looking for a personal loan for a big purchase, DCU? Penfed? credit union? Amex? Discover? Sofi?

[MudkipsRKooL]

Looking for a personal loan for a big purchase. I plan to spend only 300-400 tops (prefferably) near low 300s for a 2-3 year loan. Rate right now are really high for me, probably because I haven't done a personal loan and still on my 1st car loan.

Anyways I doubt I will get 7.98% at credit union, but if I do that's great.

I qualified for 10K for 11.99% with discover and 12.5% with Sofi (3 year plan). 11.49% with 2 year (sofi). Amex's personal loan I didn't get an offer at all though they are 7.98%. My local credit union's PLOC is 7.5% but I doubt I can get that. US Bank has a PLOC for 10.25% as well. I could not get stats for Penfed or DCU, anybody have any datapoints on it?

Stats: 770 average credit score

Longest Credit: 4 years 6 months

first loan: 2017, (15K financing) still playing atm.

Income: 40K (combined with business, 50K)

[chiefone4u]

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@MudkipsRKooL wrote:

Looking for a personal loan for a big purchase. I plan to spend only 300-400 tops (prefferably) near low 300s for a 2-3 year loan. Rate right now are really high for me, probably because I haven't done a personal loan and still on my 1st car loan.

Anyways I doubt I will get 7.98% at credit union, but if I do that's great.

I qualified for 10K for 11.99% with discover and 12.5% with Sofi (3 year plan). 11.49% with 2 year (sofi). Amex's personal loan I didn't get an offer at all though they are 7.98%. My local credit union's PLOC is 7.5% but I doubt I can get that. US Bank has a PLOC for 10.25% as well. I could not get stats for Penfed or DCU, anybody have any datapoints on it?

Stats: 770 average credit score

Longest Credit: 4 years 6 months

first loan: 2017, (15K financing) still playing atm.

Income: 40K (combined with business, 50K)

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Pendfed allows you to check your rate

https://www.penfed.org/personal/personal-loans 

When I just looked at the page linked above they offer "as low as" 5.99%

My personal loan with PenFed was relatively painless (had to provide two most recent paystubs for proof of income). 

If I remember correctly they now allow up to $35,000 without collateral. 

I would imagine with your credit score you'd likely land pretty close to the advertised rate with your credit union and might even get lowest rate from PenFed. 

[Anonymous]

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@MudkipsRKooL wrote:

Looking for a personal loan for a big purchase. I plan to spend only 300-400 tops (prefferably) near low 300s for a 2-3 year loan. Rate right now are really high for me, probably because I haven't done a personal loan and still on my 1st car loan.

Anyways I doubt I will get 7.98% at credit union, but if I do that's great.

I qualified for 10K for 11.99% with discover and 12.5% with Sofi (3 year plan). 11.49% with 2 year (sofi). Amex's personal loan I didn't get an offer at all though they are 7.98%. My local credit union's PLOC is 7.5% but I doubt I can get that. US Bank has a PLOC for 10.25% as well. I could not get stats for Penfed or DCU, anybody have any datapoints on it?

Stats: 770 average credit score

Longest Credit: 4 years 6 months

first loan: 2017, (15K financing) still playing atm.

Income: 40K (combined with business, 50K)

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I think you should go with who will give you the best % rate and terms.   Also take in condersation who you might be wanting to build a relationship with as well.   

[AverageJoesCredit]

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@chiefone4u wrote:

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@MudkipsRKooL wrote:

Looking for a personal loan for a big purchase. I plan to spend only 300-400 tops (prefferably) near low 300s for a 2-3 year loan. Rate right now are really high for me, probably because I haven't done a personal loan and still on my 1st car loan.

Anyways I doubt I will get 7.98% at credit union, but if I do that's great.

I qualified for 10K for 11.99% with discover and 12.5% with Sofi (3 year plan). 11.49% with 2 year (sofi). Amex's personal loan I didn't get an offer at all though they are 7.98%. My local credit union's PLOC is 7.5% but I doubt I can get that. US Bank has a PLOC for 10.25% as well. I could not get stats for Penfed or DCU, anybody have any datapoints on it?

Stats: 770 average credit score

Longest Credit: 4 years 6 months

first loan: 2017, (15K financing) still playing atm.

Income: 40K (combined with business, 50K)

---

Pendfed allows you to check your rate

https://www.penfed.org/personal/personal-loans 

When I just looked at the page linked above they offer "as low as" 5.99%

My personal loan with PenFed was relatively painless (had to provide two most recent paystubs for proof of income). 

If I remember correctly they now allow up to $35,000 without collateral. 

I would imagine with your credit score you'd likely land pretty close to the advertised rate with your credit union and might even get lowest rate from PenFed. 

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Penfed often does not give low rates based on ones credit score. How they figure ones rate is a mystery but ime with credit cards and lians, i , and many others have seen higher rates than our score would suggest. Just a thought when thinking about Penfed

[MudkipsRKooL]

yea I know how the personal loans go. Your first few will be super high rate, then as your risk level goes down after finishing up a few they go down to the advertised low rates with a high enough credit score. Ofc, that's with high enough income and low DTI ratio.

[MudkipsRKooL]

Updated, had to do a HP, but qualified for $8000 PLOC at my local credit union for 7.5%. They were preplexed at my request? Though I think I should have requested more, felt like I left money on the table, but at $240/month PLOC I can't complain. Not sure if it'll hit my credit but I think it should once I withdraw funds.

[tcbofade]

It will.  Expect it to report just like a credit card.  

If you withdraw the entire amount at once, you'll be maxed out.

Guess how I learned that...

[iced]

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@MudkipsRKooL wrote:

Updated, had to do a HP, but qualified for $8000 PLOC at my local credit union for 7.5%. They were preplexed at my request? Though I think I should have requested more, felt like I left money on the table, but at $240/month PLOC I can't complain. Not sure if it'll hit my credit but I think it should once I withdraw funds.

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I think I'm perplexed at your request now. I thought you were looking for $300-400k for a big purchase, so why would you be ok about only getting about 2% of that?

[tcbofade]

I think that OP was looking for a 300-400  monthly payment, not a 300-400k loan...

[iced]

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@tcbofade wrote:

I think that OP was looking for a 300-400  monthly payment, not a 300-400k loan...

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That does make a bit more sense given the final result. The wording of the OP hinted that the big purchase was in the low 300s, which does not invoke thoughts of $300/month. Goes to show how different people see the same things in different ways.

And, here I was curious to see which banks were offering 24-36 terms on $300k, too...