Has anyone gotten a private loan recently?

Nicole2010 · Feb 1, 2009

I couldnt get a private loan for the difference in my tuition costs & I have great credit. I was denied (eventhough my credit score was 751) & my husband was denied as a co-signer (his score is 790). I was told we had too many accounts w/ balances: 2 credit cards that get paid off every month, a mortgage, & 2 student loans for my schooling now.

I know some people who got loans through Well's Fargo but the interest is like 14%. Just shop around & try to use Sallie Mae as a last resort! I hope this doesn't discourage you, but good luck!

ParkerBC,MSN,RN, PhD, RN · Feb 2, 2009

I got my private loan through Sallie Mae. My Equifax score was a 774 at the time. I have a mortgage, auto loan, and two student loans. I also have one Visa card and an AMEX card. I applied online and got an instant decision. The interest rate is 8.5%, which isn’t bad considering the government backed loans aren’t too much lower. I will tell you this though…when speaking to the person on the phone ( I had to call to finish setting up the account), I was discussing with him about how the lending market is tightening up and asked if Sallie Mae plans to do so in the future. He responded with Sallie Mae is approving a lot fewer loans today than a year ago. So, they too are tightening up. I am surprised to see the other posters scores and hear she was denied. Now, there are a few students in my class who have taken out loans with Genesis (this is something my school takes care of for them). They told me their scores are in the tank, but were approved. One of my classmates told me she is paying 21% for the loan AND has to start paying back immediately (no deferment while in school).

GGT1 · Feb 2, 2009

Nope, I could not get a private loan because I had to quit my full time job in order to go to NS so my debt to income ratio is through the roof. I work part time making penuts and have 2 mortgages and a car payment...so my good credit is doing nothing for me.

good luck to you though!

CorazonDeOro · Feb 3, 2009

I'm going to be starting school this summer and need to start looking at loans. I'll need private loans and won't be eligible for governmental ones. I've got a couple of places to check, but I'm just wondering how hard it is to get one now? I was also wondering what the interest rate range is? Are they all variable? Is there a cap on the interest rate? I am one of those really worried about our economy and I fear a real inflationary period in a few years that could send rates high. How many years do they give you to pay back the loans?
Thanks so much for any info.

I have three separate loans from Chase Bank (I was told my decision online immediately at Educationone.com). I got them in 2007 and 2008. My rates are all between 5 and 7 percent. I dont know if its gotten harder to get now but I was approved each time and I applied without a cosigner (I also have credit cards, auto loan, and federal loans). They suspended the program late last year but I checked the other day and they seem to be lending again. They are also being very accomodating to me since I have just started on a second degree (I cannot defer because I finished my first degree), they are allowing me to gradually increase my payments each year. I currently am only obligated to pay 60 dollars a month but can pay anything I want. Currently i owe about 11000 dollars and I get 10 years to pay it back. I am very happy with this lender, they are very easy and they send you a check within a week. If I cannot get more federal loans for my nursing degree I will definetly go back to Chase. Hope that helped!

hcook08, BSN, RN · Feb 4, 2009

I work at a credit union as a loan officer and our rates are between 8-18%, depending on your credit score. I would look into some type of student loan rather than a personal loan... rates tend to be lower and student loans are deferred until you finish school. Banks and credit unions are becoming very strict with approving loans because of the economy crunch. Credit score, debt to income ratio and earned income are very important when applying for a loan. :twocents: