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@NYFan63 wrote:
I app'd for the Santander LOC a couple days ago. I called this morning to check on status. The nice gentleman indicated the analyst needed to review, I didn't need to confirm my income with W-2's / check stubs, etc. and they needed to confirm the security questions I answered during the app process and for me to call back Tuesday.
Thoughts on approval?
Thanks!
I have no thoughts on approval.
What I can say about Santander LOC is:
1. IMHO it's a good product.
2. Santander is old school about application process and loan documentation; it took weeks to go through, and I had to go into branch to sign papers.
So I got approvd for $25k but it was at 16% - havent decided whether I will accept it as I was also apprved with TD Bank for $50k @ 14% but they want to pay off my Andrews FCU personal loan ($18k @ 10.5%) - ugh - decisions decisions...
NYfan- nice loc approvals. While the apr seems high, their not credit unions, so I suppose that's par for the course. Did they both require inc ver? I would assume TD for $50k would, which is a crazy limit for a loc!
congrats again.
@NYFan63 wrote:@Anonymous I got approvd for $25k but it was at 16% - havent decided whether I will accept it as I was also apprved with TD Bank for $50k @ 14% but they want to pay off my Andrews FCU personal loan ($18k @ 10.5%) - ugh - decisions decisions...
Why not accept it? It's just a line of credit. You don't have to use it.
@dbw79 wrote:NYfan- nice loc approvals. While the apr seems high, their not credit unions, so I suppose that's par for the course. Did they both require inc ver? I would assume TD for $50k would, which is a crazy limit for a loc!
congrats again.
dbw - thanks! Good point on the interest rate. TD indicated they needed documents so I assume it is the last two pay stubs. I will find out tomorrow.
@SouthJamaica wrote:
@NYFan63 wrote:@Anonymous I got approvd for $25k but it was at 16% - havent decided whether I will accept it as I was also apprved with TD Bank for $50k @ 14% but they want to pay off my Andrews FCU personal loan ($18k @ 10.5%) - ugh - decisions decisions...
Why not accept it? It's just a line of credit. You don't have to use it.
Good point SJ - I will move forward this week. Thanks for the guidance.
Santander declined my loc app because my credit score was 687