Personal Loan of $25,000 in US? Bank to apply? Credit History?

Where to apply for Personal Loan in US Credit Union

by Kumar · 20 comments

Recently, I wrote an article on the best way to pay off your education loan after Job. If you have read it, I have mentioned, I took a $25,000 loan in US and sent it to home country to save good amount of money.  The question that might have come to your mind is, Where the hell should I apply to get $25,000 Loan ?  Which bank should I apply ? How should I build credit history ?  I will try to address some these things in this article and how I got my loan.

 

Importance of Credit History

Credit history in US is of significant importance, if you do not have good history…you are basically screwed…You do not want to commit any mistakes in the beginning (first  few months in US) to build your credit history. Read this article on How to build good credit history in US.  Anyways, if you have bad credit history, it is not a good idea to apply for a personal loan. It can even ruin your credit history more. You just need to know your credit score and assess how much history you have build before applying.

Which Banks to apply ? National or Local ?

Most of you might have an account in nationalized bank like Chase, Bank of America, US bank…the fact is, I would not recommend applying to the nationalized banks. Simple logic, there is too much hassle there and too many rules to deal with because you are dealing with a big bank on a national level. The odds are you getting approval with decent credit score is relatively less. So, where should you apply ? Ever heard of the credit unions ?  Yes, you should apply in credit unions or local banks. Credit unions are very local and they usually deal with local customers and meant for community development and not just mere profit. They will have all the facilities you need and the size of the bank and attention you get is much more. I applied my loan in a credit union and got it approved. So, did my friends…

How to build a good relationship with Banks like Credit Unions ?

When I landed in US for the first time fortunately, I opened an account in a local credit union. I deposited some amount and then did not use it much. After 2 and half years, I called them and asked if I can apply for a personal loan and they said sure. I did some paperwork submitted my pay stubs and I got the loan approved. The reason I say this story is, I opened the account long time ago and had some transactions with them. I have been an old customer for them for 2 and half years…it is basically building the history of the account and not just credit history. Though my credit score was not super high, I got my loan approved because I was an old customer.  So, if you plan to take such personal loans, I would recommend you to open one of those accounts in credit unions and do keep doing some transactions and just build some history.  You have to be very careful; do not open too many bank accounts, unless needed.

Overall, just do not screw up your credit history by applying to every card that comes in mail. Try to build good credit history and if you have plans to take personal loan, open an account in a small credit union and build some history. Once you are prepared, at the right time with right credit history you can apply for personal loan and you will get it approved without any hassle.

Did you apply for any personal loans in US ? Any experiences ?


Image Credit : http://www.flickr.com/photos/mudricky/1546480135/sizes/m/

{ 19 comments… read them below or add one }

Clarisa steve August 28, 2014 at 10:36 pm

Hello i am Clarisa Steve from Florida USA,when i was in need of a loan of $230,000 to transit a business my friend introduced Mark Oscar loan firm to me because she got a loan from them sometime ago, so I was so scared because of the scams in the internet but my friend encouraged me to give them a try and i gave them a try and i got my loan within 4hrs and their ways was very easy no credit check,no cosigner,no collateral and their interest rate is just 2%, so i will advice anyone out there that need a loan to contact them via their Email:(oscarloanfinance@hotmail.com).

Reply

Karissa August 20, 2014 at 5:42 pm

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dhanaji April 1, 2014 at 9:55 pm

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Thea Dainel March 11, 2014 at 4:39 am

Hello i am Mrs Thea Daniel from Washington Dc USA,i saw your question on how you need a loan so i will advice you to contact Alhaji Musa Isa global loan firm because i got a loan of $200,000 from them two weeks ago and their ways was very easy no credit check,no cosigner,no collateral and their interest rate is just 4% so you can contact them via their email,musaloanfirm41@yahoo.com

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lisa steve February 17, 2014 at 1:01 am

Hello i am Mrs Lisa Steve from Florida USA,when i was in need of loan of $230,000 to transaction a business my friend introduced Barry Wilfred global loan firm to me because she got a loan from them sometime ago so i was so scared because of the scams in the internet but my friend encouraged me to give them a try and i gave them a try and i got my loan within 4hrs and their ways was very easy no credit check,no cosigner,no collateral and their interrest rate is just 4% so i will advice anyone out there that need a loan to contact them via their Email,barrywilfredloanfirm2@gmail.com

Reply

STEVEN January 22, 2014 at 3:52 am

PLEASE BE CAREFUL WHEN PEOPLE VOLUNTEER TO HELP YOU – MY EXPERIENCE

You all should stop lying on this forum for the sake of God almighty in heaven and please do know that whatsoever thing you do on earth shall be reviewed on the last

day , i see to many fake lenders and fake God forsaking testifiers on here without been told stating in there messages and testimonies to be in UNITED KINGDOMS WHILE

