Where is the best place to get a personal loan?

[Jdman]

Where is the best place to get a personal loan? I have seen there are several options. My scores are Fico 8 EQ 664 EX 663 TU 699. Util is at 0%. 2 auto loans and 2 installment loans with 1 being paid off next month. Looking for $7,500 for Loan

[Anonymous]

@Jdman 

Credit Union would be the "best place"

But scores play a factor in rate and getting approved

But there are other options.

Do you have a Discover card or others that have Balance Transfer checks?

That is another possibility as long as it is NOT a cash advance and 

you know the full terms including any and all fees.

And if you could make large enough payments to get it paid off in the time frame

i.e. 7500 for 0% for 12 months = $625/mo payment  (just a reference point)

[Jdman]

I have a Discover card. I think I am going to my credit union first since I have been with them a long time and use Discover as a backup. Thanks for the info 

[Anonymous]

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@Anonymous wrote:

@Jdman 

Credit Union would be the "best place"

But scores play a factor in rate and getting approved

But there are other options.

Do you have a Discover card or others that have Balance Transfer checks?

That is another possibility as long as it is NOT a cash advance and 

you know the full terms including any and all fees.

And if you could make large enough payments to get it paid off in the time frame

i.e. 7500 for 0% for 12 months = $625/mo payment  (just a reference point)

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Amex also offers its card holders installment loans.

[FlaDude]

My my POV, the best place is the one that offers the best terms in a given situation. My CU is very conservative, when I had fairly high CC balances, I got loans from Marcus, Prosper, and Lending Club all around 6-7% interest when my CU had no interest in loaning me money. I also got new cards for BTs, and did some BTs on existing cards. My scores were a little better than yours at the time, but the best thing I can say is shop around, don't get hung up on a particular lender. 

I used the Credit Karma and Nerd Wallet pre-qual tool that got me offers from a bunch of lenders for an SP. In all three cases when I chose a loan, I was able to quickly apply, qualify, and get funded. Some posters have concerns that these lenders might be classified as "Consumer Finance Accounts" and potentially have a negative score impact, but at least for me the impact seems fairly minor, and compared to saving thousands in interest, a no-brainer.

[Jdman]

I used the Credit Karma and Nerd Wallet pre-qual tool that got me offers from a bunch of lenders for an SP. In all three cases when I chose a loan, I was able to quickly apply, qualify, and get funded. Some posters have concerns that these lenders might be classified as "Consumer Finance Accounts" and potentially have a negative score impact, but at least for me the impact seems fairly minor, and compared to saving thousands in interest, a no-brainer.

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I tried the Nerd Wallet pre qual and it brought up Freedom Plus and Lending point with interest at 26% for $10,000. I know my scores aren't spectacular but the interest rate is a deterrent.

[FlaDude]

Hopefully you can find another option that works out for you.

[Brian_Earl_Spilner]

You might want to let a small balance report on one of your cards first. At 0% utilization, you're taking a scoring hit. It only has to be $5-10.

[Jdman]

I actually have $8 on my cc out of $7350

[Anonymous]

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@Jdman wrote:

I actually have $8 on my cc out of $7350

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It needs to be less than 8.9% of your credit limit on that card, but more than 1-2%. That's the sweet spot.