Personal Loan..can you even get one nowadays?

[04Cobra23]

A friend of mine asked my opinion on a personal loan, she needs it to pay off some credit card debt. Anyone have any experience in this? my answer was its probably near impossible to get one at this time. Her credit is over 800, she owns a house (no equity though). Sounds good, BUT she is not working right now, and is on disability. She is going to make some calls tomorrow but was wondering if anyone had any info on this?

 

[Krwy]

My brother is having a hell of a time trying to get an auto loan. It's pretty rediculous. He is full time employed Mercedes-Benz service tech, flags close to 120-130hrs every 2 weeks and no one will give him a loan. He tried to get a Sears CC to buy a larger tool box, just to establish credit and was denied. He bought a MAC box cash instead. He also ended up buying his truck cash since no one would approve him for a decent rate. He is 21, and really doesn't have credit established, but makes some good ass money. I have good credit and have a 2.9% interest for my autoloan, and I didn't do anything special.

No one is willing to give out money right now.

 

[RDJ]

A friend of mine asked my opinion on a personal loan, she needs it to pay off some credit card debt. Anyone have any experience in this? my answer was its probably near impossible to get one at this time. Her credit is over 800, she owns a house (no equity though). Sounds good, BUT she is not working right now, and is on disability. She is going to make some calls tomorrow but was wondering if anyone had any info on this?

unemployed and on disability she is going to have a tough go getting a loan. her best bet is to find a credit union that she can qualify to join. Credit Unions have membership requirements usually associated with where you are employed. My credit union still has plenty of money and is still making loans. they recently lowered their new car rate to under 4%.

 

[fiveohhhstang]

I got a personal loan a couple of weeks ago, just as a buffer until I get my student loan refund check next month.

It depends on the bank. I have been with mine for a long time, and have loan history there. My credit is also very good.

 

[03machme]

i had a hard time getting a loan for my bike a few months ago. even tried to take a loan out on secure funds i.e. money in the bank and wells fargo still wouldnt do it with me working, very little debt in my name, and over 700 credit score. BS if you ask me but i have had nothing but problems every time i deal with wells fargo

 

[Dots490]

I have a 742 credit score and couldn't even get a $5000 loan from a bank I have been with for six years, and my family has been with for over twenty years and had countless loans.

No one wants to loan right now.

 

[pho_phizzat]

I just got one in october, i do not have good credit (exwife)

Been with my bank for 10 years and have 3 auto loans through them,


But it might help that my mom is the vice president of the loan department :shrug:

 

[WireEater]

I haven't tried a personal loan but the wife and I have not had any problems opening up new cards and had no problem on our auto loan (back in May). I guess it has to do with your established credit and history. They are staying away from anyone who seems like they could be a risk.

 

[wrksnfx]

My company mite if you've got a good credit rating and verifiable source of income.

 

[A4BLK98SS]

I work for the 5th largest credit union in the country and we're definitely still giving out loans to people who are credit worthy. This goes for auto and personal.

 

[lobra97]

my federal credit union just approved me for one pretty easy. try a FCU...

 

[thomas91169]

i got a $5k personal loan in March for my Spyder through American General. Took about 10min too. While i didnt have to, i did use the Spyder as collateral to recieve a better interest rate, though i was still approved without collateral.

 

[PureSound15]

I work for the 5th largest credit union in the country and we're definitely still giving out loans to people who are credit worthy. This goes for auto and personal.

I work in operations for a large credit union, too. We're still lending :shrug:

Someone who is not employed is going to have a hard time getting a loan - and a loan to pay off credit cards generally means that the balances are high and the rates are high. High balances = not a great score.

Your friend would have to secure that loan via vehicle or some other asset since she doesn't have any equity.

If there were any hope at all for her, it would be through a credit union.

 

[vmullins]

We have trouble getting customers approve w/ a 800 credit score... tough times. Banks dont just look at your actual score anymore, They will look deeper into your credit and see how you pay, how many times have you been late? If its an auto loan, Have you ever had auto credit before? Do you have high credit.. all sorts of things that play into getting a loan.

 

[2k1cobra]

We have trouble getting customers approve w/ a 800 credit score... tough times. Banks dont just look at your actual score anymore, They will look deeper into your credit and see how you pay, how many times have you been late? If its an auto loan, Have you ever had auto credit before? Do you have high credit.. all sorts of things that play into getting a loan.

Just wondering how hard would it be for a 19 yr old to get a auto loan or any loan for that matter? My bro is looking to get a car, his bank is Chase, but hasn't been with them very long.

 

[piss&vinegar]

I just tried to get a BB credit card to take advantage of their 36 months no interest on a TV I was looking at and got approved. I do have a 770+ credit score and have established credit for 15+ yrs and maybe in that time had one late payment on credit card. I did not buy the TV though.

 

[tankerman1981]

yea credit score doesnt mean as much as most really think... i mean you could have a 800+ credit score and have very little credit history or have a 700+ score with good credit history and the 700+ person will more than likely have a easier time getting approved then the higher score guy with lack of history....i only have about a 780 but i have over 12 years of good credit history

 

[yellowbra]

I didn't know it was possible to get any sort of loan at all if you are unemployed. How is she going to pay it off?

 

[Dane]

Private lending for folks who need loans and for people wanting to loan money for profit.
Personal Loans & Investing with Peer Lending - Lending Club

 

[Satyr]

unemployed and on disability she is going to have a tough go getting a loan. her best bet is to find a credit union that she can qualify to join. Credit Unions have membership requirements usually associated with where you are employed. My credit union still has plenty of money and is still making loans. they recently lowered their new car rate to under 4%.

I can attest to this. My local credit union has had a massive influx in members within the last 6-10 months because they are still giving out lots of loans. Hell, I was approved for an 04 cobra vert in September via telephone.

It depends on where you're at and what banks/CU's you try. Though, I must say, being unemployed and disabled is going to make it hard for anyone to give her money.