CiViC [-_-] BoY ™

How Long does it usually take to get a loan if youve been approved.
i was at the bank last thrusday and applied for a $15000 loan to pay off car and buy rims (cheaper rates at bank then dealer) and i was approved on friday but for some gay reason they had to resend it in and now i haven't even heard from them they redid it on monday and they said they'd call me today. WTF!!!

Cantonagod

You should know by 2morrow. Start calling them in the morning and bug them until you find out.

CiViC [-_-] BoY ™

good plan
ill be like the thorn in there side
there curdled milk in there coffee
I AM LOAN MAN!!

cosmic zx2

if it's with royal i can find out for you....if not....then you're on your own.

CiViC [-_-] BoY ™

yeah its TD

imported_b16_eh

Call the bank over and over and over and over then go to the bank and get really mad. Then when you go home call them over and over and over go have a smoke and keep calling. they'll get the point and you'll have your money.

PULOVR

Call them and say that they are taking too long, and that you are going to go to another institution for the loan........they will let you know really quickly.

CiViC [-_-] BoY ™

Its all good the bank just called me and told me the loan is in..
RIMS HERE I COME!!!!!

cosmic zx2

unfortunatly that doesn't work for loans

PULOVR

Correct me if I'm wrong but.......Yes it does.......the banks make money on loans......if you go somewhere else, they will lose the intrest they could have made.(on $15,000...you bet they will!)

cosmic zx2

it's true that we make $$ off loans..... but in the big scale, only 5.9% of our total earnings come from loans, bank accounts and visas.

these things can be paid off at anytime, thereby decreasing the amount of interest earned. For that reason alone, the 'big' banks (and I'm not talking about your local credit union) don't take loans as serious as mortgages. the stability and the interest just isn't there and can't be counted on unlike mortages and investments.

Mortgage interest rates are fixed for a specific amount of time ex: 5 year term... if you want to pay it off early, there's usually a high penalty to be paid and the banks get thier money/interest costs anyways.

that's why if someone trys to play that game of ...
i'll take my loan elsewhere, unless it's approved,
unless it's a large amount (over $150,000) it's a lot easier to say... ok... go, then it is to sit there playing these games with clients.

on $15000 amortized over 60 months at 7% will net the bank $4,459 that's before any admin costs are factored in... yet a mortgage for $150,000 at the same rate will, in the first interest term alone net the bank over $60,768 (meanwhile the client has only paid back $12,000 in principal)

in a time where banks are reporting earnings of over $500million a quarter you can see why they don't like to play the interest rate game with loans as much as they do with mortgages
it's not that they are any less important, but this is a business where earnings are the bottom line

hope that helps... and i'm sorry for the long post.... sometimes i just type and type and type.....

PULOVR

You should look into ING Dirrect.......you can pay back up to 25% every year and at the time YOU wish, with no fees. They will also give you 1% below the lowest bank rates when it comes to loans, no matter what term you pick.
You don't need to have 10 grand or more to get a good rate (like Presidents Choice)
And Ing has no fees.......Not like banks....Yeah I know about the minimum bal. thing(TD and other banks)......Ing does not have that. You can technicaly have only $1 in your account, and you will still get intrest.......the major banks would take that $1 because you didn't keep a min. bal. in your account!
No fees for bank transfers and with drawls......
http://www.ingdirect.ca/en/
I have been with them for about 4 years now....better than TD, & Scotia Bank (and others) that's for sure! I only keep the minimum bal. at my bank, so I don't get fees.
And they are covered by the "CDIC" for upto 60 grand, just like the big banks.

cosmic zx2

hehe.... i know... i have an ING account and I earn more interest there in a month than I do with my regular bank account in a year

PULOVR

ALL BANKS ARE THEIVES!!!!!!!!! Let's All get Ing accounts! More money for mods!

cosmic zx2

then again, I don't pay any service charges on my bank account

so essentially, my ING is for savings, and my bank account is for spending

PULOVR

Same here...
Gotta go.....time to go and get my side skirts put on.....later.

T.O.tegs

I had to unfortunetly get a loan to finish my car...$hit was just adding up way too fast...

I'll have it paid off soon though...CIBC rocks!!!

PULOVR

How much are you paying in intrest? Go give ING a shout......borrow money from them if they give a lower intrest rate, and pay off CIBC!