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Need a unsecured loan for $20000?

Talk about personal loans and managing them to lower your debt

Need a unsecured loan for $20000?

Postby bryten89 » Sat Aug 20, 2011 1:42 am

Would like to pay off all outstanding debts so that would only have one payment to make.
bryten89
 
Posts: 888
Joined: Tue Mar 22, 2011 11:38 pm

Need a unsecured loan for $20000?

Postby falken8 » Sat Aug 20, 2011 1:46 am

Talk to you current bank to see if you can qualify for a personal installment loan there. If not then call some local banks and/or credit unions. If you have a good financial history then you will have a better chance of getting help from those financial institutions.
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Need a unsecured loan for $20000?

Postby gearald » Sat Aug 20, 2011 1:48 am

That's not always a wise financial investment. Often 'consolidation loan' companies are scam artists that get you into more trouble than you started.

I would talk to your bank and a financial advisor to explore your options.
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Need a unsecured loan for $20000?

Postby gilford » Sat Aug 20, 2011 2:03 am

Good luck getting an unsecured loan for that amount of money. But even if you could get an unsecured loan, you wouldn't want one. "Unsecured" means that you have not pledged any specific piece of property as collateral for the loan (unlike a home mortgage or a car loan, which are "secured" by the house and car, and which the lender is allowed to seize if you default on the loan).

Unsecured loans always have very high interest rates (north of 13-18% annually), because the lender is taking a much greater risk. If you fail to pay the loan, the lender will have to sue you for the money, with no guarantee that they will be paid back.

You want a secured loan. Pledge your house or some other piece of valuable property as collateral for the loan, and you can get a much lower interest rate (as low as 5% in the case of home equity loans, which are secured by a mortgage on a house). Loans secured by a motor vehicle can get rates as low as 8-10%.
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