Unsecured/Secured personal loans?

MrNightly

If i need say... $40K in a personal loan, should I go to a bank or credit union?

Anyone have any suggestions in this economy where the best place to get a second loan? Should I make it a second mortgage against one of my houses?

Thanks!

tcrossma

Getting a home equity line will probably be the best approach (possibly the only approach for that amount of money). Plus, you can deduct the interest.

CaligulaPolk

I was gonna bankrupt but i went to bank, made loan and paid all old bills that my ex of 7 years had **** me over 5 years ago. Had business loan, owned reptiles shop, lost everything to her stealing............... that ****!! Now shes acting like she never stole anything..... SAd to see meth destroyed her life after our split.

Loan was in Jan before economy got worse. I believe interest will be high this time because bank are somewhat affected by economy.


try credit union and bank see if either will approve your loan. Good luck sir..

SKsolutions

There are some HELOCs that are getting called in because the asset will no longer support the value of the combined loans.

MrNightly

The reason I ask, since I'm sure you are all wondering ha, is the wife is leaving me and has agreed to take a cach buy out instead of making me sell my assets and split the cash.

Really really sucks but there is nothing I can do at this point.

I will try a heloc tomorrow as I do have a fair amount of equity in both houses.
At least I don't have to try and sell in this market!

Sherardp

MrNightly wrote: »

The reason I ask, since I'm sure you are all wondering ha, is the wife is leaving me and has agreed to take a cach buy out instead of making me sell my assets and split the cash.

Really really sucks but there is nothing I can do at this point.

I will try a heloc tomorrow as I do have a fair amount of equity in both houses.
At least I don't have to try and sell in this market!

Wow, sorry to hear that bro. Sucks when you hear things like this. Hope it all works out, and get a signed receipt for that.

George Grand

Good luck Nightly, sorry to hear about your troubles.

MrNightly

Sherardp wrote: »

Wow, sorry to hear that bro. Sucks when you hear things like this. Hope it all works out, and get a signed receipt for that.

Ya it will all be in writing. No worries there!

Kinda sets me back a good bit, and I will be a basketcase for months, i'm sure, but hey... its just life right? At least I have two beautiful daughters!!! Who knows, maybe my wife will change her mind?

CaligulaPolk

sorry dude, its tough time. keep your chin up!

Dennis Gardner

Sorry to hear of your problems, but unless you have been through the big "D" before, you have no idea how rough the road is ahead.

You really don't want to add debt to buy her out, you need to reduce it, and few lenders will touch you during the transition.........I suggest you shed everything that you don't require to live just to simplify your life until adjustments are made to living on less than you have been. Two families always costs more than one. Those properties that were once a dream of financial freedom will quickly become an anchor around your neck if even one of them goes sour. Remember, it is just stuff and we live in the best place in the world to find new stuff.

Don't split the properties without getting your name cleared from those that she promises to pay. Most divorce decrees don't deal with the issue of removing parties off from mortgages and even if one party agrees to pay for it, the other party is held responsible when the other flakes out and leaves. Protect yourself, with refinances into just one owner if at all possible to avoid this nightmare. You can never be too careful in a divorce. Don't be a jerk, but be diligent about the details.

Good luck......PM me if you have any questions, I've been down this road too many times.

jdizon

Your rate with Direct is fixed at 6.8 so there won't be a rate change from in school to grace to repayment. Get online to your account www.dl.ed.gov to verify they are all fixed 6.8 first and get a good understanding of your options before selecting or consolidating. Yeah, the idea is you get a new rate, a higher one that is, and then they extend it out from a 10 yr note to a 20 or 30 yr, thus lowering your payments. Instant Payday Loans.

shack

jdizon= wrote:

Your rate with Direct is fixed at 6.8 so there won't be a rate change from in school to grace to repayment. Get online to your account www.dl.ed.gov to verify they are all fixed 6.8 first and get a good understanding of your options before selecting or consolidating. Yeah, the idea is you get a new rate, a higher one that is, and then they extend it out from a 10 yr note to a 20 or 30 yr, thus lowering your payments. Instant Payday Loans.

This is a f***ing spammer...

I'm a banker...see the Credit Union first. HELOCs are very difficult to get right now at a bank because they have taken huge losses on them. A typical idea of what you can expect from a bank is a 720+ credit score, debt ratio of 40%-45% or LESS, loan to value of no more than 75% and a limit on superior (first) mortgage of $250,000. The criteria for a term loan (monthly principal and interest payments - no line of credit) may be a little less stringent. The fact you are going through a divorce will make things more difficult. They will view you situation as an impairment to your financial situation and your ability to service the debt. They may want to see the divorce decree/settlement before approving anything.

Credit Unions have generally not been hit as hard and might be a little more accommodating. Good luck.

petrym

jdizon wrote: »

Your rate with Direct is fixed at 6.8 so there won't be a rate change from in school to grace to repayment. Get online to your account www.dl.ed.gov to verify they are all fixed 6.8 first and get a good understanding of your options before selecting or consolidating. Yeah, the idea is you get a new rate, a higher one that is, and then they extend it out from a 10 yr note to a 20 or 30 yr, thus lowering your payments. Instant Payday Loans.

reported:mad: