Getting a bank loan
 

to get a bank loan do i just go to the bank and ask for one?
how does it work?
has anyone gotten one?

u goto a richmond casino and ask people and they will get one for you.
then they will lend you that with a high interest.

jokes aside. yes u goto a bank and make an appointment. you can also go online.
i rather goto a bank and speak with them personally

First of all, what types of loan? too vague for anyone to provide any input.. Personal? Commercial? what for? start a business, paying off your debt? (consolidating your debt), invest? for cars? etc

i suggest you ask for a line of credit ;) instead of a loan....

cuz if u are buying a car ,,, the bank will offer u a car loan at 10% , wheres as if u ask for line a line of credit for emergency purposes they will ofeer it to u at a reasonable amount :D ...

Half true - purpose is important.

Fill in PNF information + Bring in your financials - assets/liabilities/employment/salary.

Then you're on your way to a bank loan. Don't have those - wasting everyone's time.

im am getting a loan to pay off my debt.
so you guys think its better to get a line of credit then a loan?

How much debt?

I suggest you read a bit more about finances and educate yourself. You're probably in debt cause you're unwise with money, so lowering the rate on your debt may not stop you from insurring more, it actually might encourage it.

Depending on your credit rating you may be eligible for a line of credit. To give you a baseline I consider offering lines of credit to clients with atleast $3000 gross monthly income, decent credit rating (obviously), and a decent networth statement. Minimum line of credit limit at my institution is $5000...if you have less than that you could get creative and look for a bank offering low intro rate credit cards...consol debt on that and pay down before 6 mo's expires. Its a little slippery, but it works for minimizing interest.

^^
how does it work if i want to increase my LOC limit? What do they look at?

if you're looking @ increase, basically same process as before,

just you're lookin for a large amount, no different.

whats considered a good rate? Am i getting rapped at 12%? Since i paid off my LOC like a year ago, i haven't used it due to the high interest. My Credit Card has a lower rate than that. Im at TD and thinking of seeing if RBC can give me a better rate.

okay...wtf...12% thats prime plus 9.75?

thats just stupid, *no offense* i'm just shocked. i'd say P+3-4 (which is around 6%) is a good rate in this economy.

Best rate for an unsecured line of credit right now would be prime plus 2 which is 4.25%. But with an avg credit rating you'll be looking at prime plus 3 so 5.25%. LOC's at 12% sound like either its at collections or you have a horrendous credit rating. Pay your shit boys, or it will fuck you over.

i think the OP wants to replace his credit card debt with a lower interest bank loan.......therefore he will have a scheduled payment plan....?

I'm not sure.....but maybe line of credit is something different....it may be more ideal when in some months you have to go negative to pay off your expenses?

Take my advice lightly....I'm no expert...and please correct me if I'm wrong

well i owe around 10gs in credit card debt i know i made some unwisely financial decisions and i have taken responsibility in finding another job and working two full time jobs i'm making around 3200 each month but i live on my own and have insurence and others bills to pay i was thinking of maybe just getting a loan to pay everything off and pay one bill instead of paying multiple bills different times each month since i dont have time

Nam-nam

Good job, thats sounds about right - go to a bank and talk to a banker and go from there.

GL! you got the right path, now it's up to you and a bank.