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Sanchito
LSU Fan
Member since Apr 2012
989 posts

Question about a personal loan from bank?

I got offered a personal loan from a bank of up to $25,000 at %7.99. That rate beats all of my current loans, credit cards and car loan included. I got shafted on my car loan because of a first time buyer. I was naive. Is I could consolidate my debt I could cut around $200 out of my monthly budget. Any idea what income I would have to shoe to be approved for $20,000?


40 Rouge
LSU Fan
Red Stick
Member since Feb 2009
1868 posts

re: Question about a personal loan from bank?
It depends on the institution's debt-to-income level that they approve up to, assuming your credit worthiness is good. If you're talking about an unsecured personal loan, you usually have to have low DTI to qualify, but since you're talking about a full consolidation your DTI would essentially drop by doing the loan.

The last time i looked into it, the DTI for unsecured debts at the institution I dealt with was 30% max. To get a 20k loan, you'd need to gross 67k annually.


MikeBRLA
LSU Fan
Baton Rouge
Member since Jun 2005
9851 posts

re: Question about a personal loan from bank?
quote:

The last time i looked into it, the DTI for unsecured debts at the institution I dealt with was 30% max. To get a 20k loan, you'd need to gross 67k annually.


Unless i misunderstood you, DTI isn't calculated like that. It's the ratio of the minimum payment of the loan vs your income, not the original loan amount vs your income.


TheTigerZone
LSU Fan
Moss Bluff ,La
Member since Dec 2009
2343 posts

re: Question about a personal loan from bank?
quote:

Unless i misunderstood you, DTI isn't calculated like that. It's the ratio of the minimum payment of the loan vs your income, not the original loan amount vs your income.

This sounds right.


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