HELP allows homeowners in most Cuyahoga County communities to borrow money for repairing or remodeling homes at three percentage points below a bank’s market rate for home improvement loans. the loan person at US BANK then called a couple days later and told me HELP turned down my loan but she could have someone from the bank call me and offer me a different proposal. He did call and told me that he could give me 15,000 for 7.99% I told him i did not want that much money yet told me i had to take out that much. Why would US BANK not give me 10,000 yet approve and encourage me to take out a BIGGER LOAN? Smells fishy. Also they stated HELP turned me down when in fact it was the US BANK itself. This makes me question if they wanted me to feel as if there was no other alternative then to go with their offer of what i feel is a subprime loan. They stated i did'nt qualify for the HELP loan because of my credit (in their words i was "50 points or so off")..i am confused it sounds very shifty
2007-04-20 12:39:01 · 4 answers · asked by clevelandrocksgirl 3 in Business & Finance ➔ Credit
my problem with it was this...they stated that the HELP people turned me down when in all actually it was USBANK or their underwriter that turned me down ...leading me to believe that i had no other choice then to go with USBANK's higher rates when i could have just went to another bank that offers that loan and tried there. like a bait and switch tatic
2007-04-21 00:58:39 · update #1
I'm sure that the HELP loan is a subsidized loan which has strict qualification guidelines. You can check with another bank, but I doubt that USB would disqualify you. You may be right that the loan they want you to take is a sub-prime, and you want avoid that if possible. Don't borrow more than you need--you're right about that.
2007-04-20 12:54:06 · answer #1 · answered by Still reading 6 · 1⤊ 0⤋
If there is not a prepayment penalty, then why not just take the 15 and then take the xtra 5 and put it on the loan. Unless you are looking for a lower interest rate. Another option would be to look at your finances and see if you can use that money to pay off some bills with higher interest rates. This way you will be saving money on the other bills.
2007-04-21 02:26:52 · answer #2 · answered by Anonymous · 1⤊ 0⤋
In all actuallity - it isn't US Bank who provides you with the loan. I know how funny this sounds, but most banks go to other companies for loans. They don't do them in-house. The reason they wouldn't finance you for 10,000 is probably because they are taking a risk of getting their money back. They have certain limits that they can loan out to people.
2007-04-20 20:24:15 · answer #3 · answered by becky m 4 · 1⤊ 0⤋
shop around, thats very unusual
2007-04-20 19:43:07 · answer #4 · answered by gayannboxing 2 · 1⤊ 0⤋