View Full Version : Questions you always wanted to ask a Loan Officer/Personal Banker
Brooklyn
01-25-2008, 09:28 AM
Hit me...
Ill try to be as honest as I can with your answers but please try to keep the thread mature.
why do you guys "let" people finance with a 19% or more rate?? do you guys even try to talk them out of it? or is it just process, click click, thanks come again?
Jeebus
01-25-2008, 09:33 AM
why do you guys "let" people finance with a 19% or more rate?? do you guys even try to talk them out of it? or is it just process, click click, thanks come again?
Comission probably. I doubt you'll be telling someone hey dont sign this when you will be getting money out of it regardless of what your interest rate is:dunno:. I know my friend gets a pretty nice bonus check for anything he takes care of each quarter or some shit.
edit: My bad, Ill let brooklyn answer the questions.
Brooklyn
01-25-2008, 09:36 AM
why do you guys "let" people finance with a 19% or more rate?? do you guys even try to talk them out of it? or is it just process, click click, thanks come again?
Why would we talk them out of it? 1st, their grown ass adults, no one is forcing them to sign for a crazy ass rate. 2nd, most likely the only reason they are getting offered a high percentage is cuz of the fucked up credit. 3rd, thats prob. the only way they'll get approved. 4th, I dont feel sorry for someone who takes shit out on credit and never pay it back...so I say fuck it, sign here...and thanks for making my paycheck.
i guess i'd never be a good loan officer. lol i'll stick to abstracting.
DAkid
01-25-2008, 09:59 AM
Why would we talk them out of it? 1st, their grown ass adults, no one is forcing them to sign for a crazy ass rate. 2nd, most likely the only reason they are getting offered a high percentage is cuz of the fucked up credit. 3rd, thats prob. the only way they'll get approved. 4th, I dont feel sorry for someone who takes shit out on credit and never pay it back...so I say fuck it, sign here...and thanks for making my paycheck.
i couldnt have said it better myself. if a person is desperate for something they will amost take anything especially when they know if they go somewhere else they will still get a fucked up rate... so what difference does it make
AXaznAX
01-25-2008, 10:28 AM
Why would we talk them out of it? 1st, their grown ass adults, no one is forcing them to sign for a crazy ass rate. 2nd, most likely the only reason they are getting offered a high percentage is cuz of the fucked up credit. 3rd, thats prob. the only way they'll get approved. 4th, I dont feel sorry for someone who takes shit out on credit and never pay it back...so I say fuck it, sign here...and thanks for making my paycheck.
i agree. Most of the time it's their credit score. They are our customers not our client.
MR_EggRollzzz
01-25-2008, 10:57 AM
Why would we talk them out of it? 1st, their grown ass adults, no one is forcing them to sign for a crazy ass rate. 2nd, most likely the only reason they are getting offered a high percentage is cuz of the fucked up credit. 3rd, thats prob. the only way they'll get approved. 4th, I dont feel sorry for someone who takes shit out on credit and never pay it back...so I say fuck it, sign here...and thanks for making my paycheck.
Dang! Your still mean! ever since Best Buy,lol
Brooklyn
01-25-2008, 11:00 AM
Dang! Your still mean! ever since Best Buy,lol
Who's this? lol
how do some people get away with 80% financing through a bank and 20% seller financing on a property? all the lenders i work with say its impossible but in many of my rich club meetings i've met people who have pulled it off.
(i'm talking about a property between $400k-$1MM or greater)
you mean like.. first mortgage with wells fargo home mortgage, and then second mortgage with john and jane smith, aka previous owners of property?
its not called a mortgage when the seller takes a note - but yeah
and i'm talking about commercial property.
Brooklyn
01-25-2008, 11:19 AM
how do some people get away with 80% financing through a bank and 20% seller financing on a property? all the lenders i work with say its impossible but in many of my rich club meetings i've met people who have pulled it off.
(i'm talking about a property between $400k-$1MM or greater)
Thats very rare, but I've heard of it happening. It will raise a red flag.
If it happens, its something personal with the boworrer and seller cuz its hard to find a seller willing to give the buyer 20%. Its really impossible, but hey theirs always a loop hole.
Esp. trying to find a seller that wont put a 2nd lean on the property when they five you 20%.
Brooklyn
01-25-2008, 11:21 AM
If we even do it, you better have great credit and the seller must give you the 20% before closing and esp. not putting a 2nd lean.
how do some people get away with 80% financing through a bank and 20% seller financing on a property? all the lenders i work with say its impossible but in many of my rich club meetings i've met people who have pulled it off.
(i'm talking about a property between $400k-$1MM or greater)
the 20% is usually not even financing. sometimes it's a gift/personal loan from a friend/relative that is just given to the title company in the form of a cashier's check. there could be other "business" matters that condition those agreements...
essentially, the 80% lender will look at the other 20% as a down payment, and nothing more. outside financing for that 20% is hidden (not reported to the bureaus).
at least that's how i've seen it done in the past.
it happens all the time in my industry - and in commercial real estate plenty of people are willing to take seller financing, it's the bank who always has the problem with it.
have you done any commercial property before?
the 20% is usually not even financing. sometimes it's a gift/personal loan from a friend/relative that is just given to the title company in the form of a cashier's check. there could be other "business" matters that condition those agreements...
essentially, the 80% lender will look at the other 20% as a down payment, and nothing more. outside financing for that 20% is somehow hidden (not on credit reports)
at least that's how i've seen it done in the past.
that's what i figured... you just can't show it on the contract....but isn't the lender going to require proof of funds?
that's what i figured... you just can't show it on the contract....but isn't the lender going to require proof of funds?
ryan, when we're dealing with commercial properties, it's extremely simple to hide 20% in some sort of FDIC account that will allow for the required *1-2 months* of proof of source...
basically just say "hey, this 20% has been sitting in the business' / my personal savings for the past 6 months, here's the bank statements to prove it"
ryan, when we're dealing with commercial properties, it's extremely simple to hide 20% in some sort of FDIC account that will allow for the required *1-2 months* of proof of source...
basically just say "hey, this 20% has been sitting in the business' / my personal savings for the past 6 months, here's the bank statements to prove it"
so who puts the money there rene?
say i want to buy an apartment complex for 1 million, 80% will be financed by the lender. the other 20% will be financed by the seller. theres no $200,000 floating around in the air to put in an account.
i'll be paying the 20% directly to the seller in the form of a note. there's no money to put in an account.
so who puts the money there rene?
say i want to buy an apartment complex for 1 million, 80% will be financed by the lender. the other 20% will be financed by the seller. theres no $200,000 floating around in the air to put in an account.
i'll be paying the 20% directly to the seller in the form of a note. there's no money to put in an account.
wire transfer?
cashier's check from your 20% lender for a paper trail?
there are lots of ways you can move that 20% back and forth in the form of monetary instruments and hide it from your 80% lender...
wire transfer?
cashier's check from your 20% lender for a paper trail?
i don't think you guys get it... there's no money coming out of anyone's pocket on a seller financed transaction, that's the point of it in the first place.
the lender is expecting me to infuse 20% into the deal, and they will want proof that i have it.
the seller might be willing to finance, but they aren't going to pay me the money and then have me hand it back over to them.
the seller might be willing to finance, but they aren't going to pay me the money and then have me hand it back over to them.
honestly i don't know of any other way of backdoor financing through the seller besides handing over the 200k for the purchase, then financing that 200k to you for xterm/xrate
...great question though...
ryan are you saying basically the buyer is only paying the 80%?? and the 20% doesnt exist?
ryan are you saying basically the buyer is only paying the 80%?? and the 20% doesnt exist?
wow you guys are killing me.
ngoc, lets say you own this shopping center worth $1 million. i want to buy it.
i'm going to get a loan for $800,000 (80%). the lender is going to require that i put down 20% in order for them to feel comfortable to do the deal.
now what some people are able to do is get the seller (you) to finance the extra 20%. meaning you and i draw up a contract where i pay you a monthly amount to pay off the 20% i owe you.
at closing though, no money is changing hands from me (the buyer) to you (the seller).
what i'm trying to figure out is how you fool the lender into thinking i'm putting in my 20%, when in reality you and i have a side agreement where i pay you your monthly payment.
people do this because as a buyer, i don't have to lay out one penny of my money on the deal, and if structured properly i can walk into an income producing property and start making money immediately without anything down.
i see that with real property all the time. but i have no clue with comercial property but i'll ask my mgmt.
i see that with real property all the time. but i have no clue with comercial property but i'll ask my mgmt.
i would assume that the only way to do this with "no money down" is to apply a secondary lien....
