Unsecured Loan / How much can I get?

[Healthyspender]

Hello everyone, this is my first post here, and I'm looking forward to get some questions answered regarding a Unsecured Loan that I will apply for.

I have great credit, never been late in any payment, employed at the time, not a home owner.

I need about $50,000 to $80,000 - Is this too much for a lender to give to someone with my history? (Do I need to own a home and land?)

Assuming one lender will only loan me X amount - can I apply at another lender(s) to make up the difference? (to obtain my desired amount)

How long after applying online, or talking to the bank on the phone, will it take for me to get the funds in my account?

Lastly, is the 14 day return period (returning a loan) after I have the cash, or after I'm "approved"?

Looking forward to any replies!

[sweeps]

I think you meant to post at borrowingadvice.com .

But seriously I think it's unlikely that you will be able to get an unsecured loan that big. But anything's possible. You can apply at as many lenders as you'd like but it's going to be reflected on your credit report.

[Healthyspender]

I think you meant to post at borrowingadvice.com .

But seriously I think it's unlikely that you will be able to get an unsecured loan that big. But anything's possible. You can apply at as many lenders as you'd like but it's going to be reflected on your credit report.

That link you gave me doesn't seem to be anything.

How much can I get a loan for? The most you think? (average)

[sweeps]

I was joking. This is savingadvice.com, advice about how to save your money and reduce debt, NOT advice on how to accumulate more debt.

The amount you can borrow varies dramatically based on a host of factors: which lender you choose, your credit history and/or credit score, your income, your existing debt load,..... We couldn't even begin to tell you much of a loan you can get. Why not call some lenders and find out directly from the source?

[loanstar]

80k without collateral might be too much for any lender no matter your credit rating.. you can certainly split it between lenders.
how about you use whatever you're buying as collaterall? that might make it easier.

[myself]

Perhaps the answer could already be with you:
- Why do you need the $80k?
- If you have assets (not necessarily a house) that equate to that much, some lenders may look at it.
- If you're borrowing the money for a rental place, and can cover the costs, there are lenders out there that will do that too!

[Healthyspender]

Thanks to all who have replied so far.

Which lender(s) is the best choice for unsecured personal loans? I did some reading on eloans and it appears they are using bankofamerica. (There's a lot of negative comments about eloans btw)

I need the cash to purchase a small SUV, and some equipment. I need it unsecured. Willing to pay some extra interest.

Should I stick to the big banks (citi,chase,etc), or go through one of those online "guaranteed up to $$$" sites?

How long does it take, assuming I'm approved, for me to get the cash in my hands from a lender? What is the processing time on this.

[Healthyspender]

80k without collateral might be too much for any lender no matter your credit rating.. you can certainly split it between lenders.
how about you use whatever you're buying as collaterall? that might make it easier.

I can split it up, well, that's good. I need the money sooner than later. Unsecured just seems much easier of a process.

[Healthyspender]

I was joking. This is savingadvice.com, advice about how to save your money and reduce debt, NOT advice on how to accumulate more debt.

The amount you can borrow varies dramatically based on a host of factors: which lender you choose, your credit history and/or credit score, your income, your existing debt load,..... We couldn't even begin to tell you much of a loan you can get. Why not call some lenders and find out directly from the source?

Totally missed the joke at the time I posted.

[Scanner]

As sweeps said, anything is possible.

I went through what is now BoA for my first unsecured business line of credit (it was Summit then Fleet and then BoA).

I had a 700+ credit score and considerable equity in my house.

My house is not part of collateral but even though it's unsecured, they could still issue a judgement against me.

I pay about 10.25% on my LOC now. . .it took about 2 weeks for approval and involved a 2 page application. I was awarded $50,000 in credit having only asked for $25,000. I have reduced my LOC to $24,000 last year when my 5 years came due and I had to refinance it (I did not have funds to bring balance to zero).

[Healthyspender]

As sweeps said, anything is possible.

I went through what is now BoA for my first unsecured business line of credit (it was Summit then Fleet and then BoA).

I had a 700+ credit score and considerable equity in my house.

My house is not part of collateral but even though it's unsecured, they could still issue a judgement against me.

I pay about 10.25% on my LOC now. . .it took about 2 weeks for approval and involved a 2 page application. I was awarded $50,000 in credit having only asked for $25,000. I have reduced my LOC to $24,000 last year when my 5 years came due and I had to refinance it (I did not have funds to bring balance to zero).

50K is good.

Thanks for sharing your experience. You got the 50K in your checking account 2 weeks after you submitted the application?

[safari]

Yesterday I received a pre-approved application for a $50K unsecured loan from Bank of America. It said the rate will be fixed and can range from 9.99% to 22% APR, depending on my creditworthiness. I didn't need a loan, so I shredded it. But it's something that you can look into if you have a good credit score. You might also consider applying for a few credit cards that are offering 0% balance transfers for 12 months, but only if you're looking for a short-term loan (1-3 years). For example, if you get a credit card with 0% interest for the first year, and then it becomes 15% for 2nd and 3rd year, you'll be paying on average 10% interest a year, which is good a good rate for an unsecured loan. There are also credit cards that are offering low balance transfer rates until the balance is paid in full, check out American Express Blue, Blue Cash (4.99%), Advanta Business (2.99%) and Discover Motiva (3.99% until January 2010).

[Scanner]

You got the 50K in your checking account 2 weeks after you submitted the application?

No, I got a checkbook and I could write checks against the line of credit. Or transfer the money into my business checking.

BTW, this is the way to go to "rob the bank" legally.

My bank loan officer said it's dumb to rob a bank, that in America, if you really want to rob the bank, you open up as many lines of credit as possible, take the cash, and hide it. Go bankrupt and then pull it out.

No law against it.

You thinking of something?

[Healthyspender]

No, I got a checkbook and I could write checks against the line of credit. Or transfer the money into my business checking.

BTW, this is the way to go to "rob the bank" legally.

My bank loan officer said it's dumb to rob a bank, that in America, if you really want to rob the bank, you open up as many lines of credit as possible, take the cash, and hide it. Go bankrupt and then pull it out.

No law against it.

You thinking of something?

Just checking (is that a pun) if they limited how much you could get monthly or something. It's good you could transfer it all to your checking. I will need my cash in one large stack.

I never heard of that method your loan officer mentioned. I'm no expert on Law, but it seems hard to believe that whomever would do that, if found out, would be a free man? Tell me more...

[FinWhiz]

Why the need for so much money? How much do you have in savings? How much in debt are you already. If you have a high " I love debt" score,(FICO) what are they telling you?