<p>I need a private loan and have no consigners that are creditworthy, it looks like I'll have to turn to this loan site, is there any other places to suggest to look? and what experience have you had with this company?</p>
<p>they may THE most disreputable student loan company out there. You're better off going through a loan shark!</p>
<p>they recently took out a full page add in the NYT accusing finaid offices throughout the country of taking "kickbacks" to endorse certain loans, and while I can't talk about every office, the vast majority of aid offices would rather NOT lose accrediation over some small perks- these companies aren't run by Abramoff- we're talking about free tickets and dinners.</p>
<p>They mangled a considerable amount of federal law, and have one of the higher default rates out there.</p>
<p>so...no. I wouldn't recommend them! :) </p>
<p>Call you aid office and ask about their preffered lenders.</p>
<p>Thanks, but i think they may be one of the only options where you don't need a cosigner...</p>
<p>jhum, why do you not speak with the fin aid office? myrichuncledotcom has a super bad rep which has been reported in lots of places. Seriously, speak with the fin aid office. And also, how much do you need?</p>
<p>Do you have good enough credit to get a loan w/o a co-signer? If so, you can try any of the loan companies. If you do NOT have good enough credit to get a loan on your own, then My Rich Uncle will either not give you a loan, or give you one with a rate so high it's not worth taking it out. </p>
<p>how much are you looking to borrow? Call your aid office.</p>
<p><a href="http://www.citiassist.com/%5B/url%5D">http://www.citiassist.com/</a>
This is to Citiassist which is a part of Citibank. My older son recently went through them for a private loan and it was so easy and he found out almost immediately that he was accepted for this loan. He did have co-signers though. I believe you can do it without also. Good luck.</p>
<p>I need about 27,000. I have called my financial aid office and they gave me an avenue to persue, things are looking hopeful. Thanks for your help, any other suggestions would be great.</p>
<p>I signed a promissory note with my rich uncle for a parent loan. They agreed to remit the funds on Sept 14, 2007. They failed to make the payment and have failed to respond to my numerous telephone calls. I successfully reached the escalation department on October 5th and they promised to pay by October 9. They failed to pay and failed to respond to my phone calls.</p>
<p>You may draw your own conclusioons about the quality of company this is.</p>
<p>They have an interesting concept and approach. Some more investigation is needed. </p>
<p>Many well known financial institutions have reputations that appear to be fabulous but infact have placed the entire nation in financial jeopardy.</p>
<p>$27,000 is a lot of money at maybe +9% interest, without cosigners. I hope this is for the 4 years of college, not one.</p>
<p>stay away from myrichuncle.com!!</p>
<p>they will rip you off in a heartbeat, so follow the advice of a few of the posters here and avoid them.</p>
<p>I took out a loan with MRU, and everytime I say that to someone I get a look like I just told them I experimented with crack once back in high school. They gave me a reasonable rate for the credit scores involved, 6 points above prime. The loan is also a total deferral with more than reasonable terms, and they have been very cooperative over the phone after I took a quarter off. There may have been a better loan out there for me, and there may definitely be a better one for you. The only way to know that is to shop around. </p>
<p>ps I hear countless people say that MRU has a really bad rep, but I've only heard one or two stories relating to anything they actually did. Mostly its just people saying "those guys are soooo terrible, haven't you heard?".</p>
<p>After waiting months and making several dozen phone calls to their office, to get a students funds in our office, I stear ALL my students away from MyRichUncle. Also, they are as bad as those lender slammed by Cuomo for offering kickbacks to schools. They blew the whistle while hiding their own wrong doings.</p>
<p>Last year my father began an application for me using MRU. I was lucky enough to not have a scholarship for undergrad, but I needed a significant amount of money for graduate school. </p>
<p>Summary breakdown of MRU:
+Possibly the lowest interest rates available (?)
-Requires all documents be done by printing forms, sign by hand, mail them in. Takes forever to process, especially if there are any snags with your school's FinAid department
-Website only has information on your application. Once they give you the downloadable MPN, they think their job's done.
