any advice on where to go for a $15k personal loan?

[Rallispec]

I need $15k so I can sell my house to cover the difference between the selling price and my mortgage payoff - This is because my house has lost substantial value since I purchased it a year and a half ago. (stupid housing market)

Any particular banks or credit unions or anything else I should be looking at?

 

[FoBoT]

what are you going to use for collateral? if nothing, then just get a couple of credit cards and get cash advances or talk to Louie the Loan Shark

if you are a member of a credit union and have a vehicle (a vehicle you own and that doesn't have a lienholder), they'll give you a loan

 

[KK]

I got a credit card offer of 15,000 at 4.9% for the life of the balance thru chase last year. That was easier than going to the CU and getting a personal loan, of course when I cashed the check at the CU, they held the check for like 10-15 business days.

 

[StartingLine]

I remember your other thread about having a house and wanting to move for work but you can only get 15k less for it than you paid. No bank will give you an unsecured loan even with near perfect credit for that amount. You need collateral. You could take out a loan against your car or you could use that website that offers out loans and people submit dollar amounts to you if you have a good credit score, anyone have those links? The interest rates arent bad. 15k on a credit card is unwise.

also, just making a new thread isnt going to make some magical new better advice pop up.

 

[Viper GTS]

http://www.prosper.com/ is what you're thinking of StartingLine.

Do you absolutely have to sell the house right now? Can you rent out the house for enough to pay rent in your new location? Continue to build equity in the new house until you can sell it without dealing with negative equity.

Also if you're moving for a job I'd imagine the new job pays better, that should help the situation too.

Viper GTS

 

[Mxylplyx]

Originally posted by: StartingLine
I remember your other thread about having a house and wanting to move for work but you can only get 15k less for it than you paid. No bank will give you an unsecured loan even with near perfect credit for that amount. You need collateral. You could take out a loan against your car or you could use that website that offers out loans and people submit dollar amounts to you if you have a good credit score, anyone have those links? The interest rates arent bad. 15k on a credit card is unwise.

also, just making a new thread isnt going to make some magical new better advice pop up.

I've gotten an unsecured loan from a credit union for an engagement ring. Interest rate was similar to a credit card. Securing it with property would definately help with the interest rate.

OP, you might consider talking to your new employer about giving you a loan.

 

[Rallispec]

viper, new job will pay substantially better - but in order to take i've got to move as soon as possible. I'll be making enough additional income that even taking out a loan, i'd still likely come out ahead in one years time. However that doesn't help me when I need the cash now.


I've considered renting, but honestly I'd rather just cut my losses and pull the plug - if I can.

 

[LegendKiller]

Originally posted by: Viper GTS
http://www.prosper.com/ is what you're thinking of StartingLine.

Do you absolutely have to sell the house right now? Can you rent out the house for enough to pay rent in your new location? Continue to build equity in the new house until you can sell it without dealing with negative equity.

Also if you're moving for a job I'd imagine the new job pays better, that should help the situation too.

Viper GTS

Yeah, throw good money after bad.

Not sure what to tell you, crappy situation you are in. Keep it and continue to lose money. Sell it, cut your losses, and lose money.

This is a lesson to all. Never buy into hype. Never buy at peaks.

 

[Safeway]

A bank.

 

[Rallispec]

Originally posted by: Safeway
A bank.

your kidding?! Why hadn't I thought of that!


seriously though - I'm just trying to find the best place to go. Suntrust say's they'll do it - but it's going to be 15% interest. So now I'm trying to find a better interest rate. If you have any ideas let me know. THanks.

 

[vi edit]

I was in the same exact situation a year ago. We got a 20k unsecured loan from Wells Fargo (who we bank with). Terms were 5 years and the rate was around 11%. You might do a little better looking into a credit union.

If your credit blows there isn't a bank or commercial lender in the world that won't give you a jacked up interest rate.

 

[gsethi]

Originally posted by: StartingLine
I remember your other thread about having a house and wanting to move for work but you can only get 15k less for it than you paid. No bank will give you an unsecured loan even with near perfect credit for that amount. You need collateral. You could take out a loan against your car or you could use that website that offers out loans and people submit dollar amounts to you if you have a good credit score, anyone have those links? The interest rates arent bad. 15k on a credit card is unwise.

also, just making a new thread isnt going to make some magical new better advice pop up.

Not Necessarily. We have excellent credit and excellent relations (business accounts) with Wells Fargo and we have ~40k in unsecured loan from them at ~Prime.

We also have additional ~150k in Business Line of Credit (unsecured again) at Prime + ~2% that we can use/withdraw from at any time.

So yes, Banks will give unsecured loans if your credit is good and you have good relations with them.

 

[Rallispec]

Originally posted by: vi_edit
I was in the same exact situation a year ago. We got a 20k unsecured loan from Wells Fargo (who we bank with). Terms were 5 years and the rate was around 11%. You might do a little better looking into a credit union.

If your credit blows there isn't a bank or commercial lender in the world that won't give you a jacked up interest rate.

I just got gave a call to pentagon federal credit union and they quoted me 7.9% which is less than half what my bank was offering me.... only $20 to join the credit union as well.

 

[kranky]

<div class="FTQUOTE"><begin quote>Originally posted by: Rallispec
<div class="FTQUOTE"><begin quote>Originally posted by: vi_edit
I was in the same exact situation a year ago. We got a 20k unsecured loan from Wells Fargo (who we bank with). Terms were 5 years and the rate was around 11%. You might do a little better looking into a credit union.

If your credit blows there isn't a bank or commercial lender in the world that won't give you a jacked up interest rate.</end quote></div>



I just got gave a call to pentagon federal credit union and they quoted me 7.9% which is less than half what my bank was offering me.... only $20 to join the credit union as well.</end quote></div>

That's an unbelievable deal for an unsecured loan. I wouldn't bother looking any further.