personal Loan

Visit the other personal loan companies, my current favorite is Marcus, and see what they will approve you for and at what interest rate. 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 2 of 12
CreditCuriosity
Moderator

Re: Refinance Personal Loan

as mentioned shop around personal loans most are SP's. My Case I have 800+ scores and marcus offers me a 18 percent loan, lol.. No thank you, but others fair better with them.  Their are many others as well Barlay's offered me a 7.99% loan which i will probably take as my penfed installment loan is at 12.99 which isnt acceptable imo with my current scores being all around or over 800.   Other places are prosper, sofi, etc..  Tons of them that will give you a rate via SP.. Best of luck!

Message 3 of 12
Bkny718
Established Member

Re: Refinance Personal Loan

May I ask what your relationship with Barclay is?

Do you have checking and savings with them and for how long?

Discover offered 18% yesterday... disappointing
Starting Score: EQ 681|TU 660|EX 680 Jan 2019
Current Score: EQ 788|TU 772|EX 785 Mar 2019
Goal Score: EQ 800|TU 800|EX 800
Message 4 of 12
Kforce
Valued Contributor

Re: Refinance Personal Loan


@Bkny718 wrote:
Discover offered 18% yesterday... disappointing

Keep shopping around, you might get a better deal.

18% might not be what you want but it saves some money.

It would save you a little over $5,500 and cut your loan time down.

Current interest loss is ~ 14,700 at about 4 years (27.3k, 24%, 915/mo)

Discover loan ~ 9,200 at 3.3 years, (27.3k, 18%, 915/mo)

Saves 5,500 and 8 months.

 

FNBO Cashback Visa (20k) / Bank-West Cashback MC (20k) / USAlliance 3% Visa (20k)
Two Old CU cards (20k each) -- (Sock Drawer) / Secret 3% MC (20k)
Ficos : 830 / AAoA : 9 yrs / AoOA : 24 Yrs / AoYA : 0
Message 5 of 12
jamesdwi
Valued Contributor

Re: Refinance Personal Loan


@CreditCuriosity wrote:

as mentioned shop around personal loans most are SP's. My Case I have 800+ scores and marcus offers me a 18 percent loan, lol.. No thank you, but others fair better with them.  Their are many others as well Barlay's offered me a 7.99% loan which i will probably take as my penfed installment loan is at 12.99 which isnt acceptable imo with my current scores being all around or over 800.   Other places are prosper, sofi, etc..  Tons of them that will give you a rate via SP.. Best of luck!


Wow there is something in your credit report Marcus didn't like, When I had around 720, and applied I got 5.99% for 30k over 36 months. Even a year later they offered 7.99% for 36 months for 17k and what with my first loan still on my report. 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 6 of 12
Kforce
Valued Contributor

Re: Refinance Personal Loan


@CreditCuriosity wrote:

as mentioned shop around personal loans most are SP's. My Case I have 800+ scores and marcus offers me a 18 percent loan, lol.. No thank you, but others fair better with them.  Their are many others as well Barlay's offered me a 7.99% loan which i will probably take as my penfed installment loan is at 12.99 which isnt acceptable imo with my current scores being all around or over 800.   Other places are prosper, sofi, etc..  Tons of them that will give you a rate via SP.. Best of luck!


A great example of why it is important to shop around. ( 10% spread )   

 

FNBO Cashback Visa (20k) / Bank-West Cashback MC (20k) / USAlliance 3% Visa (20k)
Two Old CU cards (20k each) -- (Sock Drawer) / Secret 3% MC (20k)
Ficos : 830 / AAoA : 9 yrs / AoOA : 24 Yrs / AoYA : 0
Message 7 of 12
CreditCuriosity
Moderator

Re: Refinance Personal Loan


@jamesdwi wrote:

@CreditCuriosity wrote:

as mentioned shop around personal loans most are SP's. My Case I have 800+ scores and marcus offers me a 18 percent loan, lol.. No thank you, but others fair better with them.  Their are many others as well Barlay's offered me a 7.99% loan which i will probably take as my penfed installment loan is at 12.99 which isnt acceptable imo with my current scores being all around or over 800.   Other places are prosper, sofi, etc..  Tons of them that will give you a rate via SP.. Best of luck!


