Question by Original D: Question for experienced banker and loan manager? Why is it so hard to get a straight answer from loan bankers when you ask them to give you an idea or advice if you could get approved for certain loan without them actually doing the whole application and hitting your credit report? I have provided them with a copy of my credit report, financial statement (assets and liabilities), my tax/income documents and all necessery info but he could not give me even a rough idea if I would get approved OR what would I need to do in order to get approved for a loan. I asked for 40K unsecured loan with fico 698, 50K outstanding student loan in good standing, 60K/yr income, 10K visa always paid in full on time, 5k in savings. If somebody can please give me a good idea if I would get approved and what do I need in order to get approved I would really appreciate it. Thank you P.S. internet loan sharks please do not respond, go stick yourselves sumwhere! Best answer for Question for experienced banker and loan manager?:
Answer by Missssophia
Because law prohibits bankers to discourage applicants from applying. Also, bankers or loan consultants are not underwriters. They don't evaluate the loan for approval, so they can't take the responsibility of giving you their word. The correct way of finding out is to get the lenders' "Underwriting Guidelines" and study it.
Answer by david
Also typical loan companies use an automated system to approve or deny which requires an active credit report to accomplish. Instead of crunching the numbers manually they prefer the automated system. This has been my experience in mortgage banking and just general banking. More often than not the officers do not know their guidelines and rely on the program to provide them with the answers.
Answer by Pam
40K UNSECURED loan and assuming there was going to be no cosignor? No way on this earth unless you have a score well into the 700's and a very good relationship with your local banker.
Answer by Clara J
Hi. I am Clara and i saw your question about needing a loan,In the internet they are alot of scams out there.I decided to answer your question to prevent you being scammed. I got a loan of $ 150,000 from an agency online and i was lucky not be scammed. Contact them at email:globaly_aquinted_org@yahoo.com interest rate of 0.2% is simply great.they use a yahoo email account on our request because its makes contacting them easier
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If the consumer has more than $ 10,000 of debt then you can use the services for the debt settlement by different companies available in the market. But you should be aware how you can utilize these services. How can you approach these companies? What amount of reduction you can get? Is it beneficial to hire the settlement company? When do you require these services?
So there are many more questions in your mind that are very important when you are going for the settlement. Yes, these services are very beneficial for you. When the debt amount is more than $ 10000 then you can start the settlement process. As the creditor is also eager to recover the debt amount so that this settlement can be done easily. You can independently negotiate with the creditor in order to get a waiver. Face to face communication with the creditor is better than the communication on telephone. But still you are not a professional, that's why you can't negotiate the best deal with the creditor. In that case you should hire the professional company that is a Settlement Company for getting the maximum waiver. They are so efficient that they can get the waiver of about 50-70%. The main benefit is that you will not receive any warning letter or the collection call from the debtor. To locate the best settlement company is very important so for that purpose you can have the debt relief network where you can get the name of different negotiators who works for the debtors. They are certified and legal. In return they take the fees from the debtor which is nominal as compared to your debt amount.
All the communication should be written. You can maintain a hard copy for that. The e-mail is the best option for the communication as the records can be maintained easily. Proper paper work is very important as you have to deal with the creditors and any information can be used against you. So be alert while you are negotiating with the creditors.
For the millions of Americans who are at least $ 10 k in unsecured debt, it would be financially prudent to consider the debt settlement option. Creditors are very worried about collecting their debts and legitimate debt settlement companies know exactly what methods to use to get your creditors to agree to eliminate a certain percentage of your unsecured debt.
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