Best way to get a personal loan?

**MaxPlusTen** · 02-08-2010, 05:38 PM

K guys so heres where im at. I need roughly 10 grand to finish a home project (dont want to get into alot of detail) and I dont have the money to just finish it outright... need to get it done soon too. I dont have alot i can put up for colateral other than my vehicles but my bank said no dice because there both 97s. I have outstanding credit but Im a little lost on how to go about it. Any one have any good advice? Also should note im not crazy about taking out a mortgage loan either since ive only been in the house about a 6 months now

**KahanaReef** · 02-08-2010, 05:42 PM

Do you own your home? And, by outstanding credit do you mean you have debt or that you have late payments?

If you have no collateral and owe to much to get a personal loan the only chance you may have is an equity loan. And, even that is iffy depending on how much your current debt is...

**MaxPlusTen** · 02-08-2010, 05:45 PM

said that wrong, by outstanding credit i mean outstanding (good) credit score... never missed a payment on anything so i have a high score

**KahanaReef** · 02-08-2010, 05:58 PM

Originally Posted by MaxPlusTen

said that wrong, by outstanding credit i mean outstanding (good) credit score... never missed a payment on anything so i have a high score

So you have excellent credit then

Do you know your credit score?

Your age may be a factor, but excellent credit certainly helps. Since you are sinking money into a home improvement, I'll assume you own your home. I would just make a few calls. Call your bank and lender. You'll need a few paycheck stubs to prove income etc...

Not sure how good the interest rates are at the moment though.

Basically, you just need to apply to a few lenders.

**MaxPlusTen** · 02-08-2010, 06:13 PM

makes sence... im not 100% sure on my credit score but the last time i checked i was in the high 700s

**86 IROC-Z** · 02-08-2010, 06:15 PM

Be a typical American and use this as an excuse to buy a current model year car with a loan to use as collateral for your home improvement loan.

**MaxPlusTen** · 02-08-2010, 06:21 PM

well ive been trying to talk myself into buying a z06 but im also trying to do the responsible thing and stick to what i got lol

**KahanaReef** · 02-08-2010, 06:22 PM

Originally Posted by MaxPlusTen

makes sence... im not 100% sure on my credit score but the last time i checked i was in the high 700s

High 700's is very good and will help for sure.

**KahanaReef** · 02-08-2010, 06:23 PM

Originally Posted by MaxPlusTen

well ive been trying to talk myself into buying a z06 but im also trying to do the responsible thing and stick to what i got lol

Doing the responsible thing always wins out in the long run

**Y2KPewterSS** · 02-08-2010, 07:19 PM

Originally Posted by MaxPlusTen

K guys so heres where im at. I need roughly 10 grand to finish a home project (dont want to get into alot of detail) and I dont have the money to just finish it outright... need to get it done soon too. I dont have alot i can put up for colateral other than my vehicles but my bank said no dice because there both 97s. I have outstanding credit but Im a little lost on how to go about it. Any one have any good advice? Also should note im not crazy about taking out a mortgage loan either since ive only been in the house about a 6 months now

Without knowing specifics, here it goes. Can you get everything you need to finish your project at Lowes? They have their credit card with periods of interest free(6 months, 1 year, 2 year, etc). You have good credit, getting credit from them(I am assuming you don't already have an account with them) should be a cake walk. I may be totally off base here and its cool if I am, I don't mind being wrong when I don't have all the details

**KahanaReef** · 02-08-2010, 07:28 PM

Originally Posted by Y2KPewterSS

Without knowing specifics, here it goes. Can you get everything you need to finish your project at Lowes? They have their credit card with periods of interest free(6 months, 1 year, 2 year, etc). You have good credit, getting credit from them(I am assuming you don't already have an account with them) should be a cake walk. I may be totally off base here and its cool if I am, I don't mind being wrong when I don't have all the details

That's actually a good idea. But, not sure they will give him the amount of credit he needs. Could be a good start though.

**gd1996** · 02-08-2010, 07:36 PM

Originally Posted by KahanaReef

Doing the responsible thing always wins out in the long run

Yep, not as much fun... but if you don't, you'll regret it later.

**Y2KPewterSS** · 02-08-2010, 07:40 PM

Originally Posted by KahanaReef

That's actually a good idea. But, not sure they will give him the amount of credit he needs. Could be a good start though.

Ya, that was the part of my idea/plan not sure about since I didn't have full disclosuse

**MaxPlusTen** · 02-08-2010, 07:58 PM

hmm, good thought, i might check into that as soon as i can get outta my driveway again (damn snow)... thanks for the advice guys

***SMWS6TA*** · 02-09-2010, 07:08 AM

banks and credit card companies are like Stewie now

[ame]http://www.youtube.com/watch?v=9XZ1crkgtmc[/ame]

**ls1blackbeauty98** · 02-09-2010, 12:45 PM

I have a really low debt to income, high credit and I was pre-approved for a 25k car loan but was denied for a personal loan (was only asking 13,5k) they are so hard to get if u dont have something to put up for it

***SMWS6TA*** · 02-09-2010, 12:51 PM

Originally Posted by ls1blackbeauty98

I have a really low debt to income, high credit and I was pre-approved for a 25k car loan but was denied for a personal loan (was only asking 13,5k) they are so hard to get if u dont have something to put up for it

Correct above. And long time no see.