THERE LOCATION SAYS they wrote from UNITED STATES OR JAPAN… Now tell me how come about this if this is not a typical activity of SCAM ARTISTE… I got scameed by one

of this scam artiste with the sum of $ 3100 usd and got several promises to get loan from them but all to no avail but it was God who directed me to check my spam

message and i got an advert on loan from THE HENRY WOOD LOAN SERVICE and i reluctantly applied but God showed up and i got my loan , please everyone on this forum ,

this is real , i have really passed through hell in the hands of this fake scam lenders but God has changed my situation. please and please for the sake of God if you

need a loan without the fears of headaches or heartaches , please do contact the
HENRYWOOD LOAN COMPANY TODAY ON THIS EMAIL
ADDRESS:henrywoodloanservice@financier.com and i believe that you shall put on a good smile just like me too

Reply

david December 14, 2013 at 3:48 pm

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DOUGLAS December 12, 2013 at 1:13 am

My name is douglas bill from USA ; I am a happy man today because i was able to get an affordable loan from LISA FINANCE UPLIFT who transferred my loan of $150,000 into my account within 5 hours. I have settled my credit card debt; i have cleared all my bills. I thank God for directing me to contact this loan firm i am very thankful to almighty GOD for he has answered my prayers. if you want to be happy like me, just contact lisa finance uplift loan firm Via email:douglasbillloanlinkd@gmail.com

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personal loan December 2, 2013 at 10:16 am

Only when you list downn where income you know your monthly expenses.
Glance through the article to know about the data that thee discovcery
process will influence, you now seemingly have more money.
Your spending does not exceed your income, then write it
down. How exactly does one increase their income. When you plan
it is possible to reduce youur premium rate. This statement allows you to secure your finjancial future.

Reply

Ashok July 8, 2013 at 11:13 pm

If anybody want to build credit score open account with DCU credit union bank. Along with Savings account they gave me credit card also even I came to US just 2 months back

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Nina Oaks June 4, 2013 at 8:39 pm

I am on L1 VISA. When I first came to the States nobody wanted to give any credit. Fortunately, in my home country I had bought a car with Ford and they were willing to check my credit behaviour there and they approved a car leasing for 2 years. Now that my lease is almost up, I went to a Credit Union, Desert Schools in Phoenix and my application was denied just because I am temporary Resident. My Score BTW was fairly good 798 in a scale from 0 – 900. So good credit does not guarantee that banks or credit unions will be willing to work with you.

Reply

Su July 12, 2012 at 5:47 pm

I have a very bad experience applying for credit card itself, leave alone Personal loan with a credit union, In the initial 1 yr, i did not take any credit card, So NO Credit history & could not get any credit cards easily, When contacted Credit union, they said they need GC/Citizenship just for the $500 credit card.

Kumar, Can you pls let me know if 1 year of credit history with $500 limit is sufficient to apply for normal credit cards as I have currently 1 credit card $500 limit with 10 months history.
Thanks,

Reply

Kumar July 12, 2012 at 10:15 pm

Su,
Ideally, you should apply for loans and credit cards with banks that have your checking or savings account. Well, 10 month history with $500 limit may not add much to your credit history. You should first ask your current $500 limit card issuer to increase the credit limit. Also, talk to the bank that you have checking account with, ask them the chances. To build history have your utility bills on your name or house rental agreement, etc. All these little things help.

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Gulzar singh February 16, 2013 at 10:08 am

Sir, i am indian, p c c diractor, sir req loan on road projact. India

Reply

Deep April 12, 2011 at 6:36 am

Hi Kumar,

First of all, I appreciate you for all your hard work in coming up with such an essential blog. I have some questions regarding loans. Suppose, after staying 6 months in USA, if I apply for an educational student loan/personal loan for a short amount (say $8000) from any local bank, can I get it, if I am their account holder till that particular period of time?

Waiting for your kind reply.

Thank You

Regards,
Deep

Reply

Saurabh April 12, 2011 at 1:03 pm

Different banks have different policies. Some banks would extend the loan to temporary legal residents, while others would want a citizen or GC holder as a co-signer (so that they can get the loan from the co-signee in case you leave US w/o paying off the loan). You ca check the banks and credit unions to know which one of them are ready to extend loan to you.

Reply

Deep April 12, 2011 at 10:09 pm

Hi Saurabh!

I thank you for your kind reply.

Regards,
Deep

Reply

virginia morris August 21, 2012 at 4:35 pm

Funny how this posting you listed on 8/15/12 is exactly the same posting (word for word) listed by Trinidad mark on 8/2/12. Both recommending the same loan contact. Also funny how your heading says your name is Grace Joseph, but in your posting you say your name is wendy steven. You don’t have a clue what you are doing do you? If you’re going to try and scam people at least try and do a good job of it. You are pathetic and anyone with any intelligence would realize your recommendation is a scam too!!!

Reply

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