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  #1  
Old 05-18-2011, 12:57 AM
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Default Advice on getting a personal loan

I'm starting a Business and I would like to get a personal loan. I would rather go thru a bank than a payday loan place. My credit isn't that good but I have strong employment history and my debt to income ratio is very good. I'm hoping to get around $4000~$5000. Has anybody been thru this process before? How hard is it to get approved on something like this?

Any advice would help. Thanks in advance.
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Old 05-18-2011, 01:11 AM
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shouldn't b to hard if its in the $4000~$5000 range but then again its all on ur credit /income but if u have a house/vehicle under ur name that u still paying on then they will go off ur income and see if u can afford to pay it back i think that's how it works
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Old 05-18-2011, 03:10 AM
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A signature loan for that much is going to be tough without good credit. You will almost certainly need collateral. Now, a small business loan is much easier to get, but you need to get your shit in a pile and present them with your business model or "idea."

With a solid DTIR and at least a 620 credit score, you should be able to find someone to lend you some money, but it'll probably be over 10% interest. Do some research on small business loans. There is a ton of assistance for those.
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Old 05-18-2011, 09:07 AM
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I would also try a smaller bank. They tend to work with people a lot more.
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Old 05-18-2011, 03:57 PM
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I would not go through a bank at all. Chances are they are going to want ridiculous amounts of collateral. I only deal with credit unions, as they are not-for-profit cooperatives owned by the depositors and often offer rates more favorable than for-profit banks.
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Old 05-18-2011, 04:14 PM
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Quote:
Originally Posted by annarbor84 View Post
I would not go through a bank at all. Chances are they are going to want ridiculous amounts of collateral. I only deal with credit unions, as they are not-for-profit cooperatives owned by the depositors and often offer rates more favorable than for-profit banks.
This man speaks the truth. I pay 3.9% apr on my loan from my local Credit Union. Dealerships wanted 11% and bank wanted 9%. As AnnArbor said too, they aren't for profit, so they really try to work with you..
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Old 05-18-2011, 04:20 PM
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Personal loans are much harder to get if you have nothing for collateral. It's not like a car loans where they are the secured party and can take your car without your consent if you stop paying.
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Old 05-18-2011, 04:29 PM
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Quote:
Originally Posted by oslouie View Post
Personal loans are much harder to get if you have nothing for collateral. It's not like a car loans where they are the secured party and can take your car without your consent if you stop paying.
Again, depends where you are going for the loan. I was approved for a $3000 personal with a cosigner, before I gained any credit. If he has decent credit, and income, I can't see them denying him a $4-5000 loan at a Credit Union.
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Old 05-18-2011, 05:07 PM
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I have never had to use collateral for a signature loan. Then again the most I have ever borrowed was 5k. If you do not have the best credit, I am sure a second party's signature may be required..... But I cannot see collateral being needed.... Unless you are using a bank.
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Old 05-18-2011, 05:13 PM
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Quote:
Originally Posted by MikeyF View Post
Again, depends where you are going for the loan. I was approved for a $3000 personal with a cosigner, before I gained any credit. If he has decent credit, and income, I can't see them denying him a $4-5000 loan at a Credit Union.

Agreed
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