Unsecured Personal Loan/Line of Credit

Updated on February 19, 2011
C.W. asks from Chattanooga, TN
5 answers

Hi girls!

We are looking to get an unsecured Personal Line of Credit to cover some expenses that will be reimbursed within 2 months of the initial expense (so the loan will be repaid very quickly in full).

Does anyone have any experience with this process who could tell us how quickly the application gets approved, or do you have any thoughts on which lenders are preferred? We are looking into Wells Fargo, Lending Tree, The Lending Club, or even another bank.

Thank you!

Update: We do have perfect credit so we should have access to any option. We're aware of the difference between the middlemen like Lending Tree vs going to a bank, but are interested in the pros and cons of both. Thanks for the great info so far, more is welcomed!!

What can I do next?

  • Add yourAnswer own comment
  • Ask your own question Add Question
  • Join the Mamapedia community Mamapedia
  • as inappropriate
  • this with your friends

More Answers

Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

L.S.

answers from Dallas on

oh man, i used lending tree.com recently. i was really impressed, it was really cool. several lenders let you borrow their money to all add up to the amnt you need...mine was approx $5K. it was extremely easy, and overall maybe took 3-5 days to completely go through b/c you have to wait for all the lenders to fund the loan, then they have to verify your bank account, and then - bam! it's in your acct! very good APR, course that varies on your credit score, but i was very happy w/mine. anyway, that's my recommendation, good luck! :)

2 moms found this helpful
Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

L.M.

answers from New York on

Sorry this isn't much help.

It's been many years since I've done this and a lot of lending laws have recently been changed, but I got mine from my credit union. If a remember correctly, it took about a week. If you have very good credit, it should make a difference who you use.

If you're not a credit union member, try your personal bank, or a a service like Lending Tree.

1 mom found this helpful

E.K.

answers from Minneapolis on

They have better rates than credit cards (unless your credit is really bad). They usually require a higher max credit line than credit cards. A general starting point is $10,000...For example, they might say no to a request for a $3,000 line of credit. They get approved faster than real estate loans as long as you have your documents in order (W2s, license, etc.)

Avoid loan brokers like Lending Tree, etc and choose a bank or a credit union.

1 mom found this helpful
Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

C.M.

answers from Dallas on

Many companies offer short term, small (under $10,000) loans. I worked for WF for 8 years and their service area for this is actually separate from the "big" bank and called Wells Fargo Financial. Other banks offer similar services: CitiFinancial, Capital One...

Wells Fargo did, at one time, offer unsecured lines of credit within their main consumer bank. I have one from about 12 years ago that is for $5000 and it just sits there to serve as overdraft protection. I drew against it for a home improvement once, and paid it back within a a few months, and I remember the payments being about $100 a month. It was paid in full within a few months, just like you are referring to. I am not sure if they still offer this type of Line of credit, due to the current lending environment, but you could check. I'm quite certain that credit guidelines for this type of thing will be very strict, if they do still offer it inside the bank. Your terms may not be as favorable, but I'd bet credit guidelines will be less stringent in their WF Financial side. Typically, these types of deals don't take a week to process.

You should note that Lending Tree (The Lending Club, lending.com, etc.) is NOT a bank. They are a lead generating company. Banks, or individual brokers can sign up with them, pay a fee, and get your information sent to them. I'm not saying it's bad, just know what it is.

Hope this helps!
C.

1 mom found this helpful
Smallavatar-fefd015f3e6a23a79637b7ec8e9ddaa6

T.F.

answers from Eugene on

I use a Credit Union for all of my banking needs.

For Updates and Special Promotions
Follow Us

Related Questions