loans

[ms_jinga_lala 0]

I don't have time to visit the bank during the day and they close before I get off work. I want to get a loan to pay off some things so I will have a lower interest rate (small credit cards lol....). Anyway, I've been thinking about applying for a small loan and was wondering if anyone had used any online sites or businesses that offer small loans and had anything good (or bad) to say about them. Any reputable sites you have done business with or any sites that you know for sure I should avoid? I only need about $2500-5000 at most. I don't want to get another credit card, that would defeat the purpose of getting rid of the ones I have and I know the interest rate won't be lower, especially not with the new laws going into effect that are sure to drain all our bank accounts.

Any help would be appreciated, thank you!

[Chica Yeyé 41]

I hate banks. All of them. Join a credit union and get the loan there.

[*JG* 2]

Only problem with credit unions is sometimes their business hours are even more restrictive then the stupid banks.

[Heracles 417]

I hate banks. All of them. Join a credit union and get the loan there.

agreed

[Susita 175]

My credit union is open on Saturdays from 8-2.

Good luck!

[ms_jinga_lala 0]

Thank you for your ideas!

That's the problem though, I work from 9 am to 6 pm every day but Sunday and Tuesday at my primary job. At my second job I work on Tuesdays, leaving me only Sunday's off and nights. It's nearly impossible to get anything done.

If I do manage to get an account at a Credit Union, are they just going to give me a loan right away? Won't I need to have the account set up for awhile, get my direct deposit changed over and all of that? I really want to get my small credit cards paid off before my fiancee gets here. There won't be any real damage if I don't, but at the same time I'm shooting for being rid of them before all this new credit ####### takes over. I don't want to be caught in the crossfire and have my interest go up. yada yada yada.

[~PalmTreeGurl~ 154]

well what I do is find a credit card that give 0% interest so many months for balance transfers and transfer your balance over.

Or, I have Citi card which right now is at 2.9% and am paying off $1400, then after that I will get the 0% APR for 6 months if I balance transfer my discover card of $2,200 over. Its been really good so far and Im paying them down like crazy.

[Susita 175]

Try calling a credit union's loan department. Maybe they'll set things up for you so on your lunch hour you'll just have to go down and sign paperwork and stuff. It's worth a shot.

As for the credit cards with no interest that's a good idea too, as long as she can pay it off in that amount of time or transfer it to a loan before the interest rate kicks in.

[웃 910]

I hate to post this because it is not a good idea. Not a lot of people know about these sites (they are legit) and they will approve you assuming you have a +650 credit score and proof of income (tax returns or check stubs) that shows you can pay back the loan.

Knock yourself out: https://www.lendingclub.com/borrower/loanOffers.action

^^lending club is easier to get a loan from but here is another: http://www.prosper.com/

Keep in mind you will pay a very high interest rate (around 14-16% of the loan). They will deposit the money directly into your bank account and from each month thereafter they will subtract a pre-determined amount.

I feel terrible for posting this but you asked for it. It is a good way to become buried in debt, get behind in bills, and ruin your credit if you miss a payment.

Two things to know: 1) When they run your credit they do a soft check which has no affect on your credit score, will not even show up as an inquiry....2) If you do pay on time they report to the bureaus so it will boost your credit score/report.......and I'll throw in a 3) They will probably approve you of at least $10,000...I believe $25,000 is the max. You said you need $2500 to $5000 so only accept that amount.

If you accept $5000 just know you will end up paying over $5500 over the life of the loan.

Last advice: DON'T DO IT!!!!!!!!!!!!!!!!

Edited November 19, 2009 by Confucian

[Heracles 417]

I hate to post this because it is not a good idea. Not a lot of people know about these sites (they are legit) and they will approve you assuming you have a +650 credit score and proof of income (tax returns or check stubs) that shows you can pay back the loan.

Knock yourself out: https://www.lendingclub.com/borrower/loanOffers.action

^^lending club is easier to get a loan from but here is another: http://www.prosper.com/

Keep in mind you will pay a very high interest rate (around 14-16% of the loan). They will deposit the money directly into your bank account and from each month thereafter they will subtract a pre-determined amount.

I feel terrible for posting this but you asked for it. It is a good way to become buried in debt, get behind in bills, and ruin your credit if you miss a payment.

Two things to know: 1) When they run your credit they do a soft check which has no affect on your credit score, will not even show up as an inquiry....2) If you do pay on time they report to the bureaus so it will boost your credit score/report.......and I'll throw in a 3) They will probably approve you of at least $10,000...I believe $25,000 is the max. You said you need $2500 to $5000 so only accept that amount.

If you accept $5000 just know you will end up paying over $5500 over the life of the loan.

Last advice: DON'T DO IT!!!!!!!!!!!!!!!!

They're great sites for me to lend some cash. I always thought about something like that. I am happy with 6.5% return and I am sure the person I am loaning the cash to would also benefit.

[spookyturtle 9,465]

My credit union is open on Saturdays from 8-2.

Good luck!

Some of the banks around here close at noon or 1 on Saturday. 2 is late.

[Jasman0717 8]

Banks, savings and loan and credit unions usually charge a fairly high interest for unsecured loans. Unless you have something that you can use as collateral you might as well stay with the credit cards unless the interest rate is higher than about 15%

[ms_jinga_lala 0]

I don't have the money to pay off the loan before Christmas, but if the interest rate is lower than the credit cards it will be so much better in the long run. I have those establish credit kind of cards, had them for years and I'm tired of paying yearly fees and to be honest I've probably lost a fortune on interest alone. My payments total $100 a month because I pay extra on them. I have so much going on right now it would just be nice to get rid of the ones with a yearly fee, clear off the ones without them and save them for emergencies only. I have been working hard towards saving up for all the upcoming things associated with this visa however things happen and I don't have the money I need either. That is why I considered going up to $5000. So basically I would be trading high interest loans (unwarranted because they made my credit good lol) and several monthly payments for a lower interest loan, one monthly payment and the ability to quit my second job. I'm tired lol...I'm not looking forward to another 50 then 60 then 70 hour work week during the Christmas season. I did that last year and it sucked! Of course spending all that money in India made me feel a little better later on though lol.

I do appreciate the information on the scary loans you mentioned. I am just trying to get an idea of what I should and shouldn't do. It's better to hear first hand experiences than trust website content.

I have thought about the introductory rate credit cards but the ones I'm finding all go up to some really high rates later. Maybe I'm looking in the wrong places. I'll look harder lol. I do have a Citi account already, maybe they would be an option. As an added bonus, they are international (right?) so maybe I could add my fiancee to the account.

Thank you! Thank you!