...but that would require reporting to the title company AND the bureaus...
i give up...
i would assume that the only way to do this with "no money down" is to apply a secondary lien....
...but that would require reporting to the title company AND the bureaus...
i give up...
you're right, the seller will hold a second behind the lender, what i'm trying to figure out is how to trick the damn lender. i guess you would have to have the money in an account but not actually spend it.
also i think the lender will request a copy of the closing papers from the title company, and those would show that i didn't pay the seller.
AXaznAX
01-25-2008, 01:29 PM
hrmm interesting. I too will ask my boss. I am looking into investment property, i'll see if the developer will agree with this sort of deal.
VashThaStampede
01-25-2008, 01:36 PM
can i have money
could be fraud. false papers and what not. its not uncommon.
the other day i forwarded a release for a mortgage that wasnt valid. they had cut and paste 2 other releases together and handwritten in the amount. but they forgot to check and make sure the dates match. i've never seen a release that satisfied a 2006 mortgage recorded in 2004 lol.
people do this because as a buyer, i don't have to lay out one penny of my money on the deal, and if structured properly i can walk into an income producing property and start making money immediately without anything down.
Can you expand further on this, or at least point me toward info on how that works?
Can you expand further on this, or at least point me toward info on how that works?
that's what i'm asking here dude
AXaznAX
01-25-2008, 02:58 PM
could be fraud. false papers and what not. its not uncommon.
the other day i forwarded a release for a mortgage that wasnt valid. they had cut and paste 2 other releases together and handwritten in the amount. but they forgot to check and make sure the dates match. i've never seen a release that satisfied a 2006 mortgage recorded in 2004 lol.
who do you do?
Brooklyn
01-25-2008, 03:05 PM
fuck, its madd busy...bet im missing good info.
danny
01-25-2008, 03:08 PM
Brooklyn when you have a person who does come in for a loan with no history of loans, but with a credit history what is it that you look for? I've heard from things on how you dress and talk to how you shake hands
I'm just wondering
Brooklyn
01-25-2008, 03:12 PM
Brooklyn when you have a person who does come in for a loan with no history of loans, but with a credit history what is it that you look for? I've heard from things on how you dress and talk to how you shake hands
I'm just wondering
:weirdo:
not true.
Different loans require different criteria. For example, a vehicle loan (depending on amount) requires 3 yrs of credit history and 2-3 open accounts.
biglos
01-25-2008, 03:12 PM
lolz @ what you wear and how you shake hands.
:weirdo:
not true.
Different loans require different criteria. For example, a vehicle loan (depending on amount) requires 3 yrs of credit history and 2-3 open accounts.
you require 2-3 bank accounts to give someone an auto loan? REALLY?
biglos
01-25-2008, 03:23 PM
i think he was referring to credit lines
MR_EggRollzzz
01-25-2008, 03:23 PM
Who's this? lol
Pm'd
i think he was referring to credit lines
never had an auto loan so i don't know, but that seems extreme for a $10-20k loan.
who do you do?
im a title abstractor.
Gunz4Sale
01-25-2008, 03:37 PM
never had an auto loan so i don't know, but that seems extreme for a $10-20k loan.
2-3 lines could be a credit card, gym membership(bally's reports every month) and something else.
My question is what is you guys' policy with people in chex? If you're in chex is it an automatic no account or what?
2-3 lines could be a credit card, gym membership(bally's reports every month) and something else.
My question is what is you guys' policy with people in chex? If you're in chex is it an automatic no account or what?
a very very restricted account.
lots of banks have a "second chance" type checking account. DON'T SCREW THIS ONE UP NOW! lolol
btw, just because you're on chexsystems DOESN'T necessarily mean that it's on your credit report.
:weirdo:
not true.
Different loans require different criteria. For example, a vehicle loan (depending on amount) requires 3 yrs of credit history and 2-3 open accounts.
not necessarilly, different banks have different lending guidelines for loans and lines.
