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Need advice from slickdealers for personal loan for H1B visa holder

questdreamer 10 December 18, 2012 at 07:35 PM
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slickdealers,
I want your valuable advice and suggestion for getting a personal loan.
Currently i'm on H1B visa and my credit score is around 740.I'm in US for past 2 years. I'm looking for personal loan of $12,000 to $15,000 with loan tenure of 36 to 48 months with low interest rate .Planning to use this amount for my spouse MS program with F1 Visa (No banks are ready to give loans on F1 visa without cosigner - cosigner have to be green card holder or US citizen), so i'm looking for personal loan or other options

here are the options that came to my mind.

1)Getting personal Loan from credit union,but interest rate may be around 6 to 7%.I already have a car loan with credit union.

2)Getting credit card with high limit with balance transfer more than 15 months and then taking another card to rotate for remaining months,so that i don't have to pay huge EMI

3)Paying fees from my pocket without getting loan


What other options i got in order to accumulate $12k ?

Is there any banks which provide loans without cosigner with less interest rate for H1B visa holders?

14 Comments

1

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#2
option #2 with the cc is the next best thing
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#3
Quote from vinz View Post :
option #2 with the cc is the next best thing
If i go with option #2, then chances of getting another card with high balance transfer is very low as my score will show more credit card balance and my credit card application may get denied.Confused Currently got CITI credit card with 7.2 K limit and they use to send balance transfer offer every week so i can use this card after 15 months ,so currently i need to apply for fresh card, not sure if i would get high limit., in the mean time i will be increasing my credit limit on my citi card ,once this card period ends ,then will get balance tranfer on my citi card and can drag for another 15 months.Is there any credit card company that gives high limit at first instance instead of requesting for every 6 months ?
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#4
better try with cosigner
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#5
if you have a host family that trust you, you can ask them to cosign.

I had friends who had host family cosign their student loans.
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#6
Get loan on your CITI card on 3% for 3 years..I have it This will solve your problem partly though.
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#7
The best option is to get a citizen to co-sign am educational loan. or If you know any one with GC, I heard discover allow educational loans with GC person as cosigner.
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#8
What about getting a loan in your home country?
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#9
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#10
Quote from xczz View Post :
your local credit union for a personal signature loan

http://www.trackitt.com/usa-discu...sa-holders



http://answers.yahoo.com/question...722AA7zcVw

the above links was very useful.Thanks for the link
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#11
Quote from m_mnc View Post :
Get loan on your CITI card on 3% for 3 years..I have it This will solve your problem partly though.

Yes , this seems to be a good option for me with 3% interest rate and also i have 15 to 18 months to pay my balance ,however i don't have much high limits and they are ready to give only for max of 18 months , if i call them , will they be able to extend the period ?
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#12
Split between credit card and personal loan. say 8K each. or (10+5 split)
Credit card is a good way but they charge a high rate after the promotional period. so if you can't find another card, you still don't have to pay a lot with say 5K (assuming you paid minimum+interest every month).
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#13
Quote from mr_rolla View Post :
What about getting a loan in your home country?
the interest rate comes to 16%.Roll Eyes (Sarcastic)
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#14
If you use your credit card for loan , your Credit score is going to go down drastically and u may not able to get another loan or credit card with high balance transfer with outstanding loan amount .Instead of credit card,go for personal loan which should be around 5 to 6% and will also not affect your credit score.Also transfer this amount to your home country if there is more interest for deposits and use your own money to pay tuition fee here.That way you are not paying interest and at same time you are earning interest by deposit in home country.Wink
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#15
dam i hate interest
Reply Helpful Comment? 0 0
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