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    3 Replies Latest reply on Mar 5, 2009 8:22 AM by bmt2008

    Personal Loan Questions. Help please.

    mtd111 Newbie

      If I call my bank or visit a credit union are there typical parameters for an unsecured personal loan?
      What are they?

      How much can I borrow?
      In a typical scenario what is the length of the loan? 1yr? 4yrs? 10?
      At roughly what %?

      My FICO score is roughly 700.
      Trying to come up with a down payment for a business.

      Thanks!
        • Re: Personal Loan Questions. Help please.
          NoBullFunding Scout
          Your best bet is just to call the local credit unions and ask those very questions. Unfortunately it's hard for us out here to give you specifics since every lender is different, and also because lending parameters have changed a lot lately.
          • Re: Personal Loan Questions. Help please.
            LUCKIEST Guide
            Personal Loan Questions.

            WHO are you?? Where are you?? Tell us more
            • Re: Personal Loan Questions. Help please.
              bmt2008 Adventurer
              Can you explain a like more? Most loans are based on 1) your need or 2) how much you can afford. For the second, if you make $1,000 per month in income - you can not afford very much. If you make $10,000 per month - you could afford a much bigger loan. Rates and terms can be negotiable. Rates are typically based on risk or the lenders costs of funds (most times these are posted on the bank's or credit union's website - personal loan rate - not business). Further, rates can change based on the term you are seeking. Example, you may see a rate of 6.5% for a 5 year loan and a rate of 7.5% for a 10 year loans. Also, terms usually match the need. For example, if you buy a car, a car usually has a useful life of 5 years. Thus, your loan could go up to 60 months or 5 years. If you are seeking a line of credit - lines of credit are usually expected to be repaid within 12 months.

              Your credit score should be good enough to get some funding. But, banks/credit unions are also interested in your ability to repay the loan - e.g. can you make monthly payments.

              Just some thoughts