Federal Credit Unions have TOTALLY different lending guidelines (which are more leanient) than banks in general.
Gunz4Sale
01-25-2008, 03:46 PM
a very very restricted account.
lots of banks have a "second chance" type checking account. DON'T SCREW THIS ONE UP NOW! lolol
btw, just because you're on chexsystems DOESN'T necessarily mean that it's on your credit report.
Banks from what I can tell just report to chex for messed up checking accts. I had a debit acct when I was 18 that I messed up and it was on my chex report. So im gonna see what I can about getting it removed.
Brooklyn
01-25-2008, 03:47 PM
you require 2-3 bank accounts to give someone an auto loan? REALLY?
2-3 consumer credit accounts
Brooklyn
01-25-2008, 03:48 PM
not necessarilly, different banks have different lending guidelines for loans and lines.
Federal Credit Unions have TOTALLY different lending guidelines (which are more leanient) than banks in general.
sorry, thats what i meant, different financial institutions require different shit, lol
Brooklyn
01-25-2008, 05:32 PM
Banks from what I can tell just report to chex for messed up checking accts. I had a debit acct when I was 18 that I messed up and it was on my chex report. So im gonna see what I can about getting it removed.
You could still open a account and it still could be FREE! The only requirment is that you need to do is set up an auto transfer of $25 or more from your checking to savings.
Alot of banks offer 2nd chance checking but charge you a monthly fee, we dont. The only down side is that you cant cash checks against the account, checks will be place on hold more often depending on amount and relationship.
JesseCrx
01-25-2008, 05:40 PM
Have you had any "outrageous" offers or bribes from people hoping to get approved for a loan?:2cooleek:
Do you personally have any control over the outcome of the approval process?
THEPHILOSOPHER
01-25-2008, 06:48 PM
I'm interested in knowing how to file a 1040/Schedule C and understanding the self-employment tax and such with starting your own sole-proprietorship.
Maybe this is in the wrong area.
tuanieee
01-25-2008, 07:17 PM
im getting tired of being denied... haha jk
dcgs-r
01-25-2008, 10:02 PM
i need a personal loan ! can u help me? i only need 4500.00 lmk if u can help me
Have you had any "outrageous" offers or bribes from people hoping to get approved for a loan?:2cooleek:
Do you personally have any control over the outcome of the approval process?
Bankers do not.
abanh
01-26-2008, 11:23 AM
Have you had any "outrageous" offers or bribes from people hoping to get approved for a loan?:2cooleek:
Do you personally have any control over the outcome of the approval process?
Bankers/loan officers cannot change underwriting guidelines or loan parameters, but a good banker/loan officer can package a loan in a way that presents the loan in a more favorable light to underwriters.
Bankers/loan officers cannot change underwriting guidelines or loan parameters, but a good banker/loan officer can package a loan in a way that presents the loan in a more favorable light to underwriters.
absolutely :thumb:
Speed_N_Blood
01-26-2008, 03:06 PM
what is needed for a first time home buyer with absolutely NO credit? and has nothing on his credit file? A home in the 100-150k range?
Stevenc
01-26-2008, 04:37 PM
Lots of income and stability
Speed_N_Blood
01-26-2008, 04:41 PM
Lots of income and stability
I have that so how do I get the loan?
what is needed for a first time home buyer with absolutely NO credit? and has nothing on his credit file? A home in the 100-150k range?
good luck in the subprime battlefield. since last year, they're REALLY making it tough for someone in your situation to get into a mortgage.
but yeah, job stability, and one hell of a down payment should be sufficient ammo.
Prissy
01-26-2008, 04:55 PM
50% down payment! :rofl:
Speed_N_Blood
01-26-2008, 04:56 PM
good luck in the subprime battlefield. since last year, they're REALLY making it tough for someone in your situation to get into a mortgage.
but yeah, job stability, and one hell of a down payment should be sufficient ammo.
but even with the housing market the way it is it would still be hard? I would think they would give anybody a loan these days:Ohnoez:
Prissy
01-26-2008, 05:03 PM
but even with the housing market the way it is it would still be hard? I would think they would give anybody a loan these days:Ohnoez:
Um, they don't want a repeat of subprime fiasco. :weirdo:
tuanieee
01-26-2008, 06:17 PM
here's a story
i just came home from nissan dealership...
finance ppl offer 5.49% to my mom credit of 790's... they insisted that you can't get it any lower than that even thru her bank... ended up walking out on them
but even with the housing market the way it is it would still be hard? I would think they would give anybody a loan these days:Ohnoez:
well see that's kinda what started the whole subprime issue....basically:
1. lots of people investing in real estate
2. in order for these people to start make $$, they rent/sell these houses to just about ANYBODY...
3. those "ANYBODY"s were approved by MULTIPLE lenders dispite their crippled credit
4. turns out, these people really could not afford the mortgage (and in most cases, their rate was VARIABLE, so instead of a $1100 mortgage, it jumps to $1400 due to rate changes)
5. lenders foreclose on the house and everyone loses due to negligent lending
6. NOW, they have to really watch who they lend to (so that they don't fall into that situation again)
:thumb:
good luck though man, a home is one of the best investments you can make in your lifetime
Gunz4Sale
01-26-2008, 09:25 PM
here's a story
i just came home from nissan dealership...
finance ppl offer 5.49% to my mom credit of 790's... they insisted that you can't get it any lower than that even thru her bank... ended up walking out on them
Most dealerships have 0% now, just wait a few weeks for a 0% sale and go back.
tuanieee
01-26-2008, 09:49 PM
yeah i know... but sterling mccall nissan manager BS alot
saying they're not like others... which i guess they lose sales on
I have some basic questions.
What is the average rate for a 120k house with 30k down, and a buyer with good credit?
and
what is the lowest rate you have ever signed? if you dont mind me asking
AXaznAX
01-27-2008, 12:02 AM
I have some basic questions.
What is the average rate for a 120k house with 30k down, and a buyer with good credit?
and
what is the lowest rate you have ever signed? if you dont mind me asking
it also depends if you want to go 15yr fixed, 30yr fixed, ARM, etc.
Strife
01-27-2008, 02:13 AM
When refinancing an auto loan, what do you look for? I've noticed getting refinanced seems to be a little harder than getting financed originally. Who would you reccomend and what is their criteria for a refinance? I have kinda shitty credit and the only person who offered me a refinance was through an internet only auto finance site. Can they be trusted?
abanh
01-27-2008, 10:10 AM
what is needed for a first time home buyer with absolutely NO credit? and has nothing on his credit file? A home in the 100-150k range?
If you can prove 4 other trade lines that don't show up on a credit report, ie. cell phone bill, insurance payment, utilities, rent, cable, etc. with your name as the primary account holder you can look into an FHA loan with about a 3% down payment.
what is needed for a first time home buyer with absolutely NO credit? and has nothing on his credit file? A home in the 100-150k range?
Have a job, a nice down payment and that's about it. Home loans are easier to get than car loans.
Gunz4Sale
01-27-2008, 10:40 AM
If you can prove 4 other trade lines that don't show up on a credit report, ie. cell phone bill, insurance payment, utilities, rent, cable, etc. with your name as the primary account holder you can look into an FHA loan with about a 3% down payment.
www.prbc.com
AXaznAX
01-27-2008, 11:10 AM
What do I need to get a business loan?
Brooklyn
01-27-2008, 12:34 PM
here's a story
i just came home from nissan dealership...
finance ppl offer 5.49% to my mom credit of 790's... they insisted that you can't get it any lower than that even thru her bank... ended up walking out on them
depends who she banks with. Im going to be honest with you, our rates suck. (wells fargo). Your best bet is always to go with a credit union. Most of the time banks have the shittiest rates.
Brooklyn
01-27-2008, 12:34 PM
What do I need to get a business loan?
what type of business loan? so many to choose from.
Narcissistic
01-27-2008, 04:24 PM
i want to buy a townhome for 81k in a nice area ( bellaire junction ). but i dont know anything about home loans or how to get the downpayment or anything.
Home Price: 81,500
Down Payment:16,300 , or
20%
Loan Term: 360 months, or
30 years.
