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What has been your experience getting a personal loan from an online company?

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user9430961

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What has been your experience getting a personal loan from an online company?

I am an older man living in California. I’m trying to consolidate some of my credit card bills. Though my FICO score is 660 (Fair), I was interested in trying my luck TO EMBRACE some of this modern technology of trying to get a personal loan (around $15,000) maybe with some of these new online personal loan companies (i.e. Lending Club, SoFi, LightStream, Upstart, Best Egg, etc.). Since I live in the United States, I am only interested in doing business with a United States based financial institution.

Has anyone recently got a personal loan from one of these type companies? If so, was it easy/hard, what are the basic documents you had to provide? How long did it take to get your loan funded once you submitted all of your paperwork? Would you use this personal loan option again vs. going to a bank or credit union?
 
Online lending companies promote easy (or guaranteed) acceptance while surviving on exorbitant interest rates. They're for people who can't get loans. Perhaps you should try going though your bank's website and apply through that.
 
I used one main loan before, you fill out an online application and if your approved someone calls you and you schedule an appointment with them and they hand you the check in person. They just have high interest rates.
 
No, I rarely get a loan and have never tried on-line. I try not to do any banking on-line and am backward that way.
 
Always start with your bank or credit union.

Ideally you have some equity to offer and can get a good rate.

Remember, most of what you are paying off is interest.


Also, you could start by cutting up your cards and paying down the one with highest interest first.

If you get an irregular loan, you are just trading one high interest burden with another.
 
Consolidation doesn't really do anything to help manage your debt, unless you get a lower interest rate. That isn't likely to happen from an on line lender.
Why not focus on eliminating your debt all together? Check out Dave Ramsey on his podcast or on You tube. He's a bit of a conservative bible thumper, but he has a simple debt elimination plan that has worked for thousands of people.
 
unloadonme said:
I have never attempted to secure a loan from an online company. My advice is Shakespearean; neither a borrower nor a lender be.
Click to expand...
Thank you. I appreciate the information you shared and your comments. What you shared is helpful. :)
 
gsdx said:
Online lending companies promote easy (or guaranteed) acceptance while surviving on exorbitant interest rates. They're for people who can't get loans. Perhaps you should try going though your bank's website and apply through that.
Click to expand...
Thank you. I appreciate the information you shared and your comments. What you shared is helpful. :)
 
USEDCAR said:
I used one main loan before, you fill out an online application and if your approved someone calls you and you schedule an appointment with them and they hand you the check in person. They just have high interest rates.
Click to expand...
Thank you. I appreciate the information you shared and your comments. What you shared is helpful. :)
 
Rickrock said:
No, I rarely get a loan and have never tried on-line. I try not to do any banking on-line and am backward that way.
Click to expand...
Thank you. I appreciate the information you shared and your comments. What you shared is helpful. :)
 
metta said:
I have never done that before. I think the interest rates on those are often high. If you own real estate, consider getting a HELOC (Home equity line of credit)
Click to expand...
Thank you. I appreciate the information you shared and your comments. What you shared is helpful. :)
 
rareboy said:
Always start with your bank or credit union.

Ideally you have some equity to offer and can get a good rate.

Remember, most of what you are paying off is interest.


Also, you could start by cutting up your cards and paying down the one with highest interest first.

If you get an irregular loan, you are just trading one high interest burden with another.
Click to expand...
Thank you. I appreciate the information you shared and your comments. What you shared is helpful. :)
lockeroomguy said:
Consolidation doesn't really do anything to help manage your debt, unless you get a lower interest rate. That isn't likely to happen from an on line lender.
Why not focus on eliminating your debt all together? Check out Dave Ramsey on his podcast or on You tube. He's a bit of a conservative bible thumper, but he has a simple debt elimination plan that has worked for thousands of people.
Click to expand...
Thank you. I appreciate the information you shared and your comments. What you shared is helpful. :)
 
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