NE1 ever apply or get a personal loan from their bank? I'm looking into getting a secured personal loan for some digital camera crap, and the camera stuff would be the collateral. How do these loans work compared to a car loan, for example? Are interest rates similar? They're higher for unsecured loans I know.

I'm just looking for some of your experiences. thx.


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heheh 666 posts.:skull:

I have an unsecured personal loan from my credit union thats a whopping 5.3%.

If I could get anywhere NEAR that...

have a unsecured loan right now that im almost done with, needed $$$ to buy my truck. i wasnt even going to try financing my 84 toyota. the intrest rate is high, but i gave them nothing. never had a car loan so cant compare it to that. my intrest rate is around 14 right now. what can you do, you need it they got it.

Sound like you need a small business loan, if you are into professional photography.

Originally posted by Istandalone
Sound like you need a small business loan, if you are into professional photography.

Yeah... i'm a pro photog, but don't have the licenses etc (yet) I'm assuming they'll want to see. I've got tax records that are just itemized biz expenses. I think you have to be a "Business" to get that loan. could be wrong, tho.

An unsecured loan is just that. There is no collateral. Rates from banks are typically around 13%. Banks will often give better rates if they are already holding assets of yours that far exceed the value of the note. (large CD etc.)
Usually credit cards give better rates. The best rates are through a home equity line.
I have had several personal notes and quit getting them because the interest was too high.

2 years ago i got a $5000 personal loan, 14%, 3 years, $172 a month. not bad cuz i needed cash for a trialer and a rearend in my car. wasnt that hard to get as long as you had two years of work to back it up.

ive taken out a few loans from the methodist credit union here in ga, all of which have rates of 7.5%, i've taken out two loans for vehicles, and one loan for living expenses while i was getting off my feet when i moved here.

HELIC would be your best bet. Deductable as well. Go join a Credit Union. In NC I am using State Employees Credit uNion and no you do not have to be a state employee, anyone can join. Best rates and service you have ever had. I refinanced my rental house 4.75 no one can touch that rate, NO ONE.

I can borrow against my 401K at prime + a 20.00 loan fee.

Originally posted by Old Scout
I can borrow against my 401K at prime + a 20.00 loan fee.

Hmm, with the amount that my 401K is worth these days, that might get me two eggs over easy, homefries and toast at the local diner!

When I bought my motorcycle my conversation went like this.

Me: Hi Sandra, I need 12000.00 to buy a bike
Sandra: Ok, what does your mom think of this?
Me: Well, I'm not sure. But I'm sure that I am 21, living on my own and have a f\t job.
Sandra: Ok, call me back in 20min.
Me: Ok

Sandra calls my mom and mentions it to her. Mom says "He's 21, on his own and can do as he wishes"

Me: Hi sandra, what's the word.
Sandra: Well, its Friday, I'm leaving in 10min, and I suppose you'd like to pick up the bike tomorrow.
Me: Yes, if I could it'd be great.
Sandra: Ok, I'll leave an envelope at the fromt desk with 14,000. I gave you 2000 extra in case you run into extra expenses. When you get a chance next week, stop in with what you didn't use and we'll do up the paper work.

Moral:

I got the money when I wanted it, no collateral, except for the fact that she has known me since I was born. 5 years later I am kicking myself for paying 12% interest for all that time but hey, I got what I wanted, and it did cost my a little more for the convience.

I don't know anything about personal loans, so I can't help you there. But, if you need a small business loan, it's easy to create a limited liability company (LLC) in north carolina. I think it's like $200. Then, you have a legitimate looking business. You just have to fill out a form, and send in the check. A couple of weeks later, you are registered with the secretary of state as Kilby's Pornography, LLC.

from the "bank" perspective. one, your looking at an unsecured loan or a commercial or business loan. primarly due to the collateral your wanting to put up. first and foremost im not 100% how one would secure that equipment other than a blanket UCC filed at the state. that kinda gets into a gray area and a half a page post here. Im going to say if you were an established business with a proven track record of income that would offset some of the banks hesitation and a lot of paperwork and justification on your part. Personally, id figure out a way to get what I want by other means or collateral build up the business if that is what your wanting to accomplish. then look at establishing a business loan. yes, I have made loans that I have taken collateral that may lack in an easy obtainable method of lein entry but I also had plenty of other collateral to offset in case of a loss. NOT to mention on the lender side its a royal pain in the a$$ to keep track of items. in short it could open up a whole can of worms when it could have been done a different way or structured a different way . if you have any other ?'s feel free to ask.
Kenton