+Customer service toll line actually does try to help
-Sells loans to other companies and does a poor job communicating how to find who you should be paying
-Failed to inform customers they were no longer offering Federal Loans after June 2008</p>
<p>A year later, and here's a detailed breakdown of my (on-going) horror story with this company:</p>
<ol>
<li>My new school's financial aid office messed up and I wasn't informed of the Federal loans offered to me until almost 2 weeks before school began.</li>
<li>As such, I had already applied and received a (LARGE) private loan through MRU. There was a lot of paperwork hassle, but I got the money a month before school and held the check, hoping to not have to cash it.</li>
<li>I then attempted to receive my Federal loans through MRU (approx 2 weeks before classes begin)</li>
<li>2-month long ordeal trying to fill out paperwork by hand and get my school's FinAid office to work with MRU. Lots of calling to MRU service center to find out the status of my Master Promissory Note since MRU's website gives vague information. During this period I was forced to cash the private loan in order to pay tuition. They had already sold the loan to another company and I was forced to pay interest on the month I didn't even have the money in hand.</li>
<li>Some kind of complex hold-up in the confirmation process of the MPN for the GradPLUS loan (the bulk of my money). I get fed up waiting and used KeyBank, a lender that works with my school for this loan. One week later, I get the disbursement from KeyBank with no fuss.</li>
<li>Finally receive disbursement for Stafford Loans-- $10k/semester short. Possibly the fault of the FinAid office, though. It's almost Thanksgiving break. Pay off as much of the private loan as I can.</li>
<li>Correct the amount I'm supposed to be receiving with my school, find out I'd have to sign ANOTHER MPN for MRU in order to get the last $10k. Based on last time, this would take at least 3 weeks to go through all the paperwork that I'd already done. At which point the semester would be over, and I wouldn't have enough money to pay off that private loan (still accumulating interest).</li>
<li>Decide to get the rest of the Stafford money dispersed through KeyBank. Again, receive money within the week. </li>
<li>No problems in the second semester, receive all my money from two sources, pay off the private loan. </li>
</ol>
<p>In addition to receiving my money late, and having to file complex paperwork that takes too long to process, MRU then had the audacity to sell my loans (private and federal) to TWO other companies- AES and ACS. Both of these services sent minimal updates of the switch and where I could pay them. I only figured out where my federal loan was sent to this week (8/15/08) as I prepared for another cycle of wrangling with my FinAid office. I also just learned that MRU no longer offers Federal loans, something the company completely neglected to inform its customers.</p>
<p>Now I have to figure out MRU's old lender code and try to switch all my loans over to the second lender I've chosen. The only benefit I've gotten from MRU was to have a private loan in hand in time to pay tuition--although in retrospect, if I'd gone with the other lender from the beginning I'd have had my disbursement within the first week of classes anyways.</p>
<p>In short, unless you're absolutely certain that you're getting the LOWEST rate from these guys and don't mind following up on paperwork with both your school and their offices, go the easier route and find the cheapest lender already working with your school.</p>
<p>I actually had a good experience with myrichuncle loans so far. </p>
<p>They were my absolutely last resort because I could not get a loan with anyone else because I don't have credit, Im 17, I needed the money sent directly to me and not to my school and there were also issues with how long my father had been working at a new job which prevented us from getting a loan from wells fargo and banks like that so basically I did not have a cosigner and that limited my choices. And my parents REALLY could not take out the federal parent loan, and I really didn't want to put that burden on them. If I had not taken out this loan then I would not have been able to pay the rest of my tuition that federal loans did not cover and my registration would have been canceled. </p>
<p>I borrowed less than what you want to borrow, though, and it's for my entire time in school. I am NOT borrowing more. I don't know if that has any significance. I did the application in the middle of july this year and there were NO problems at all, except for when I sent in the wrong information and had to resend something. That was it. No lie. After I sent in the initial loan application signed and then a confirmation of my enrollment they approved the loan and said they would mail it out on august 12th, which they did. I received it on august 14th as planned. </p>
<p>I did my federal loans separately through my school so I had no problems there. And I also think that it pays to apply early, in case there are any snags, such as my dad lives in a different state and I had to mail him the forms to sign and I sent in the wrong information and had to have it sent again, which dragged things out. </p>
<p>I am just glad I have the money now. And since my dad can't pay my tuition, he's planning on making payments on the loan while I am in school.</p>
<p>And I have had good customer service so far. I emailed them about the day they were going to send out my check and they emailed me back the same day, sent the tracking number and said that it would be sent at the beginning of the week, which it was. </p>
<p>And I did see something talking about the 'bad rep' but I only saw graduate students with GradPLUS.</p>
<p>MRU has filed for bankruptcy; could happen to bigger bunch of fast-buck carpetbaggers. Lol.</p>
<p>bankruptcy, huh?</p>
<p>i hope that they have a good disappearing act set up because they will be up to their necks with angry parents, students, and creditors aiming to squeeze the life out of them!!!</p>
<p>I hear yah. Here's a synopsis and link to the article:</p>
<p>Student-Loan Industry's Caustic Rebel Now Cries Uncle</p>
<p>Some college financial-aid administrators found a measure of dark satisfaction last summer, when MyRichUncle, which specialized in direct-to-consumer student loans, announced that it could no longer afford to offer government-backed loans.</p>
<p>Their happiness may be even greater today.</p>
<p>MyRichUncle, which grew its business by attacking the lending practices common at American colleges and banks, announced today it had filed for Chapter 7 bankruptcy. As a result, the company has suspended all business operations, MRU Holdings Inc., as the lender is formally known, said in a statement.</p>
<p>MyRichUncle made enemies by running newspaper ads that caustically ridiculed the financial ties between colleges and student-loan companies, and by encouraging legal investigations into the matter led by New Yorks attorney general, Andrew M. Cuomo. The companys demise, however, may be a casualty of the process it helped fuel, as a series of student lenders have been hurt both by the general downturn in the economy and by the tougher financial conditions imposed on their business by lawmakers angry at the collusion highlighted by MyRichUncle. Paul Basken</p>