Unsecured Personal Loans

BillyWaltersJr+ · Apr 2, 2007

I am wondering if anyone on these forums has any knowledge of these unsecured personal loans that I saw the other day. Here is one example of one of them:

http://www.americanunsecured.com/personal-loan.php

Now, this page says that you can borrow up to $75,000, and I have seen several sites say that these lenders do not care about bad credit or whatever. I do not have bad credit, i just don't have a lot of credit history because I have never taken out a loan of any kind nor have I ever felt the need to get a credit card.

So, my question is with my lack of credit history, etc. would I be able to take out one of these unsecured personal loans with limited difficulty?

Thanks in advance for your responses.

WVU · Apr 2, 2007

Dante · Apr 2, 2007

you honestly think they will give you 75 dimes with no credit history?

BillyWaltersJr+ · Apr 2, 2007

Dante said:
you honestly think they will give you 75 dimes with no credit history?

No, but that is what I have seen on other web sites. I was just confirming it. What do you think someone with closer to no credit history would be able to get from one of these places? How about the ones that say that credit history does not matter?

Dante · Apr 2, 2007

"I have limited credit; can I still get a loan? We prefer that an applicant have a minimum of three active trade lines for 36 months or longer on their credit report. However, depending upon your income and the amount of money you are seeking, we still may be able to assist on a case by case basis"

this is from that site. Plus if you borrow 75dimes your payment will be over 1 grand a month as you only can go out 84months in payment time....

I would say you would be able to get 500$ -1500$ max with no credit unless the site is a scam

BillyWaltersJr+ · Apr 2, 2007

Dante said:
"I have limited credit; can I still get a loan? We prefer that an applicant have a minimum of three active trade lines for 36 months or longer on their credit report. However, depending upon your income and the amount of money you are seeking, we still may be able to assist on a case by case basis"

this is from that site. Plus if you borrow 75dimes your payment will be over 1 grand a month as you only can go out 84months in payment time....

I would say you would be able to get 500$ -1500$ max with no credit unless the site is a scam

Okay, what kind of credit do you think it would take to be able to get, say, a loan for $25,000, and how long and how would I go about building up my credit score/history to be able to achieve this?

neverbeanother#7 · Apr 2, 2007

Looks like a scam to me. If not they will put you on one of those ripoff check advance sites where they charge like 600% interest.

buddyboy · Apr 2, 2007

I'll loan you $75k, with the following understood.

1. repay amount is $100k in 30 days (don't be late)

FAQ:

Q: What happens if I'm late paying you back? or if I'm unable to pay you back?

A: I'll kill your wife and kids

Dante · Apr 2, 2007

buddyboy said:
I'll loan you $75k, with the following understood.

1. repay amount is $100k in 30 days (don't be late)

FAQ:

Q: What happens if I'm late paying you back? or if I'm unable to pay you back?

A: I'll kill your wife and kids

Exactly ....sadly that may be the only way he can get a loan:lol:

Timetopay · Apr 2, 2007

Intrinzik said:
Okay, what kind of credit do you think it would take to be able to get, say, a loan for $25,000, and how long and how would I go about building up my credit score/history to be able to achieve this?

Try a credit union. They actually still look at a person instead of just a credit score.

BillyWaltersJr+ · Apr 2, 2007

Timetopay said:
Try a credit union. They actually still look at a person instead of just a credit score.

Thanks, I will check it out.

WVU · Apr 2, 2007

Timetopay said:
Try a credit union. They actually still look at a person instead of just a credit score.

lol

ElJefe · Apr 2, 2007

I would not bother with a place like that.

BAGIANT · Apr 2, 2007

They'll tell you one thing then turn things around on you. However if you are a homeowner things can be quite different for you even if you don't put the house up for collateral. If you don't pay the unsecured loan, they know that they can always put a lien against your house.

vanzack · Apr 2, 2007

www.prosper.com

achandicap · Apr 2, 2007

If you have been timely withy monthly bill payments (electricity, gas, cable, anything like that) and have a bank account somewhere, you should have a decent credit score. Go to the bank where you already have history and talk to them. If you have a valid reason for needing the money (for example, a car loan), they'll work with you.

Those unsecured loans sound great, but notice no one mentions the interest rate. It's usually extremely high--we're talking 25-30 percent. That's what's criminal about them. People who go there are usually bad with math, see a $75,000 loan and just grab it. And in 10 years they've paid $200,000 to the company.

kobefan08 · Apr 2, 2007

vanzack said:
www.prosper.com

vanzack thats a really interesting site.. have you used it before as a lender or borrower? is this the only site that you have seen like this? want to know if there is a 'canadian' version as I live up north.

thanks!

BillyWaltersJr+ · Apr 2, 2007

achandicap said:
If you have been timely withy monthly bill payments (electricity, gas, cable, anything like that) and have a bank account somewhere, you should have a decent credit score. Go to the bank where you already have history and talk to them. If you have a valid reason for needing the money (for example, a car loan), they'll work with you.

Those unsecured loans sound great, but notice no one mentions the interest rate. It's usually extremely high--we're talking 25-30 percent. That's what's criminal about them. People who go there are usually bad with math, see a $75,000 loan and just grab it. And in 10 years they've paid $200,000 to the company.

You make a good point - I haven't missed any bill payments ever, in the last four years (since I started renting my house), and pay the house rent on time as well. I was under the impression that a person's credit score is based off of loans and credit cards that they may have.

Yeah, you are also probably right about the unsecured loans. They sure do sound too good to be true, and the interest rates are probably through the roof.

Any idea what kind of loan I could get if I just needed it for misc. stuff, which could include buying a new auto, and some personal items too (a trailer, ATV, etc). Or would I just apply for these all seperately through the bank?

Thanks.

BillyWaltersJr+ · Apr 2, 2007

vanzack said:
www.prosper.com

I have seen a thread on here about that very web site, just a few days ago.

The thing is, I see that a lot of people on there, even with good credit are not getting enough bids to fulfill what they need.

That is the only reason that I was turned off by that site. Does anyone know how easy it is to get a loan for what you are asking for on there?

sean1 · Apr 2, 2007

Americanunsecured is not a bad site if you have a way to make more than 25%/year.

Years ago, I applied and was approved for $50,000 from them, but the deal was they would give me $43,500, keep $6500 as a fee and the interest rate was about 20%. I ended up turning them down as I also had offers from a couple of banks. They are not a bad company for someone willing to pay high fees for a start up business loan. They will fund when many others wont.

If you want to build your credit from nothing, here's the plan:

1. Sign up for paytrust.com or any other online bill payment system so you are never late. It is well worth the $12/month. Before paytrust, I probably paid 20 $30 late fees each year for being a day or two late. In 5 years with them, I've never had one.

2. If you have an older parent or friend with some cards with nice limits and have been opened for a long time, ask them to add you as an authorized user. When they get your card, they can cut it up. These cards will now report on your credit and increase your scores a lot. Make sure the cards you get added on have low balances/limits (Less than 30%). You can skip this step if need be, but this will save you 5 years.

3. Apply for 4-6 credit cards. Try the prime cards (Amex, Citi, BOA, Chase, Wachovia, Discover, etc) If you get turned down, get a few subprimes ones (HSBC, Orchard, Capital One - GMcard and Unionplus from HSBC will approve minimal credit.)

4. Open 4-6 store cards (Kays, VSC, Crown Jewelers will approve anyone. Home Depot and Lowes are also easy. Dell is fairly easy)

5. Use each card at least once/6 months and pay in full.

6. In 6 months, apply for 4-6 more cards and ask each card for a credit limit increas.

7. 6 months later, repeat. Repeat this process as often as you wish every 6-12 months.

8. At some point get an installment loan (Car, mortgage) Car can even be like $2000 but get a loan. Having installments help.

9. Once you have good credit, you can seek LOC, Personal loans, and business loans.

10. Sign up for truecredit.com $14.95/month. Check your credit every day. AFter 30-60 days, you'll start to see inquiries fall off Trans union and Equifax. They wont fall off Experian. Seems TU andEQ limit space for inquiries and your pulls (Which do not hurt your score) bump off the ones that do.

11. You can throw in credit unions at some point too. Penfed, Patelco, DCFU, Navy, and USAA are all very generous.

Pretty much everyone wants to see some credit to give you good limits and rates.

Good luck.

Sean