Does anyone have a good place/bank/website to go through to get a personal loan. I need to make a non home related purchase that I'll need the loan for about 4 months for until I can pay it in full. I plan to put in a 24 month term. I know rates aren't great, but I still want the lowest I can get.
I went through Discover and Amex for the last three short term personal loans we needed. Each had a promotional offer for card holders at the times we were looking. I believe Discover was like 5.49% and Amex was 6.99%. The process for both was super simple and the money was deposited within 48 hours.
Post by simpsongal on Nov 28, 2022 12:50:23 GMT -5
Also, you can use a HELOC for other than home improvements - you just can't deduct the interest from your taxes. It's also a dicey move b/c you're securing the debt w/your home (whereas CC debt is unsecured), so not something to pursue casually. But since it is secured debt, you'll typically get a lower interest rate.
But ditto OPs re 0% CC rates, I've been getting lots of ads for CC loans lately.
I’m guessing that personal loan rates are going to be at least 10%+ right now. You’d have to do the math, but a 3% balance transfer fee would break even with a 10% interest rate in around 3.5 months.
Personally, I would feel much more comfortable paying the 3% fee and see if you can get a card that has 12-18 months 0% introductory APR. That way there’s no huge rush and it doesn’t cost you any more to stretch your repayment out a few months, if you needed or wanted to.
Also, do lenders typically charge any origination fees for personal loans? I have no idea, but I wouldn’t be surprised if there are some fees upfront. You’d want to factor that into the overall cost as well.