im looking to take out a loan for around 20,000 and I was wondering if anyone knows of a good lender that gives good rates. I know that if I go through citibank or chase, they'll give me whatever percentage is out right now, which i think is about 7 or 8%. Any suggestions?
Generally speaking, you will not find an unsecured loan below prime, which is around 8.25-8.5% right now. You will probably find closer to 12-20% for an unsecured personal loan, because they are riskier so the rate is higher to cover those who default. If you own your own home you and get an equity loan for a promo rate of 6.5 but closer to prime. Sorry if I just repeated something you already knew. That said, I agree with elle that credit unions generally have good rates, citibank is not too bad for a comercial large bank. HTH
Are you talking about a personal loan or a home equity loan? I work for Chase, and their interest rate for a personal loan is definitely not 7-8%. It's more like 15-16%. I checked into this myself this past August. If you own a home, you could do the home equity loan for about 8% (maybe a little bit above) through Chase. I also think you get a better rate if you're a Chase customer. Also, a personal loan isn't as easy to get as you might think. You have to have pretty good credit, among other things. PM me if you have more questions - I have personal experience dealing w/all this through Chase, and like I said, I work there.