Annual Interest Rate:6.0 %
Monthly Payment: 391
this is the calculator on the page. but how do i get the 16k?
i want to buy a townhome for 81k in a nice area ( bellaire junction ). but i dont know anything about home loans or how to get the downpayment or anything.
Home Price: 81,500
Down Payment:16,300 , or
20%
Loan Term: 360 months, or
30 years.
Annual Interest Rate:6.0 %
Monthly Payment: 391
this is the calculator on the page. but how do i get the 16k?
You don't need 20%. Whoever tells you that is insane. And that monthly payment is pre-taxes, interest and all the other good stuff they leave out. Expect it to be around 800-900..
If you can get a 80/20 loan.. You avoid the Mortgage Insurance.
What's your credit like and your income?
Brooklyn
01-28-2008, 09:11 AM
damn 20%....lol
j-lammers
01-28-2008, 10:23 AM
say you got a loan for a friend because they had bad/no credit and the friend said they would pay, but hasn't given up a dime which forces the person who got the loan to pay the monthly payments? is there anyway to transfer the loan to the friend or make them pay for it so credit won't get hurt?
Brooklyn
01-28-2008, 10:27 AM
Sad to say, but no.
The friend has to actually apply for the loan. You cant "transfer" a loan to someone else.
Thats something that needs to get handled outside of the bank. I would go to small claims court.
j-lammers
01-28-2008, 10:32 AM
thanks brooklyn
Narcissistic
01-28-2008, 10:35 AM
thanks for not helping at all.
Brooklyn
01-28-2008, 04:32 PM
you are not welcome
Narcissistic
01-28-2008, 04:34 PM
Better question. why is your cousin an infinite amount of times cooler than you?
Brooklyn
01-28-2008, 04:37 PM
that question is off topic.
I refuse to answer it.
Brooklyn
01-29-2008, 12:44 PM
Bankers are more then willing to help you out with Overdraft fees BUT DO NOT walk into the bank acting like we owe you something. Do not demand fees to be reversed cuz you'll walk out owing the same shit you did when you walked in.
Bankers are more then willing to help you out with Overdraft fees BUT DO NOT walk into the bank acting like we owe you something. Do not demand fees to be reversed cuz you'll walk out owing the same shit you did when you walked in.
lol fckn :wrd:
i definitely don't miss that shit!
Brooklyn
01-29-2008, 03:39 PM
where you work at now pimpin'?
still with WF. working as a market analyst in san antonio.
Brooklyn
01-29-2008, 03:51 PM
hook it up brother...i ready to do something else.
the Asshats
01-29-2008, 06:40 PM
If anyone has questions pertaining to credit union accounts and loans, I can answer them. I am a "member service representative" for a CU now. I keep accidentally calling myself a banker and my boss always corrects me. "We are not a bank!"
Brooklyn
01-29-2008, 08:39 PM
Question: why are you guys always kicking our asses in loans rates? lol
hey whats your underwriting guide lines for a 10K secured car loan?
i have a question, but i donno if it applies, ill still try,
what would my credit score start at? im 18 and dont have a credit card, just a debit.
Brooklyn
01-31-2008, 12:21 PM
good question...dont have the answer. i do know how to get your credit started though...
are you a student, going to college? Easiest credit card to get is a college credit card.
j-lammers
01-31-2008, 12:47 PM
i just learned the CU and banks are different (yea imma noob), so what are the differences?
good question...dont have the answer. i do know how to get your credit started though...
are you a student, going to college? Easiest credit card to get is a college credit card.
yeah, im in college, and i was considering a credit card, but not till i get more stable. thanks for that though
fat_mike
01-31-2008, 02:44 PM
Hit me...
Ill try to be as honest as I can with your answers but please try to keep the thread mature.
why are personal bankers such homosexuals?
Brooklyn
01-31-2008, 09:02 PM
why are personal bankers such homosexuals?
how did you become fat? :stare:
so much for keeping the thread mature.
RinasDaddy
01-31-2008, 09:47 PM
I have a question. Say for instance you get a line of credit with a bank fofr 7000 dollars and pay off 3 credit cards at 2000 dollars a piece, therefore making it one cc bill ....is that wise?
jlinky
02-01-2008, 05:35 AM
I have a question. Say for instance you get a line of credit with a bank fofr 7000 dollars and pay off 3 credit cards at 2000 dollars a piece, therefore making it one cc bill ....is that wise?
depends on the rate of interest on the line of credit and credit cards....some lines of credit have a 12 percent interest rate with a 100 minimum fee....which sucks....
