May 13th, 2019 12:44 am
May 13th, 2019 8:47 am
May 13th, 2019 10:18 am
May 13th, 2019 10:32 am
The bank will likely be cheaper. A personal loan, a line of credit, or as someone mentioned below, a HELOC. But they will all take time to process, with the HELOC being the most time-consuming.
May 13th, 2019 11:37 am
May 13th, 2019 9:46 pm
The best place to get a loan depends on your situation.
May 13th, 2019 9:49 pm
Some offer smaller loans or lines of credits secured against home equity with quicker processing time. Higher interest rate though.CNeufeld wrote: ↑ The bank will likely be cheaper. A personal loan, a line of credit, or as someone mentioned below, a HELOC. But they will all take time to process, with the HELOC being the most time-consuming.
Fairstone is one step above the payday loan companies, I think. Perhaps easier to get an unsecured loan from them than the banks, but you'll pay for it.
May 13th, 2019 10:15 pm
Thank you UrbanQuote.
May 13th, 2019 11:15 pm
Do you meAn 780?
May 14th, 2019 9:48 am
May 16th, 2019 10:54 am
Personal line of credit, home equity line of credit, credit card cash advance all work the same way with lower interest. The only reason to go to a place like Fairstone is because you don't qualify for the aforementioned.skeet50 wrote: ↑ Usually unsecured loans like those at Fairstone are open loans. This means that while they may charge you 29.99% interest, you don’t actually have to pay that rate. You can effectively lower that rate by paying extra payments and by paying earlier. There are usually no penalties for this with open loans.
One of the best ways you can reduce the amount of interest that you pay is to make your first payment the very same day that you receive your loan. These loans are often structured so that your first payment isn’t for 30 or 45 days, during which the loan is just earning interest. Making a payment right away reduces this.
The reality is if you are in a position to repay the loan quickly and greatly reduce the amount of interest that you pay, these loans can work.
Jul 4th, 2019 7:31 am
Jan 13th, 2021 8:23 am
Jan 13th, 2021 1:21 pm
I can't speak on the odds of getting a personal loan or LOC, other than that you may be near the low end of where a bank will approve an unsecured loan. I was once advised that credit unions tend to be easier with their members.VishnuS47257 wrote: ↑ What are the odds of getting a personal loan or LOC and which bank will give me a better rate. My Transunion score is better than Equifax so I assume RBC who pulls report only from Transuinion might be a better choice?? Should I or can I use my car as a collateral. I am looking for 15k in a personal loan or CL, whichever has a lower interest.
Jan 13th, 2021 7:44 pm
Jan 13th, 2021 10:34 pm
I would say that your odds of getting a personal loan are best at the institution that you normally bank with (as long as you don't only bank at online only banks which might not offer personal loans or lines of credit) and you already don't have a personal loan or line of credit with them.VishnuS47257 wrote: ↑ What are the odds of getting a personal loan or LOC and which bank will give me a better rate. My Transunion score is better than Equifax so I assume RBC who pulls report only from Transuinion might be a better choice?? Should I or can I use my car as a collateral. I am looking for 15k in a personal loan or CL, whichever has a lower interest.
Jan 14th, 2021 8:14 am
Jan 14th, 2021 10:04 am
Relationships with banks help with the margin cases like yours, you're credit score is a bit on the lower side with the recent accounts hurting you, both your credit card and auto loan. It never looks good when you're seeking credit in a quick succession.VishnuS47257 wrote: ↑ Thank you. They ( RBC) basically said I likely wont get a loan because of depreciable liability ( around 18k) and no assets. So, is it the same with all banks. I have heard from many that they have got loans or U LoC. I understand it is a bunch of other criteria as well. And is it worth switching my payroll from TD to RBC and build a history with them. I don't want to bank with TD or ask them for a loan as they have rejected a credit card loan and even overdraft protection, though I've been with them for 7 years. Which makes me wonder if I should close my TD account (checking n saving) and focus banking only on RBC and build a substantial savings with them, and who knows they may offer me something few years down the road.
Jan 14th, 2021 1:18 pm
I’m pretty sure that OP must have sorted this out by now as their enquiry was about 2 years back.azorahai wrote: ↑ I would go through your primary bank, and then try with the other banks that you don't have relationship with. Stay away from these other guys unless its a means of last resort.
You would be surprised how far a good credit score and reliable employment can go even if the income isn't super high.
Jan 14th, 2021 11:36 pm
No you can’t use the vehicle as security, as that security already belongs to the bank who loaned you the money for that vehicle.