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Started By
Message
Best place for a personal loan?
Posted on 9/16/14 at 2:15 pm
Posted on 9/16/14 at 2:15 pm
Long story short: I am going through an insurance claim right now and the contractor needs his money before I will be able to receive my money from my mortgage company. I will be able to pay back the personal loan within a month after I receive the check.
I need about 5k and I have good credit.
TIA
I need about 5k and I have good credit.
TIA
6
Posted on 9/16/14 at 2:18 pm to Delacroix
quote:
insurance claim
quote:
contractor needs his money
quote:
receive my money from my mortgage company.
I am REALLY confused
Posted on 9/16/14 at 2:20 pm to Mr.Perfect
mortgage company pays my insurance through an escrow account. Since I made a claim, Insurance company sends me a check in both my name and my mortgage company. Now I have to work with my mortgage company to get them to release funds based on the completion of the work that I hire a contractor to do.
Posted on 9/16/14 at 2:27 pm to Delacroix
quote:
Best place for a personal loan?
Several months ago, LA Capitol FCU, was offering 5.89 % personal, unsecured loans.
Looks like rates have ticked up.
Check out Pelican State Credit Union. Currently offering 6.99 % personal, unsecured loans.
Posted on 9/16/14 at 2:42 pm to Delacroix
Have you spoken with your mortgage company about this and explained to them that you don't have the money to front the payments to the contractor? It is in everyone's best interest (both you and the mortgage company) for the repairs to be made.
In my couple of experiences with this, I have been able to get the mortgage company to release the money 2-3 times while construction is going on, and the contractor was able to wait for final payment until the inspection was made.
In my couple of experiences with this, I have been able to get the mortgage company to release the money 2-3 times while construction is going on, and the contractor was able to wait for final payment until the inspection was made.
Posted on 9/16/14 at 2:59 pm to Delacroix
The contractor should take a deposit. The initial deposit should only be 20-30% or so. If the contractor wants a huge deposit find another contractor. He is robbing Peter to pay Paul and eventually will be walking away from jobs without completing them.
Posted on 9/16/14 at 2:59 pm to LSUFanHouston
quote:
Have you spoken with your mortgage company about this and explained to them that you don't have the money to front the payments to the contractor? It is in everyone's best interest (both you and the mortgage company) for the repairs to be made.
Yeah, the only problem is that I have a tight window with this contractor. He has to start working this Friday, or I'll have to wait over a month for him to be available again. And the mortgage company I am dealing with usually takes over a week to process the documents that I send them.
Posted on 9/16/14 at 3:05 pm to Will Cover
Thanks Will Cover, I will check them out 
This post was edited on 9/16/14 at 3:05 pm
Posted on 9/16/14 at 4:42 pm to Delacroix
VA Buckeye is correct. I'd believe him, and familiarize yourself with lien waivers.
Good contractors are good. There aren't many good ones, or many that handle money well.
Good contractors are good. There aren't many good ones, or many that handle money well.
Posted on 9/16/14 at 6:34 pm to Iowa Golfer
quote:
The contractor should take a deposit. The initial deposit should only be 20-30% or so. If the contractor wants a huge deposit find another contractor. He is robbing Peter to pay Paul and eventually will be walking away from jobs without completing them.
Trust me, I've been in commercial banking 15 yrs. been there seen this many times. Good contractors typically have the cash flow to do most of the job before insurance releases funds.
Small deposit yes, anything else run like hell
Posted on 9/16/14 at 7:20 pm to Delacroix
This is what a line of credit is for.
Posted on 9/17/14 at 9:31 am to Delacroix
I got one from Pelican a year ago. Easy and best rates that I could find from a brick and mortar.
Posted on 9/17/14 at 9:35 am to VABuckeye
quote:
The contractor should take a deposit. The initial deposit should only be 20-30% or so. If the contractor wants a huge deposit find another contractor. He is robbing Peter to pay Paul and eventually will be walking away from jobs without completing them.
This, this, this. I recently got burned by one, and this is exactly how it played out. Luckily I caught on to his game before he tried to cash the check and I put a stop payment on it. Otherwise, I'd have been out $1200.
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