Wow there is something in your credit report Marcus didn't like, When I had around 720, and applied I got 5.99% for 30k over 36 months. Even a year later they offered 7.99% for 36 months for 17k and what with my first loan still on my report. 

 


I am guessing they think some people are dumb and dont shop around.. My report is obviously in good shape if I am over 800 credit score and a 6 figure income only asking for 11.5k.  Each lender has certain people they cater too as they thought i had sucker stamped on my forehead.  Just got a new car and both cars are on my credit report now so waiting for my other one to show paid in about 14 days and will take barclays up on their offer most likely will end up saving like 800ish on a 48 month term although be paid off alot soon so would save more no origination fee either.

 

Also pre-approved for SOFI, Discover, etc but by far barclay's is best for me.

 

For person that asked have had 6 personal cards at least with barclay's and currently have a business card with them and that is only card or relationship i have with barclay's.   Whether that plays a role I have no idea.  Anyone can do their pre-qual site though at.

 

https://www.mybarclaycardloan.com/pages/home

Message 8 of 12
SouthJamaica
Super Contributor

Re: Refinance Personal Loan


@Bkny718 wrote:
Hi All,

In April 2018 I was approved for and took out a high interest loan (>24%) for 30K with a 60 Month term from LendingClub.

Insanely high interest I know but it was an emergency and had to be addressed immediately and the 60 month term made the payment ‘palatable’ $915/month.

There is 27.3k left on the principle.

At that time my fico score was appx 640 and my income was appx 80k. No baddies on my report but 6 maxed out CCs abt 13k total cc debt plus a student loan on forbearance for 17k.

In 2019 my financial situation has significantly improved, my income is up 40% and some year end bonuses allowed me to get my total CC UT <28.9% and all my CCs are <28.9 as well except two which are at 68.69 and 30.32 respectively.

My highest limit CC is 4.5k (Chase Simplicity).

Any recommendations to get this high interest personal loan off my back?

I am unable to afford a higher payment for this portion of my debt unfortunately and am struggling to find better 60+ month lenders.

Thanks so much for your advice and opinions.

If I were you I would try to do it with a credit union. They will have much better rates, and won't be counted as a "consumer finance agency".

 

 


Total revolving limits 653000 (575000 reporting) FICO 8: EQ 716 TU 747 EX 715

Message 9 of 12
Revelate
Moderator Emeritus

Re: Refinance Personal Loan


@SouthJamaica wrote:

@Bkny718 wrote:
Hi All,

In April 2018 I was approved for and took out a high interest loan (>24%) for 30K with a 60 Month term from LendingClub.

Insanely high interest I know but it was an emergency and had to be addressed immediately and the 60 month term made the payment ‘palatable’ $915/month.

There is 27.3k left on the principle.

At that time my fico score was appx 640 and my income was appx 80k. No baddies on my report but 6 maxed out CCs abt 13k total cc debt plus a student loan on forbearance for 17k.

In 2019 my financial situation has significantly improved, my income is up 40% and some year end bonuses allowed me to get my total CC UT <28.9% and all my CCs are <28.9 as well except two which are at 68.69 and 30.32 respectively.

My highest limit CC is 4.5k (Chase Simplicity).

Any recommendations to get this high interest personal loan off my back?

I am unable to afford a higher payment for this portion of my debt unfortunately and am struggling to find better 60+ month lenders.

Thanks so much for your advice and opinions.

If I were you I would try to do it with a credit union. They will have much better rates, and won't be counted as a "consumer finance agency".

 

 


Already likely has that from Lending Club anyway, and it's not a big FICO penalty: I probably crack 830 FICO 8 by the end of the year with a CFA on there, is a ding just not a really large one.

 

Ultimately I'd just go for the financial win, take the best APR you can get and refinance that loan away.




        
Message 10 of 12
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