Question about personal loans from BOA..please suggest...?

Question

My boyfriend and I want to take out a $3,000 loan for a down payment and first months rent on a rental home. I have a few questions:

1. Do you have to belong to the bank you get the loan from?
2. If one of use has better credit than the other, is it better to do two separte loans or do one loan together.
3. How long does a loan take to come through?
4. Are there penalities if you pay the loan off faster than scheduled?
5. What about Bank of America: are they good? Wachovia?
6. What is the difference between a secured personal loan and unsecured personal loan?

Answer 1

i'll hazard a guess that a credit union would be a better place than either BofA or Wachovia. Interest rates will be lower and they're likely more tolerant of unusual situations.

In general, the big banks have gotten away from small, personal, unsecured loans. What they do is issue a credit card with a sufficient credit limit and say "use this instead".

The reason they do this is cost. They already have a very cheap system in place to run credit cards. Their operating costs on the personal loan are higher and then the darn thing runs out on them in a couple or three years whereas if they're lucky the credit card will be used and they'll be earning interest for many years to come.

Count on a week or two from application to funding or card in hand. You might get a deal on the startup interest rate since they know you'll want $3,000 immediately.

credit cards do not have prepayment penalties ... most credit unions don't either. Don't know about the banks.

you do not have to be a depositor in advance. you do have to have verifiable income. Naturally, they want you both to sign on one deal so they can chase both of you if payments are late.

***
See the other questions for cautions about what happens if you split up and party C moves out ... both the loan and the rent will want you both to pay for the rest of the term -- this will be difficult to do since the one who moves out will have own housing to provide then.


GL

Answer 2

1

Answer 3

1. No, but it helps in most cases. Also it depends on the bank.
2. Depends on if the one with better credit makes enough money for them to feel that it will cover the loan, and how much better their credit is.
3. Each one is different.
4. Depends on the policies of your loan, the best ones are the ones that don't charge a penalty for early payment of course.
5. I dealt with Bank of America but not Wachovia, They were ok.
6. Secured personal loan: You have to put up something for collateral. Unsecured personal loan: None of your personals items is collateral - I think- I'm not 100% sure on the last question.

Answer 4

An unsecured loan means that you have no property pledged while a secured loans means you place collateral on a loan.

I'd suggest you try Prosper or CardWeb.com. Cardweb has many low fixed rate cards. Why BOA? I'd check with them, but I'd go where you can get a minimal interest rate with limited restrictions.

Prosper is an online marketplace in which your FICO score largely determines whether people will bid on your loan. You offer an interest rate consistent with your FICO score and if it is high enough, people will bid on your loan. If there is excess demand, individuals will bid down your interest rate. If there is minimal demand for your loan, you will get little or no funding.

Link: http://www.prosper.com/join/stockwatcher

or if you don't wish to give me credit for the referral

http://www.prosper.com

Good luck. I hope you enjoy your loan.

Answer 5

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Answer 6

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