Lowest Interest Rates on Personal Loans

[sadlebred]

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.

[trissie18]

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.

[kadams767]

Is it a purchase you could make on a credit card? I'd try to find a zero percent interest offer or 0% balance transfer offer if you could do that.

[simpsongal]

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.

[sadlebred]

Nov 28, 2022 11:31:20 GMT -5 kadams767 said:

Is it a purchase you could make on a credit card? I'd try to find a zero percent interest offer or 0% balance transfer offer if you could do that.

I do have one with a CC, but it's a 3% transfer fee, which is a bit much with this balance. This will be paid off within 3 months.

[wanderingback]

Nov 28, 2022 23:23:31 GMT -5 sadlebred said:

Nov 28, 2022 11:31:20 GMT -5 kadams767 said:

Is it a purchase you could make on a credit card? I'd try to find a zero percent interest offer or 0% balance transfer offer if you could do that.

I do have one with a CC, but it's a 3% transfer fee, which is a bit much with this balance. This will be paid off within 3 months.

You can use nerd wallet to compare credit card offers. I always see a lot offering 0% for X amount of time. I don’t think I’ve ever seen 0% for a personal loan, so I’d go the cc route.

[jewel]

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.

[MrsDarcy]

Lightstream is a great option. I’ve used them for three loans - two cars and a personal loan. Good rates.