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| Posted by | Message | Sanchito 
LSU Fan
Member since Apr 2012
708 posts
| Question about a personal loan from bank? (Posted on 2/4/13 at 10:44 pm)
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?
| | Back to top | Share on  | 40 Rouge
LSU Fan
Red Stick
Member since Feb 2009
1495 posts
| re: Question about a personal loan from bank? (Posted on 2/4/13 at 11:15 pm to Sanchito)
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.
| | Back to top | | MikeBRLA
LSU Fan
Baton Rouge
Member since Jun 2005
8743 posts
| re: Question about a personal loan from bank? (Posted on 2/5/13 at 6:29 am to 40 Rouge)
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.
| | Back to top | | TheTigerZone
LSU Fan
Moss Bluff ,La
Member since Dec 2009
2343 posts
| re: Question about a personal loan from bank? (Posted on 2/5/13 at 7:58 am to MikeBRLA)
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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