AXaznAX
02-01-2008, 09:57 AM
what type of business loan? so many to choose from.
what types are there? It's for a small business.
something for expansion? or new product?
what types are there? It's for a small business.
something for expansion? or new product?
line of credit
HELOC
SBA loan
commercial financing loan
i'm sure theres more...
Brooklyn
02-01-2008, 10:31 AM
well line of credits are usually variable rate. most likely it will be prime + "X".
here (WF) theirs a $25 annual fee and rate is variable. Index + Margin.
So yeah, it depends on your interest rate on your credit card. Sometimes is better to get a small personal loan on a fixed rate and term.
AXaznAX
02-01-2008, 10:32 AM
well line of credits are usually variable rate. most likely it will be prime + "X".
here (WF) theirs a $25 annual fee and rate is variable. Index + Margin.
So yeah, it depends on your interest rate on your credit card. Sometimes is better to get a small personal loan on a fixed rate and term.
what docs are usually needed for small personal loan and business loans?
Brooklyn
02-01-2008, 01:00 PM
Min. personal loan we do is 3K. No docs are needed to apply. Two forms of ID's are needed. Depending on the amount you're applying for we might ask for paystubs and w2's. (most likely dont need it)
AXaznAX
02-01-2008, 01:13 PM
Min. personal loan we do is 3K. No docs are needed to apply. Two forms of ID's are needed. Depending on the amount you're applying for we might ask for paystubs and w2's. (most likely dont need it)
wow. it's that easy?
what about for a business or business venture? let say something around 10k-20k.
RinasDaddy
02-01-2008, 05:17 PM
depends on the rate of interest on the line of credit and credit cards....some lines of credit have a 12 percent interest rate with a 100 minimum fee....which sucks....
Its 0% Interest for the year not sure of the minimum though
datb0ymark
02-05-2008, 02:25 PM
Question:
Is it wise to take out a 5,000 loan to pay of 4,800 worth of CC debt? I also have a credit score of 635, it sucks I know. Got stupid with my credit and I would like to fix it.
jlinky
02-05-2008, 06:35 PM
Question:
Is it wise to take out a 5,000 loan to pay of 4,800 worth of CC debt? I also have a credit score of 635, it sucks I know. Got stupid with my credit and I would like to fix it.
depends if your gonna rack up those cards again....cause there ill be a lot of temptation...
datb0ymark
02-05-2008, 07:10 PM
depends if your gonna rack up those cards again....cause there ill be a lot of temptation...
No, I learned my lesson. Ill keep one on me and put the other 2 away.
If I do use it, I'll try not to use more the 30% of the limit.
No, I learned my lesson. Ill keep one on me and put the other 2 away.
If I do use it, I'll try not to use more the 30% of the limit.
It may be a requirement for you to close those cards to be able to have the loan. Depending on your income due to too much open ended credit.
No, I learned my lesson. Ill keep one on me and put the other 2 away.
If I do use it, I'll try not to use more the 30% of the limit.
If I was you I'd tear them up or keep just one. But then again, you may have more self control than me.
Brooklyn
02-06-2008, 09:38 AM
Question:
Is it wise to take out a 5,000 loan to pay of 4,800 worth of CC debt? I also have a credit score of 635, it sucks I know. Got stupid with my credit and I would like to fix it.
sure, why not? Your bank should have a debt consolidation loan, bring all your bills and account numbers to input in the loan app. You should get a fixed rate and term.
I think its smart, you have a flat rate, a flat monthly payment and you'll know when you'll be out the hole.
datb0ymark
02-06-2008, 11:17 AM
sure, why not? Your bank should have a debt consolidation loan, bring all your bills and account numbers to input in the loan app. You should get a fixed rate and term.
I think its smart, you have a flat rate, a flat monthly payment and you'll know when you'll be out the hole.
Will it hurt my credit if I get a debt consolidation loan?
