That's why there are credit unions.

They demand less and give you smaller amounts.

 

I went in asking about those loans, the best they could do was 15%, my CC were giving me a better interest rate than that, and my credit score is close to awesomely perfect (even with all the debt that I had). You actually have equity in something, I have nothing, I don't own a house or my car or any funds or stocks that could be used as colateral, so they have to give you an unsecured loan, which is only good for up to $5k at 15% interest. If you want better than that, you have to get mommy and daddy to cosign, and even they have to have a significant amout of equity to get a decent interest rate. At what I was asking for, and the equity that I knew my parents had, they could guarantee me no less than 11% on a 48 month loan. And my parents have a very large amount of home equity and a very significant amount of stocks and mutual funds invested, my dad just laughed and we found another way...



I went to Golden 1 and Wells Fargo and they flat denied me, they would give me a small personal unsecured loan , but that's all. In fact Golden 1 was completely harsh towards me when I talked to them about a loan and made me feel stupid for even asking, whatever.

 

Ah I see. I've never tried for an unsecured loan like that so I guess I didn't realize how strict they are with it, though it makes sense why they would be.

 

Yeah, the Wellsfargo guy was very nice and explained everything, a personal loan is basically a line of credit with a bank instead of a CC company, same thing, you just get the cash up front. I found that ulitmately, the best way to pay off debt is too tough it up and sell your crap that is laying around your house (i.e. stereos, TV's, motorbikes, computer junk, etc.) or sell off small investments and to also establish a strict budget and track ALL of your daily expenses, you will pay it off a HELL of a lot sooner than you think. Sell your car completely would work too, but then you'd be carless. Getting into a cheaper car doesn't work because you're just spending money getting into it, then have to spend more money to smog it, repair it, and then on top of that you will never be happy with a lesser car.

 

But wouldn't it be different with a consolidation loan?

 

funny thing is golden1 approved me for a 17k auto loan even with the car & bike loans i already have but they wouldnt give me a 2k personal loan

 

because they can come get your car and sell it if you happen to default the loan. Not necessarily the same with the Personal Loan unless you tell them that you have something worth $2k that they can repo.

 

i would never touch my IRA to pay off immediate debt.

im gonna talk to my dad about me getting back on their policy today.

what exhaust did you go with BTW?

 

RIRA > IRA

 

mines a ROTH ITA

 

Whats a Roth ITA? Is that different from a Roth IRA?

 

not sure what ITA is....

 

"Consolidation" loans are primarily for those people that have home equity, you can't get any kind of consolidation loan if you don't have any home equity, they make it sound like anyone can get one, but they also think everyone owns a house and only stupid people rent

 

I thought there were debt loans w/o a house or other form of equity, but it was one small step away from real deal decleration of bancrupcy.

 

I think he meant to say TIA