After I apply for my loan...what can I expect?

[philipmould]

After I apply for personal loan...what can I expect?

[OregonLO]

that is a good question that I don't have an answer to. I'm a Mortgage Broker in the States and I only handle residential and commercial financing. I don't deal with any personal loans.

[kandue]

After I apply for personal loan...what can I expect?

I guess you expect to get your money if you are approved... spend it and than start paying back. Who does personal loans in US anyways?:confused:

[subprimealta]

You can expect a very high interest rate if its a short term personal loan, so be sure to keep it SHORT TERM. Also, just an fyi, when people default on these types of loans, there may be a clause in the contract that would allow the lender to collect the debt in some not-so-nice methods, like straight ripping an air conditioning unit out of your house.

lol Ive heard stories, a friend used to work for one of these collections agencies

[carlel]

some lenders will tell you their decision straight away, if you haven't heard anything within 2 weeks call them.

[belle103]

after application submitted, of course, they have to go through your papers and will find out if you are eligible...if you think you have your papers all correct..then approval...so just wait,,and hope

[andylewis]

Hi,
If it takes longer, try at some other financial institutions.
Andy

[punani]

However, you are better off if you have good credit because if you have good credit you may not even need collateral. Many banks will lend based on income and credit only and will not require any collateral for smaller loans that are under $10,000. Of course, the amount you will be able to get all depends on your income and your credit.

[Myloanexpert]

However, these loans can be dangerous, especially in a down housing market. The interest rates are generally fixed for the first 1, 3 or 5 years. After that, they convert to a conventional loan, with a higher monthly payment. Most borrowers take on these loans because they assume they will sell the home before the interest rate increases. In a down market, they may not be able to sell. If they cannot afford the increased payment, they may have to default on the loan, and foreclose on the home. So, when the rate starts to adjust, you would need to refinance again. And, either get a fixed or another interest only adjustable. And, yes, I do believe you mean ARM. Although, if you have extra money every so often, you can pay down the principal in extra payments.