I bank at Chase so I'll ask them about it this weekend. Any other tips I need to help get this loan to go smoothly?
Brooklyn
02-06-2008, 06:02 PM
no, it wont hurt you...its like any other loan
ninja
02-10-2008, 10:05 PM
this might be good for the job forum, but a friend of mine had some questions (she's about to graduate and wants to know about getting into banking, possibly as a PB)
1. What does a Personal Banker do?
2. What kind of qualifications, skills and experience should someone coming out of school have if they want to become a Personal Banker?
3. Why did YOU get into banking, and do you think you made the right choice?
projecks15
02-10-2008, 11:07 PM
what kind of loan does a 8k bike falls under?
Kokis93lude
02-12-2008, 01:10 AM
Will it hurt my credit if I get a debt consolidation loan?
I bank at Chase so I'll ask them about it this weekend. Any other tips I need to help get this loan to go smoothly?
getting a debt consolidation will actually help your credit increase. Like Brooklyn said is going to be a flat rate, montly payment and you will know when you are going to finish paying it off. Installment loans are 100% better than revolving accounts like credit cards. I suggest when you do use your credit cards, charge something small and paid the total balance on it. This will show your credit working and most likely some credit cards will increase the limits of your credit cards making your credit look a lot better.
Kokis93lude
02-12-2008, 01:11 AM
what kind of loan does a 8k bike falls under?
motorcycle loan.
trdtrung
02-12-2008, 04:44 AM
can the bank or credit union pull up my information and see how much i owe in credit cards?
Brooklyn
02-12-2008, 09:23 AM
yes, they'll know when they pull your credit. They have to figure out your debt to income ratio.
elton123
02-13-2008, 07:26 PM
i go to school with no job and good credit can I get a $2800 loan?
is there anyway to save money, without it accumulating intrest?like a checking account that wont expire if its not used.
ninja
02-16-2008, 08:17 PM
is there anyway to save money, without it accumulating intrest?like a checking account that wont expire if its not used.
why would you want your money to *not* accumulate interest? do you want to give the bank a free loan?
why would you want your money to *not* accumulate interest? do you want to give the bank a free loan?
religious preference, well not really, more of an obligation.
ninja
02-17-2008, 09:03 AM
religious preference, well not really, more of an obligation.
so you are Muslim I assume?
I would double check the difference between "Fa'eda" and "Reba" before you make a decision based on your religious obligations.
Brooklyn
02-17-2008, 01:19 PM
i go to school with no job and good credit can I get a $2800 loan?
Nope, it'll deline for no income. Also, having good credit doesnt necesaraly mean you'll get approved. You could have a great credit score, but a short credit history which will cause the loan to decline.
is there anyway to save money, without it accumulating intrest?like a checking account that wont expire if its not used.
Yes, as long as their something in the account, it will not close. The account will go "dormant" status after 90 days but it will not close. All that means is you'll prob. get letters from the bank reminding you that you have an active account. If the account is left with a zero balance, yes it will close.
Yes, you can have an account that does not pay interest. Its does have to be request however. By default, depending on which consumer account you open, it will pay interest depending on your balance. But you can always request it not.
why would you want your money to *not* accumulate interest? do you want to give the bank a free loan?
Believe it or not, some consumers request the bank not to pay them interest and most of the time its for religious reason.
Sepultura
02-18-2008, 06:48 PM
Why would we talk them out of it? 1st, their grown ass adults, no one is forcing them to sign for a crazy ass rate. 2nd, most likely the only reason they are getting offered a high percentage is cuz of the fucked up credit. 3rd, thats prob. the only way they'll get approved. 4th, I dont feel sorry for someone who takes shit out on credit and never pay it back...so I say fuck it, sign here...and thanks for making my paycheck.
that type of lending is what lead us to where the market is now...
Narcissistic
02-18-2008, 06:49 PM
that type of lending is what lead us to where the market is now...
holy crap paisan wtf you been?
Sepultura
02-18-2008, 06:51 PM
holy crap paisan wtf you been?
originating loans stacking up on that paypa. Its been awile i know :gonk:
Narcissistic
02-18-2008, 06:59 PM
originating loans stacking up on that paypa. Its been awile i know :gonk:
i need a $700 loan :rofl:
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