Current Credit Climate?

[ChuckTeez]

Hi everyone - I have a specific question that members here may have some knowldge on: (1st post here!)

Do large unsecured personal loans exist in this market for people with excellent credit?

I am not in touch with the current credit climate (besides the face that it has tightened drastically recently). I am looking for an unsecured personal loan to fund business operations, but I'm not sure if the typical lenders I've dealt with over the past 5 years are still an option.

I spoke with a Chase banker last week, who said they've all together scratched their unsecured loan products...and I imagine the majority of the big retail banks have done so as well. He was not my typical banker and did not know that I held a business account with them, but not sure if that would have made a difference in his statement.

Just under a year ago I declined a fixed offer for $20k at 10.25% over 48 mos. If I wanted to act on that now, would I still be able to find a similar offer? What are the typical terms you;re seeing in the market now?

Home equity products are not an option. Also, SBA programs are not an option.

Thanks,
Charlie.

[kork13]

In short, Yes.

Typical terms are 36/48/60 months. I just checked, and both of my primary banks offer them. One (USAA, a mid-size bank) offers 12% for 48 months. I remember them being around 10% less than 6-9 months ago; the other (PenFed, a mid-size credit union) offers 9% for up to 60 months.

I realize that this is just my own 2 banks, but in general, I think that's about what you'll find anywhere right now.... 11-12% (or higher) from banks, and lower rates from credit unions -- credit unions tend to offer better rates, particularly on loans.