I guess I will do Unsecured Loans on a 3 to 5 year term after all.

I'm learning a great deal on how an unsecured loan program works. It's not as bad as I thought. Today I went to Meijers to get a few things and headed over to Huntington Bank which is located inside the store and asked about their loan program to see if they have a program where one can get a loan without collateral. They said "yes" and explained that this unsecured loan without collateral has a 3 to 4 year term. With good to excellent credit, according to the lady teller, I can get a $10,000 loan for $310 a month. That's on a 4 year term at a 13.99% interest rate. This is similar to Prosper and Lending Club loan programs that also have a 3 to 5 year term at a low interest rate depending on how high one's credit score is. If that's the case, fine. I'll settle with the $10,000 loan with a 4 or 5 year term at a low interest rate. With a credit score of around 730 according to creditsesame.com, I should have no problem getting the ten grand loan I'll use to purchase a concert grand pedal harp I've always wanted for a long time as long as I can afford to make monthly payments within the $200-$300 range.

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