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Recommendations for a $4,000 unsecured personal loan or line of credit

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Posts: 18
Credits: 709.95
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Hello,

My credit scores isn't that great but I have a person willing to cosign for a small loan, $4,000. Her credit score is pretty darn good. I have no idea who to apply with though.

Is cosigning an option for a unsecured personal loan or line of credit?

Who would you recommend I apply with? I was thinking either Chase or Wells Fargo. I'm going to be using the loan to pay that 1st, last, security and all those other fees associated with moving. I have to move but basically can't afford to, lol.




puddlejmpr

Posts: 1634
Credits: 7480.5

Sub: #1 I would check with a local credit union. They usually have cheap
Sun, 01/25/2009 - 23:37

I would check with a local credit union. They usually have cheaper interest and fees. It might be hard for you to get a personal loan that large. Why can't your co-signer take out the loan and have the payments come right out of your checking account and set up a promisary note that the 2 of you both sign? I did that a few years back when my dad took out a loan for me, the bank set up the ACH for MY checking account on my paydays. If you get paid weekly have your payment divided in 4 and make a weekly payment. It cuts the amount of interest you end up paying. Plus with the months that have 5 fridays you can make 1 full month more per year.




majax79
Posts: 18
Credits: 709.95

Sub: #2 I didn't think $4,000 was that much for an unsecured loan. We go
Mon, 01/26/2009 - 00:33

I didn't think $4,000 was that much for an unsecured loan. We got $10,000 2 years ago from Bank Of America, which we have almost completely paid off. They are not offering that anymore.

I could apply for $3,000 but first, last, and security is $2,400. I don't have any other family so my cosigner is it.




puddlejmpr

Posts: 1634
Credits: 7480.5

Sub: #3 I know what your saying. But right now banks are a little leary
Mon, 01/26/2009 - 06:24

I know what your saying. But right now banks are a little leary giving that much out without collateral. I know around here they don't want to lend too much right now. They make sure the field of work you are in is stable and that you have been on the job for quite sometime.

It doesn't hurt to ask. But if your co-signer has good credit they just may go for it. But check out your rates at a credit union. Plus if you do get the loan they may give you a higher interest because of your credit score. Thats why I asked if your co-signer could get the loan and you pay it off. You will get a better interest rate.

I hope all go well for you on this!!




majax79
Posts: 18
Credits: 709.95

Sub: #4 I now understand what you're saying. My cosigner is absolute
Mon, 01/26/2009 - 07:09

I now understand what you're saying.

My cosigner is absolutely going to have to get the loan herself. I just lost my job so I'm unemployed. Obviouslly, I'm not going to get the loan, lol. I did find a job where I'm moving near though so hopefully that's a good karmic sign.

This economy is insane. Thanks for the advice.




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